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How do financial affidavits work in Missouri divorces?

In Missouri, when a couple decides to divorce, both parties will need to provide information detailing their individual incomes, expenditures, liabilities and assets. To do this, financial affidavit forms are necessary. Even a divorce involving very few assets and liabilities can be daunting, but when high assets or major debts are involved, filing a financial affidavit can seem downright overwhelming.

Still, it is crucial for divorcing couples in St. Charles to provide complete and accurate information on their affidavits. These documents are extremely important for calculating the division of property, as well as spousal maintenance and child support.

The court will base the divorce settlement on the numbers provided in the financial affidavits, and sometimes spouses try to hide assets from one another. This is highly inadvisable, especially since a person who gives misleading information could be held in contempt of court or charged with perjury.

In filling out the financial affidavit, each party's financial future is at stake, so sorting through years' worth of bank statements, bills and utility payments may be a tedious but necessary process. What you want is to present an accurate and detailed picture of your finances, so the court can decide on the division of property accordingly. In addition, Missouri residents will want to make sure their spouses are also being honest about personal assets and liabilities.

It is helpful to keep in mind that financial affidavits can be revised. If your financial situation changes over time, or if you notice an inaccuracy, you can make corrections even after the forms are filed with the court.

Source: Forbes, "The Five Key Points Divorcing Women Need to Know About Financial Affidavits," Jeff Landers, May 9, 2012

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