Sworn annual financial statements are probably the most important document a litigant provides to the family relations judge. At a controversial hearing, even before the evidence is presented, the judge reviews the financial reports to get a basic understanding of the parties` finances. And once the parties have resolved all their issues and submitted a separation agreement to the court, the judge will review the sworn financial statements to ensure that the separation agreement is fair to both spouses. Completing this declaration may take some time, as each party must determine which property is matrimonial and separate, list a value for each individual, and provide proof that the value is correct. In addition, all debts must be accounted for. To properly complete your financial affidavit for your divorce case, we recommend that you follow the steps below. This certified final document and its additional forms attempt to take into account all the financial elements that may be important for a case of domestic relations. This includes, but is not limited to, that of each party: “A party shall, without a formal request for an investigation, […] completed sworn financial statements and (if applicable) supporting annexes. within 42 days of service of an application or application under the Financial Order. C.R.C.P. 16.2(e)(2). You`ve just been told that you need to prepare an affidavit, also known as a financial affidavit in other states, for your divorce or interview request.
Filling out these documents can be tedious and time-consuming. In addition to making sure you include all the necessary information in your own affidavit, you also want to know what to look for in your spouse`s affidavit. How exactly do you handle all this information without accidentally omitting important financial information? The answer is simple. This information accurately reflects the information that each party is required to provide in the sworn financial statements. Consider the financial statements as a summary of assets and liabilities and the supporting financial statements as the documents that prove that the summary is correct. Here are some tips to make the process of filling out and filing an affidavit of financial statements easier: Divorce can be difficult to navigate, especially if you have a lot of assets. It is important that your lawyer has experience in handling these cases and knows how to analyze the complex issues associated with high net worth divorces. Our lawyers are experienced in analyzing complex financial issues during divorce proceedings, so let us help you make this process easier for you. To arrange your consultation with Litvak Litvak Mehrtens and Carlton, call 303-951-4506. Our lawyers are ready to protect your financial future.
Call us now at (303) 656-9529 or contact us by email to arrange a confidential consultation. At Jeanne M. Wilson & Associates, PC Law Firm, we take the time to learn about our clients` financial situation and determine the evidence we need to protect assets and limit debt. It`s so important to us and your financial future is at stake. Lawyers often use financial statements because it`s easy. It lists all asset and liability classes so you don`t fail to disclose something important. In our law firm, we insist on backup documentation to verify each value at closing. It is the backup documentation that is important and meets the disclosure requirement. In cases of collaboration, as lawyers, we always carefully review the financial specialist`s relationship with our client to ensure that it is accurate. Ultimately, lawyers will require each client to provide an affidavit stating that they have fully disclosed their assets, debts and income and that the financial specialist`s report is accurate and complete.
Alternatively, the lawyers will add language to the separation agreement stating that both parties guarantee that they have disclosed everything and that the financial specialist`s report is accurate. Either way, it works. With respect to the affidavits mentioned above and the additional forms mentioned above, each party is required to exchange information with other financial documents in order to support the financial elements described in the affidavit. Depending on the stage of the dissolution process that takes place before or after the Order in Council and whether minor children or child support are in question in your case, the requirements for which disclosures are required by the disclosure rules may vary. A Goldman Law lawyer will ensure that your testimony is as accurate as possible, protects your rights and interests, and helps achieve the best possible outcomes for your case. Unlike sworn annual financial statements, this related financial information is NOT submitted to the court, but only made available to the other party. C.R.C.P. 16.2(e)(6).
In addition, each party is required to provide complete financial information when submitting the affidavit. An example of these disclosures is as follows: An affidavit describes your financial situation: your assets, liabilities, income and expenses. The document contains much of the same information that a bank needs when applying for a loan. The affidavit is one of the central financial documents in the event of divorce. These documents are the most verified documents related to financial matters in a divorce case. Therefore, it is important that you understand exactly what the affidavit is and how it works. Yes, as mentioned above, each spouse must file an affidavit with financial information within 42 days of serving an application for dissolution. Either party may also request additional disclosure if it suspects that the other party was not completely honest or transparent in the affidavit. LEARN MORE with the following in-depth discussion of the affidavit and the mandatory financial disclosures that accompany it.
Sworn annual accounts are mandatory and internal relations judges take this requirement seriously. Even if both parties know each other`s finances, the court will not issue a dissolution judgment until financial disclosures have been submitted. And if the trial court has made orders without mandatory financial disclosure, they can be set aside. Filling out the list of assets and liabilities in sworn financial statements is by far the most laborious part of your divorce case. Not only do you have to think about all the assets you have, determine if it is a “matrimonial property” (that is, in general, it was acquired during the marriage), you must give a value to each asset and prove its value, that is, print or create an “electronic file” of everything that was needed for the calculations; then send everything to your lawyer with the sworn financial statements. Your debts should also be listed, especially regular debts that are paid each month. Often, however, debts are not monthly obligations (such as car repairs or vehicle registration) and for all debts – whether it`s a regular monthly bill or an annual event – you have to prove the debt. This means finding the paper trace or electronic proof – easier said than done.
A recent case before the Ontario Court of Appeal, known as Ward v. Ward, makes it clear that the exchange of financial statements is not necessary, but that full disclosure and knowledge of the other person`s financial situation is essential. In this case, the parties, with the support of the family accountant, exchanged certain documents. The financial statements were not completed, but there was full disclosure and full knowledge of everyone`s financial situation. Any divorce and custody case in the state of Colorado requires each party to file affidavits and exchange mandatory financial disclosures. The parties in cases of internal relations owe each other full and accurate disclosure of their financial situation, so that a fair determination of child support, alimony (better known as alimony) and asset division in divorces. The affidavits and related financial statements are comprehensive. To ensure that you meet the deadlines, at Graham.Law we will provide you with the blank questionnaire and instructions immediately after retention. And then our paralegals start working with you to complete them.
It usually takes a client hours to collect only the information, and once our office has the disclosures, it takes time to come and go to make sure we have everything. Once we have a complete financial picture, we can advise you on the range of outcomes if the case goes to court. In other words, we can advise you legally. Without full disclosure, we cannot give you advice: we are just guessing. Financial assets (mutual funds, stocks, annuities, whole life insurance policies, etc.) and retirement accounts (IRAs, savings savings plans, 401(k) and annuities, etc.) are assets, and sworn financial statements require showing their most recent value and, of course, providing impressions of statements as proof of value….