In divorce proceedings, a crucial document that parties are required to provide is the financial affidavit. This document, which follows a court-approved format, outlines an individual’s weekly or
monthly income, including deductions, living expenses, assets, and debts. Available in a multi-page fillable form on the State of Connecticut Judicial Branch webpage, the financial affidavit allows a judge to quickly understand each party’s financial circumstances, facilitating decision-making on immediate issues or evaluating proposed agreements.
Parties are obligated to exchange and file their sworn financial affidavits with the court by the Case Management Date unless they obtain judicial approval for an alternative arrangement through a Case Management Agreement. It's important to complete your financial affidavit with care. Typically, the state-provided form is adequate for all but the most intricate financial situations, and additional space can be utilized by attaching a schedule if necessary for listing assets or expenses.
When preparing financial affidavits, clients often question whether to list projected or current expenses, particularly when changes are anticipated, such as one spouse vacating the marital home or modifications in custody arrangements. It is essential to remember that a financial affidavit represents a specific point in time. You will have further opportunities to update this information with the court, such as during the final judgment. Therefore, the initial financial affidavit should accurately reflect your present living situation, expenses, income, debts, and assets.
Fluctuating income should be averaged and annualized into weekly figures, with explanations for calculations provided on an attached schedule or prepared for discussion if questioned by the opposing party or the court. Similarly, expenses with seasonal variations should be annualized and averaged weekly to provide a realistic projection of budgeting and available resources. Consistency is key when preparing a financial affidavit. Ensure that the information included is truthful, complete, consistent, and clear. There is no single correct format, but accuracy and transparency are imperative.
Contact Us
If you have any questions about financial affidavits in the context of divorce, or wish to consult an attorney regarding a legal matter, please contact Joseph C. Maya and the attorneys at Maya Murphy, P.C. at (203) 221-3100 or Jmaya@mayalaw.com to arrange a free initial consultation.
