Financial
Aff idavits
By K. Dean Kantaras and Jennifer H. Cavill
In most family law matters, parties
are required to prepare, file and
serve on the other party a Financial
Affidavit. The Financial Affidavit is
a sworn document which details all of a
party’s monthly gross income, monthly
deductions, monthly net income, monthly
expenses, and assets and liabilities. If a
party earns under $50,000.00, he or she
can complete the short form Financial
Affidavit. However, if a party’s individual
income is above $50,000.00 per year, he or
she is required to complete the standard
Financial Affidavit. Financial Affidavits are
required in all family law cases involving
requests for permanent financial relief.
The only circumstances in which a
Financial Affidavit is not required are when
no financial relief is requested, such as
alimony, child support, attorney’s fees etc.;
when a petition for a simplified dissolution
of marriage is filed, there are no minor
children, and both parties have waived
the Financial Affidavit requirement; or
when there are no minor children, there
are no support issues and all other financial
issues, such as equitable distribution, have
been resolved by written agreement filed
with the Court.
Financial Affidavits are valuable and
necessary documents, since they provide
the Court with a snapshot of each party’s
current financial situation. In fact, Florida
Family Law Rule of Procedure 12.285
makes the filing of Financial Affidavits a
mandatory requirement. In order for the
Court to grant a request for alimony and/or
attorney’s fees, the Court must first make
findings of the requesting party’s need for
alimony and/or attorney’s fees and the
payor’s ability to pay. Need and ability
to pay are based upon the parties’ net
incomes. Child support is also calculated
within the child support guidelines based
upon the parties’ net incomes. The Court
must determine the parties’ respective
net incomes by finding the parties’ gross
incomes and subtracting the allowable
deductions. The Court cannot make such
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limit to request a Final Judgment be set
aside due to a false Financial Affidavit.
However, inadvertent failure to include
information on a Financial Affidavit can
easily be remedied by filing an Amended
Financial Affidavit and providing the
backup documentation as required by
Florida Family Law Rule 12.285.
Credibility with the Court is of the
utmost importance. Financial Affidavits
are an important tool since they provide
a current financial snapshot of a party’s
current circumstances. However, credibility
with the Court can easily and quickly be
tarnished by the filing of incomplete,
sloppy or misleading Financial Affidavits.
Therefore, it is necessary to ensure that
your Financial Affidavit is complete and
accurate and updated whenever there is a
change in financial circumstances. 9
EDITOR’S NOTE: K. Dean Kantaras has
been licensed to practice law in Florida for over
nineteen years. Mr. Kantaras is the managing
partner of K. Dean Kantaras, P.A., a firm
handling cases in family law and immigration.
Mr. Kantaras is board certified in marital and
family law by the Florida Bar, a distinction
held by less than one percent of all attorneys
licensed to practice in Florida. He is “A” rated
by Martindale-Hubbell, the highest possible
rating. He is a member of the Supreme Court
of the United States, the United States Court
of Appeals for the 11th Circuit and Middle
District, The Florida Bar, and the Clearwater
Bar Association. His offices are located at 3531
Alternate 19, Palm Harbor, 34683, (727) 781-
0000 and 1930 East Bay Drive, Largo, 33771,
(727) 544-0000. www.Kantaraslaw.com.
Jennifer Cavill, Esq. is an Associate Attorney
at the firm. She is a member of the Florida
Bar, the United States District Court-Middle
District of Florida, Clearwater Bar and St.
Petersburg Bar Associations and Canakaris
Inn of Court.
LAARWT
K. Dean Kantaras, Esq.
findings unless the parties present relevant
evidence for same. This is where the family
law Financial Affidavit should provide
clear numbers required for each finding.
Financial Affidavits also provide a
quick reference for all of a party’s assets
and liabilities and the value of each. It is
imperative to receive a Financial Affidavit
and related financial documents prior to
attending mediation or attempting to
otherwise reach a settlement, to ensure
you have all the necessary information to
make an informed decision in the matter.
Considering the importance of Financial
Affidavits in matters involving permanent
financial relief, the filing of a false Financial
Affidavit may result in numerous negative
outcomes including, but not limited to,
sanctions from the Court, the fraudulent
party may be ordered to pay the other
party’s attorney’s fees, and/or any Final
Judgment entered in reliance on a false
Financial Affidavit may be subject to being
set aside. Furthermore, there is no time
/www.Kantaraslaw.com