Spouses getting a divorce in New York are required to complete and exchange a financial disclosure affidavit. Also known as a Sworn Statement of Net Worth, this document provides information about a party’s income, expenses, assets and liabilities. Accordingly, it ensures both parties are adequately informed about each other’s finances, allowing for a fair distribution of marital property.
Here is what to know about this document:
It operates as a legal affidavit
This disclosure is mandated under the New York Domestic Relations Law. Divorcing spouses must exchange an accurate and notarized financial inventory, which is signed under oath and subject to the penalties of perjury.
Therefore, you must complete your affidavit accurately and honestly. Review your financial documents, create a list of all your expenses and income and carefully calculate your numbers to avoid mistakes that can result in accusations of hiding money.
When you receive your spouse’s affidavit, review it thoroughly. If you need additional information, request them to provide it.
Supporting documents must be attached
You are required to attach supporting documents to your affidavit. These include:
- Your current and representative paycheck stubs
- Copies of recently filed state and federal income tax returns
- Copies of tax documents submitted with your tax returns
- Assets documentation, such as bank statements, investment account statements and deeds
- Debts documentation, such as loan and mortgage applications and credit card statements
- Proof of insurance coverage
- Proof of public assistance
- A list of all your monthly living expenses
Double-check to ensure you have attached all needed supporting documents. Also, confirm that everything has been correctly disclosed to the best of your knowledge before signing.
The financial disclosure affidavit is the primary document used to make decisions regarding property division, child support, and spousal maintenance. Learn more to avoid costly mistakes when completing it and to know what to look for in your spouse’s affidavit.