Financial Affidavit – Financial Disclosure Affidavit – Affidavit of Financial Status – DRFA Affidavit

Financial Affidavit or the Financial Disclosure Affidavit is one of the important legal papers swearing the financials of the party signing the affidavit.

What is financial Affidavit?

The financial affidavit is a kind of affidavit in which a person enlists all of his or her income, expenses, assets and debts. This kind of affidavit allows the judiciary to question his/her financial means at any time.

What is an Affidavit of financial status?

Affidavit of financial status acts as a proof of the financial status of a person. In other words, a person signing an affidavit of financial status swears that the assets mentioned in the affidavit belong to him/her under the penalty of perjury.

What is financial disclosure Affidavit?

A financial disclosure affidavit is the other name for the financial affidavit. Financial Disclosure Affidavit is a document in which your total expenditures and your total income along with income sources are disclosed.

Here, the word ‘disclosure’ is used in the context of disclosing it to the general public. So, through this affidavit, the finances of the person can be disclosed.

What is a Domestic Relation Affidavit?

Domestic relation affidavit also referred to as the DRA, is usually utilized by the spouses while ending up their marriage. The domestic relation affidavit is signed by both, the husband and the wife, and allows them to swear on their finances, property as well as other assets and both of them as well. It plays an important role in court in the case of a divorce. Every married couple signs a marriage affidavit and at the time of divorce a divorce affidavit is signed and then if needed, a domestic relation affidavit (DRA) is filed.

What is Affidavit of financial support?

In case you’re sponsoring any of your relatives to live in the US on a permanent basis, you’re required to write and sign an affidavit of financial support that assures that you’ll be able to bear their expenses so that they won’t become a burden on the state’s economy. Such an affidavit requires the complete information of the expenses, income, liabilities, and assets of an affiant.

Divorce Affidavit and Financial Affidavit

Divorce affidavit and financial affidavit are closely linked with one another. Once the financial disclosure affidavits of both parties are submitted to the court, the court asks them for a divorce affidavit which is to be duly signed by both parties for the purpose of consent according to court orders of the division of assets and agreement to divorce.

What is the Domestic Relations Financial Affidavit (DRFA)?

Domestic relations financial Affidavit, referred to as the DRFA, is usually obtained when a couple is dissolving a marriage. The DRFA affidavit provides a complete insight into the financial standings of the married couple. Domestic Relations Financial Affidavit enlists all assets and expenses of a couple in grand total. This helps the court in the future division of assets and child care.

What happens if you lie on a financial Affidavit?

If you lie on a financial affidavit, you can face serious criminal charges with penalties and even jail time. However, it all depends on the severity of lie and leniency of the judge.

What happens if you lie on your divorce financial Affidavit?

Lying on a divorce financial affidavit is a little too risky because this affidavit states all the assets of a couple and helps a judge in dividing the assets between the couple. In case one of the parties is caught lying, the judge is allowed to divide the assets in the favor of the other party. However, in the case of a severe lie, the lying party may be accused of perjury and serious jail time.