Financial Affidavit, Statement of Net Worth, Financial Declaration. Fancy Words for the same thing: a comprehensive snapshot of your financial past, present and future.


What is a Financial Affidavit for Divorce?

In preparing for marital separation—either through mediation or court—both individuals

must prepare Financial Affidavits showing their personal financial histories, presents, and prospects. “Financial Affidavits” are called different things in different states (“Case Information Statement” in New Jersey; “Financial Declaration” in Utah; and “Statement of Net Worth” in New York), but are all essentially the same things: a snapshot of your total financial situation. More specifically, the Affidavit will report on your income from all sources (employer, businesses, investments, pensions, annuities, etc.); your assets (homes, cars, investments, etc.); your living expenses; and your liabilities (mortgages, car loans, credit card debt, etc.). Your Financial Affidavit will be used by your spouse, your attorneys, and the mediator and/or the court, to determine what might be an equitable distribution of your marital assets and who might be entitled to spousal or child support.



How accurate does the Financial Affidavit need to be?

Once you and your attorney and/or financial planner collect all of your financial information and you are confident that the Affidavit accurately reflects your finances, you will sign the affidavit under oath. This means that you will be attesting to the veracity of the Affidavit. The Affidavit will ultimately become a part of the court record and you could face penalties and sanctions if it is found that you deliberately falsified any of the information in the Affidavit. So it is in your best interest, as well as in the interest of achieving an equitable separation, to be honest and forthright.


What if I make a mistake on my Financial Affidavit?

As soon as you realize your mistake, you should bring it to your attorney’s attention. He or she will help you amend the Affidavit and limit potential repercussions from the error.


How do I complete my Financial Affidavit?

You have various options for completing your Affidavit depending on your budget, professional expertise and time constraints.

  1. Professionally-assisted: The Financial Affidavit is a critical part of your separation/divorce as it will determine the total distribution of your marital assets as well as alimony and child support demands. The Affidavit is also a complicated document that requests very specific, nuanced information that is often not as straightforward as it may seem at first blush. For instance, the Affidavit will ask the seemingly innocuous question: “What is your net monthly income from primary employment?” However, if you are paid bi-weekly, your monthly income will not be the same as your gross pay times two. Instead, you will have to determine exactly how many times you are paid in the calendar year, likely 26 times (as opposed to 24 times if you are actually paid just twice per month as opposed to bi-weekly), and multiple this number by your gross income. This is just an example of the complexity in completing your Affidavit and why it is often helpful to work with an advisor and/or attorney to complete it. In future posts, I will discuss how to compute your social security deductions for your financial affidavit.

  2. Robo-assisted: online services, such as RocketLawyer or Legalzoom can help you complete your Affidavit.

  3. Self: It is possible to complete your Affidavit without professional assistance. Most states provide standard Affidavit forms with detailed instructions that, with time, patience and attention to detail, you should be able to follow, links to a few states’ templates below:

Financial Affidavit Templates by State:


New York Statement of Net Worth


Connecticut Financial Affidavit


North Carolina Financial Affidavit


South Carolina Financial Declaration


NJ Financial Affidavit





Disclosures: This material is provided as a courtesy and for educational purposes only. Please consult your investment professional, legal or tax advisor for specific information pertaining to your situation. Siena Private Wealth, a member of Advisory Services Network, LLC does not provide tax or legal advice.


The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. Some of this material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named representative, broker - dealer, state - or SEC - registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.


Copyright 2019 FMG Suite.

Siena Private Wealth is a member of Advisory Services Network, LLC.

Next to “When should I claim Social Security benefits?” one of the more common questions people have is “How much will I receive?”


Calculating your potential Social Security benefit is a three-step process:






1. Calculate Your Average Indexed Monthly Earnings (AIME): The highest 35 years of indexed earnings is added together. It is then divided by the number of months in 35 years to arrive at your AIME. (“Indexed earnings” is an adjustment made to historical earnings so that they reflect a current standard of living.)


2. Determine Your Primary Insurance Amount (PIA): AIME is subjected to a formula based on the year of first eligibility (age 62).


3. Application Age: The final calculation will be based on the age you apply for Social Security retirement benefits. For instance, if you apply at full retirement age, you will receive 100% of your PIA. If you apply for early benefits, your benefit will be less, and if you wait until after full retirement age your retirement benefit will exceed your PIA.


If this all sounds complicated, that’s because it is. However, the Social Security Administration calculates your personal benefits without you having to do any of the math.

When to take Social Security is a complex retirement decision that requires careful thought in order to maximize the benefit to you and your spouse. You should consider working with your financial advisor and accessing the resources at the Social Security Administration to help you make the decision that best meets your needs.


The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright 2019 FMG Suite.