When involved in any divorce or child custody case, Florida statute requires each party to complete a Family Law Financial Affidavit. This document is crucial to your case and provides many important details regarding the financial status of the parties. The financial affidavit is used in many aspects of your divorce including; equitable distribution of assets and liabilities, classification of marital or non-marital property, determination of income and expenses, and will be used when determining a proper child support and alimony award. Further, this is a sworn statement and will be served on your spouse and filed with the court. Therefore, it is imperative to place a great deal of time and attention to this document. Your Florida Divorce Attorney will be able to discuss this document with you and explain the specific portions, and answer any questions you may have.
There are two types of financial affidavits used in Florida; a short form and a long form. In most cases, the long form will be used as it includes more detail into the financial statuses of the parties. However, the short form is permitted to be used in cases where your individual income is less than $50,000 annually. The use of a financial affidavit may be waived only, if you are filing for a simplified dissolution of marriage; you have no minor children and have a marital settlement agreement distributing all financial issues; or the court lacks jurisdiction to determine any financial issues. However, a waiver of financial affidavits is generally not recommended as these documents provide a great deal of information that your spouse may have neglected to inform you of or is attempting to hide from you.
The Family Law Financial Affidavits require you to first provide the court with an accurate representation of your net monthly income. You will begin with providing information regarding your gross income including:
- Occupation, Retired, or Unemployment
- Employer, or attempts to obtain employment
- Business Address
- Pay Rate
- Last year’s gross income
- Monthly gross salary, bonuses, commissions, overtime, tips
- Monthly business income
- Monthly disability or Social Security benefits
- Monthly Worker’s Compensation
- Monthly Unemployment Compensation
- Monthly pension, retirement, or annuity payments
- Monthly alimony received
- Monthly interest and dividends
- Monthly rental income
- Monthly income from royalties, trusts, or estates
- Any other type of recurring income
After documenting every source of monthly income, you will total these to present a final monthly gross income. Then you will compile a list of your monthly deductions including:
- Monthly income tax; with your filing status and number of dependents claimed
- Monthly FICA or Self Employment taxes
- Monthly Medicare payments
- Monthly union dues
- Monthly retirement payments
- Monthly health insurance payments
- Monthly child support paid
- Monthly alimony paid
You will then total the monthly deductions allowable and subtract it from your monthly gross income to provide a net monthly income. You will then list your monthly expenses including:
- Household
- Mortgage or rent
- Property taxes
- Insurance
- Homeowner’s insurance
- Utilities
- Lawn care
- Pool maintenance
- Pest control
- Phone
- TV
- Internet
- Groceries
- Meals outside the home
- Maintenance and repairs
- Automobile
- Gasoline
- Maintenance and repairs
- Auto tags
- Payments
- Alternative transportation
- Tolls and parking
- Insurance
- Child
- Day care
- Babysitting/nanny
- School tuition
- School supplies
- Extracurricular activities
- Allowances
- Clothing
- Lunch money
- Clothing
- Gifts
- Grooming
- Summer camp
- Clubs
- Timesharing expenses
- Entertainment
- Uninsured medical and dental
- Counselor
- Prescriptions
- Orthodontics
- Vitamins
- Insurance
- Personal medical/dental
- Children’s medical/dental
- Life
- Other
- Personal clothing
- Dry cleaning
- Pet expenses
- Clubs or memberships
- Sports or hobbies
- Vacations
- Bank charges/credit card fees
- Education
- Personal uninsured medical/dental
- Personal grooming
- Personal entertainment
- Gifts
- Religious organizations
- Creditors
- Credit cards
- Promissory notes
- Loans
- Student debt
You will then total your monthly expenses and subtract this from your monthly income and note the monthly surplus or deficit.
Finally, you will list your assets and liabilities, along with their corresponding value and classification of marital or nonmarital property. Assets can include what you own, such as cash, stocks, equity in home, cars, boats, retirement plans, furniture, jewelry, or equipment. While liabilities are what you owe, such as an outstanding mortgage, loans, judgments, or promissory notes. Your Florida Divorce Attorney will be able to discuss with you’re the classification of each item as marital or nonmarital as some legal evaluation may need to be implemented.
You may file an updated or supplemental financial affidavit if expenses change during the divorce process, such as you have retained new employment or housing. However, it is important to be as accurate as possible within your first filing. Take time in drafting this document, be honest, reasonable, and note your needs. Take into consideration the number of different effects that a divorce will take on your expenses and income and properly account for this in your affidavit. Your Florida Divorce Attorney will be able to assist you with this document; however, you are the only one who will be able to complete it as you are the one who knows your personal finances.
Speaking to an attorney at our Florida office is free of charge, and we accept calls 24 hours a day, 7 days a week. Contact us at 850-307-5211 or complete an online contact form to get in touch with a member of our team today.