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Affidavit of Financial Resources and Debt - Assets and Liabilities

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State:
Multi-State
Control #:
US-02038BG
Format:
Word; 
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Description

This form is a generic for filing an affidavit that is to be filed with a court. This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.

Definition and meaning

An Affidavit of Financial Resources and Debt is a legal document used to disclose an individual's financial status, including assets and liabilities. This form serves to provide a detailed account of a person's net worth, summarizing their debts and assets during legal proceedings or financial assessments. It is commonly required in situations such as divorce proceedings, debt settlement negotiations, or any legal matters needing a clear picture of financial capacity.

Who should use this form

This affidavit is suitable for individuals involved in legal actions where their financial situation must be evaluated. It is particularly relevant for:

  • People undergoing divorce
  • Individuals negotiating debt settlements
  • Anyone required to submit financial information to a court
  • Those applying for loans or financial aid

By filling out this form, users can ensure transparency regarding their financial status in a legal context.

Key components of the form

The Affidavit of Financial Resources and Debt contains essential sections that help to articulate one's financial condition clearly. Key components include:

  • Personal Information: Name, address, and basic identification of the affiant.
  • Net Worth: A declaration of the net worth excluding exempt properties.
  • Details of Assets: Information regarding significant assets, such as real estate, vehicles, and bank accounts.
  • Liabilities: A list of outstanding debts, including mortgages, loans, and other financial obligations.

These components work together to create a comprehensive view of an individual's financial situation.

How to complete a form

Completing the Affidavit of Financial Resources and Debt involves several steps:

  1. Gather Financial Information: Collect details about your assets, including property, savings, and investments, as well as all liabilities such as loans and debts.
  2. Fill in Personal Details: Provide your full name, address, and any other required identification information accurately.
  3. Calculate Net Worth: Subtract total liabilities from total assets to determine your net worth.
  4. Review for Accuracy: Double-check all information for completeness and correctness before signing the document.
  5. Sign in Presence of Notary: Finally, the affidavit must be signed in front of a notary public to ensure legal validity.

Following these steps ensures that the form is filled out correctly, minimizing potential issues during legal proceedings.

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FAQ

Create a spreadsheet that has a section for assets and one for liabilities. List your assets and their worth. List every liability as well as its worth. Determine the total of both assets and liabilities. Determine your net worth.

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In all contested (and some uncontested) divorces, the Courts require each spouse to file what's called a Financial Affidavit, a formal document that details the typical financial factors that play a role in every marriage: how much you earn (income), how much you spend (expenses), how much you own (assets), how much

A single-step income statement presents the revenue, expenses and ultimately the profit or loss generated by a business, but it reports on this information by using just one equation to calculate profits. The equation used in a single-step income statement is: Net Income = (Revenues + Gains) (Expenses + Losses)

There are four main financial statements. They are: (1) balance sheets; (2) income statements; (3) cash flow statements; and (4) statements of shareholders' equity. Balance sheets show what a company owns and what it owes at a fixed point in time.

The basic format for an income statement states revenues first, followed by expenses. The expenses are subtracted from the revenue to calculate the net income of the business.

Statement of Cash Flows. A cash flow statement is one of the most important planning tools you have available. Income Statement. Like a cash flow statement, an income statement is one of the most important and valuable financial statements at your disposal. Balance Sheet. Statement of Changes in Equity.

Your previous years' tax return. Pay stubs for the past two months and the last pay stub for the previous year. Your credit card statements for the year. A copy or information about your bills for the year.

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.

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Affidavit of Financial Resources and Debt - Assets and Liabilities