v36 – What is a Financial Affidavit?
Video Script Below
"Hi. I’m Steve Kramer of the Kramer Law Firm. I’m a Florida family law and divorce attorney. And today’s topic is financial affidavits. What is a financial affidavit? A financial affidavit is a document that discloses current income, assets, expenses, liabilities. Basically, it’s a breakdown of everything that you own, everything that you earn, everything that you owe. And the reason we have to have these is it’s mandatory that you file a financial affidavit in the state of Florida and it’s also mandatory you do it the right way. In fact, if after your divorce or after the paternity action there is any accusation of fraud and it turns out to be true it can wipe out the divorce entirely. It can wipe out the paternity action and you can find yourself back in the same position you started in, only hurt by the credibility threat of having an allegation of some kind of fraud against you.
It’s important to do a financial affidavit right and one of the things that needs to be done right is breaking down martial and non-martial assets. For example, if you got an inheritance from your family and you never co-mingled it, meaning mixed together with your spouse’s money, then it’s probably going to be exempt from the marriage. And on your financial affidavit, you’re going to want to put the checkmark in the non-marital asset column. The same thing applies to a marital asset or a marital debt. If together you accrued a debt, you’re going to want to put that in the marital column. Whereas your spouse incurred the debt that had no bearing on the marriage, no relation to marriage – they call that “non-marital.” And these are all issues that are going to come up in what we call “equitable distribution” which is how we break everything apart. It’s how we divide assets after a divorce or during a divorce in Florida.
Why am I telling you this? Because financial affidavits and disclosure of your financial conditions is mandatory in every divorce, in every paternity action, and it’s important to do it the right way. Because ultimately, it should save you money, it should put you in a better position, it should protect your rights and protect your position and it’s in your interest to do it the right way. I deal with this all the time. If you have any questions, call me at the number below. I appreciate you watching this video. If you’re watching it on YouTube or Facebook, click on the “Like” button below. That way your family and friends can benefit on the information I’m providing you. Thanks for watching. I’m Steve Kramer of the Kramer Law Firm."
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