A Financial Affidavit is used to assist in presenting sufficient detailed financial information of each party. It is used to to determine the correct amount of child support to be ordered to the non-custodial parent.
North Dakota Financial Affidavit
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How to fill out North Dakota Financial Affidavit?
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FAQ
Docket number and name of the case, including names of both parties. Your income from all sources, including overtime, bonuses, social security, tips, interest, other spousal support, and commissions.
In its simplest sense, fair market value (FMV) is the price that an asset would sell for on the open market.
RECOMMENDATION 1. The federal Department of Justice recommends that the child support tables be updated every five years, or sooner when changes in federal, provincial, or territorial tax regimes would have a significant impact on table amounts.
The main purpose of a financial affidavit is to provide the court with an explanation of a party's financial circumstances. Without this information, the court would be unable to make financial orders or orders concerning property distribution.
The court estimates that the cost of raising one child is $1,000 a month. The non-custodial parent's income is 66.6% of the parent's total combined income. Therefore, the non-custodial parent pays $666 per month in child support, or 66.6% of the total child support obligation.
What Is a Financial Affidavit? A financial affidavit, which has different names in each state, is a statement showing your income, expenses, debts and assets. It allows a court to figure out how much spousal support and child support it should award.
If you lie on this document, you are lying to the court.Depending on how serious your untruth, lying on a financial affidavit could mean that your spouse is awarded a larger portion of the marital assets, something that could negatively impact your financial situation for many years to come.
Fair market value example If given a gift of stock, the fair market value of that stock on the day you received it will determine the taxes you pay when it is sold. The calculations for most property taxes are based on fair market value. Insurance claims on any asset are based on fair market value, at least in part.
Past history. If you reported your expenses for recent past history, say for six months or a year, those expenses would show what you and your spouse expended together; they will have little relevance to what you need as a separated individual. Future expenses. Interim expenses.
