Tuesday, October 23, 2012

How do I fill out the Domestic Relations Financial Affidavit?

The purpose of the Domestic Relations Financial Affidavit is to summarize your individual current income, assets, and expenses. It is used to ensure full financial disclosure and is also used to determine any child support obligation. This is a standard form used by the Court.

You can either type the information or hand-write it in.

The person completing the form is the “affiant” and the form should reflect your individual current financial situation.

This Domestic Relations Financial Affidavit will be made under oath; you are swearing to tell the truth based on the information contained in the Affidavit. After you complete the form, do not sign it until you are with a notary.

Try not to leave blank spaces on the form, if something is not applicable enter “n/a” or “$0.00.”

The figures should be good-faith numbers on your current finances. Use averages whenever possible, but if you are unsure, put in estimates and note that it is an estimate. You will not be required to produce individual bills for every item, however, be sure you can justify the amount you enter. Note that the majority of the form asks for average monthly amounts.

Section 1  
This section asks for basic information. The person completing the form is the “affiant.”

Section 2 is a summary of the rest of the document, fill out this section last; it is on the first page as a summary for the Court. Skip this section until you form is fully completed.

This section is your current income. Fill-in dollar amounts on all areas where you receive income.  Then total all sources of income to show your total gross monthly income. Be sure to attach two of your most recent wage statements if you receive regular salary or wages.

Section 3 B- Affiant’s Net Monthly Income from Employment
Use your most current pay stub to calculate the state taxes, federal taxes, and FICA which are deducted. Enter in your Net Monthly income deducting these taxes only. You may have additional deductions taken from your pay, so make sure that the net monthly income figure you provide does not include other deductions such as: health, life, or disability insurance, parking, or retirement contributions.

Enter how often you are paid, but remember that the figures above are all based on monthly amounts.

Enter in the number of tax exemptions you claim.

Section 4 – ASSETS
This section asks for your specific assets. Next to the description, list the approximate value using your best estimate.

You do not need to enter your entire bank account number, but rather, list the bank name and the last few numbers of your account.

Under “Real Estate” and “Automobiles/Vehicles” once you enter in the full value of the asset, enter in the “debt owed” directly underneath.

If you claim or agree that the entire value is a non-marital asset, then entire the entire amount under the column “Separate asset of the Husband” or “Separate Asset of the Wife.” If you clam or agree that the value should be split, then enter the amount to each party in the appropriate column.

In the final column enter in the “basis of the claim.” For most uncontested divorces which already have an agreement, then the basis of the claim is agreement. Other appropriate claims for a separate asset include: pre-marital, gift, inheritance, or source of funds.

Once you complete this section summarize all the amounts and enter in “Total Assets.”

This section walks you through all of the major Household, Automobile, Other Vehicles, Children, and Other Expenses. Keep in mind that this section asks for monthly expenses, do your best to ensure that you average out your expenses for this section.

These expenses are the bills you currently pay at your current residence, not shared bills. You should assume that that your spouse does not live with you and you should not include their expenses in this section.

The section marked “CHILDREN’S EXPENSES” applies to all children under eighteen (18) years of age living with you.
The section marked “OTHER INSURANCE” has two lines for each type of insurance. Directly next to the first line, for example “Health,” list your expense for healthcare, and on the second line “Child(ren)’s portion” enter in just the amount you pay for your child’s health insurance. This line should be the amount paid to cover the children’s portion only. You may need to contact your Human Resources Department or check your benefits to see what portion of your insurance fee is for your insurance and what amount is for your child’s coverage. Enter in those separate amounts in this section.  

Once you complete this section total all the amounts and enter in “TOTAL ABOVE EXPENSES.”

This section asks for all other expenses not listed above. This may include student loans, car payments, monthly credit card payments, and other money you owe. Enter in the Creditor’s name, the full balance due, the monthly payment (even if you are not paying the full monthly amount owed), and check the box next to who is responsible for this payment.

Once you complete this section total all the monthly payment amounts and enter in “TOTAL MONTHLY PAYMENTS TO CREDITORS.”

Add the total monthly expenses above in 5A “TOTAL ABOVE EXPENSES” to 5B “TOTAL MONTHLY PAYMENTS TO CREDITORS” and enter in the line for “TOTAL MONTHLY EXPENSES.”

Once sections 3-5 are completed, go back to page one and complete section 2 with the summaries from the rest of the document. Be sure each line is completed.

Remember to have your final completed form signed in-front of a notary.

This form can be cumbersome and frustrating, so be sure to take your time and ask questions along the way. Contact the office today at 770.466.2700 or Christine@Bechtold-Law.com with any questions you have about the form.