A Financial Affidavit is the single, most important document in a Connecticut divorce or other family court matter. It is the foundation from which the court will enter monetary orders, distribute property and allocate liabilities. The preparation of a precise Affidavit cannot be overstated.
The Financial Affidavit is a sworn statement of a one’s income, assets, debts and liabilities. All figures should be represented as weekly figures notwithstanding that virtually every expense is paid monthly and many people are paid either semi-monthly or bi-weekly. The easiest way to convert a monthly figure into a weekly figure is to divide by 4.3. For example, a $100 monthly cable bill should not be reflected on the Financial Affidavit as a $25 weekly but rather an expense of $23.25.
Reflecting income is relatively straightforward. The last 13 weeks of income from pay stubs should be averaged and entered on the Affidavit. Supporting documentation such as tax returns, 1099’s and W’2’s are useful in cases where income fluctuates or has changed significantly.
All fields in the Financial Affidavit should be completed. Put a zero or NA as appropriate. Otherwise, the Affidavit looks either incomplete or sloppy.
Most expenses fall into one of three categories:
1. Actual expenses. These are easily verifiable such as a mortgage, car payment or rent.
2. Estimated expenses. These expenses are recurring but tend to fluctuate. For example, food, clothing and entertainment. Simply designate on the Affidavit that the expenses are estimates.
3. Projected expenses. These are major expenses which are anticipated but not yet incurred. For example, a student loan in deferment or a considerable home repair expense which has not yet been undertaken. Make sure to designate that it is a projected expense.
There is a tendency in some cases for a litigant to minimize income, inflate expenses or both. While this may be tempting, it can have a devastating effect on one’s case. First, if a judge determines you have misrepresented numbers on the Affidavit your credibility is shot. You will likely be penalized when the judge decides the financial orders using the accurate numbers. Secondly, an inaccurate Financial Affidavit will make it much more difficult when it comes time to re-evaluate temporary orders or modify orders post divorce.
Bottom line – take the time to do the Financial Affidavit correctly. Doing so will avoid headaches for you and your attorney throughout the process.
Need help with your Financial Affidavit?
I represent divorce clients throughout Fairfield County including Easton, Fairfield, Monroe, Trumbull, Stratford, Bridgeport, Westport, Weston, New Canaan, Wilton, Norwalk, Darien, Stamford and Greenwich.
Contact me online or call my Fairfield office at (203) 259-5251 or my Stamford office at (203) 356-1475 if you have questions about completing a Financial Affidavit in a Connecticut divorce.