What is a divorce financial statement?

The divorce financial statement form lists all assets and liabilities of each party and each must fill one out to share with the other person and the court. This personal financial statement is used to handle all issues concerning debt and property division, child and spousal support and family support.

Do you need a financial affidavit for divorce?

It may also be called a statement of net worth or financial disclosure statement, depending upon your state. Some states even have “short form” and “long form” versions of the financial affidavit, depending on the complexity of your situation. The financial affidavit is one of the most important financial documents you must complete during divorce.

How long does it take to complete a financial affidavit?

Some states even have “short form” and “long form” versions of the financial affidavit, depending on the complexity of your situation. The financial affidavit is one of the most important financial documents you must complete during divorce. Filling it out properly is complex and confusing, and it takes many, many hours.

What happens if I am wrong on my financial affidavit?

If your ex-spouse, attorney, or judge questions an item on your financial affidavit, you must provide proof that it is correct. So if any detail is inaccurate or missing, it can hurt your divorce case. The stakes are high for the financial affidavit.

How to complete your Illinois financial affidavit and statement of?

For example, the Illinois financial affidavit asks about: Child support for children of this relationship Child support for children not of this relationship Therefore, your income alone requires 25 different line items.

How to fill out the financial form for a divorce?

Preparation. Contact the clerk of court in your county to get a financial form.
including Social Security
Expenses.
Property.

What financial documents are needed for divorce?

All parties to a divorce are required to provide copies of financial records, such as credit card statements, bank records, loan and mortgage documents, and insurance documents.

How to handle your finances after a divorce?

Plan an Exciting New Future: 4 Ways to Manage Your Finances After a Divorce Update your budget. Getting divorced can come with financial costs and changes. Evaluate your accounts. Just because you had certain kinds of banking and investment accounts as a couple doesn’t mean they’re necessarily right for you now as you rebuild financially Define your goals and priorities. Sit down with a financial planner.