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Couples with children who are going through a divorce must either come to an agreement about parental responsibilities, property division, and child support or abide by the decision of a family court. In order to gain a complete and accurate picture of a couple’s finances, however, the court will require each party to complete an in-depth financial affidavit. Failing to provide correct information can significantly delay divorce proceedings, which also increases costs, so if you are thinking about filing for divorce, it is important to contact an experienced Berwyn divorce attorney who can ensure that you complete all necessary paperwork by the appropriate deadlines.
- Debts; and
The financial affidavit must also be supported by specific evidence, such as:
- Recent income tax returns;
- Pay stubs and other proof of income;
- Bank statements; and
- Other supporting documentation.
This information must be provided to the other party and to the court no more than 30 days after the initial petition was filed.
Calculating Income and Expenses
To complete the affidavit, both parties must calculate their respective incomes. Those who are not paid monthly will need to convert their income, by taking the amount they earn per week and multiplying it by 52 before dividing it by 12. Aside from calculating regular employment earnings, such as wages and salaries, the parties must also include the following types of income:
- Pensions and other retirement benefits;
- Interest from dividends;
- Rental income;
- Military allowances;
- Workers’ compensation; and
- Disability benefits.
Each spouse must then calculate his or her expenses, which include:
- Living expenses, such as rent, electric, gas, water, groceries, and household supplies;
- Transportation expenses, such as car payments, insurance, and gas;
- Personal expenses, including medical costs, life insurance, clothing, grooming, and donations; and
- Minor and dependent children expenses, which includes tuition, medical care, extracurricular activities, sports, and entertainment.
Debts and Assets
All debts must also be recorded on the financial affidavit, including the following information:
- Each creditor’s name;
- A description of the nature of the debts;
- The specific amounts owed; and
- The monthly payments being made.
Finally, the couple’s assets must be recorded, including:
- Bank accounts;
- Certificates of deposit;
- Stocks and bonds;
- Investment accounts;
- Real estate;
- Motor vehicles;
- Business interests;
- Retirement benefits;
- Income tax and refunds;
- Lawsuits and claims;
- Valuable collectibles; and
- Health insurance.
Based on these totals, the court will then allocate child support and divide marital property as it deems appropriate.
Contact a Dedicated Berwyn Divorce Attorney
At the Arami Law, we have experience handling all types of divorce-related issues, including those involving the division of marital property. If you live in Berwyn and have concerns about your spouse’s reporting of assets or income, please contact a member of our legal team by calling (312) 584-6355 or by completing one of our standard contact forms and we’ll help you set up a consultation.
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