The most important document for someone going through a divorce is the financial affidavit. More time should be spent on this one piece of paper than all of the other documents combined. The judge’s final decision is heavily influenced by the Financial Affidavit.
Three tips are:
1. Do not underestimate your expenses. It is real easy to miss many of your routine expenses. Toothpaste, towels, shoes, laundry, etc. Most people underestimate their expenses by at least $200 per month.
2. Check the bottom line. Do you have unsecured debt (credit cards) and is it increasing? This is a telltale sign that your expenses are greater than your income.
3. Never exaggerate! The Judge has a pretty good idea as to what the normal family costs are. If you have an expense, put it down, but be careful about padding your expenses. If you have a deficit of $1,000 but your unsecured debt is not increasing, this suggests that you are receiving contributions from a third party, which can be used as income.
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