Key Things to Know About the Financial Affidavit
For the key things that you will want to know about the financial affidavit, please read on.
Financial Affidavit Definition
The financial affidavit is a sworn document required by the Court in family law matters that provides a snapshot of your finances including your income, expenses, assets, and any debts.
It is part of the discovery stage in Connecticut.
When Is the Financial Affidavit Due?
Often your first financial affidavit is due in advance of your first Resolution Plan Date, or “RPD.” In other cases, your first financial affidavit will coincide with Mandatory Disclosure and Production. By the way, Mandatory Disclosure and Production is often referred to as “MDP” or “Standard Discovery” for short.
Do I Have To Do More Than One Financial Affidavit?
Yes, you will almost certainly have to execute and file more than one financial affidavit during the course of your family law matter. This is because — as with many parts of the discovery process — there is an ongoing duty to provide updates to the other side and to the court. Unless there are multiple major changes to your finances, though, typically the first version requires most of the heavy lifting.
Why Does The Financial Affidavit Matter?
The financial affidavit doesn’t only matter because it’s a legal requirement. It’s also important because it provides a high-level snapshot of the financials in your case. The financial affidavit shows your attorney where potential opportunities and issues exist, and where she might want to dig more into the financials via expanded discovery.
Read: Depositions & Divorce
What’s a Tip for Completing My Financial Affidavit Efficiently?
In many cases, the mandatory disclosure documents are actually the source of information for your financial affidavit. You will kill two birds with one stone if you collect those documents at the same time you are working through your financial affidavit.
Freed Marcroft’s first step is the Goals & Planning Conference. It is structured to help you determine and prioritize your goals. Then, we take those goals and the facts of your case, analyze them, and present you with recommendations and options on how to move forward.