Divorce is about division. The spouses are dividing one household into two. They are dividing their assets, time with their children, and their possessions. The first step is to take stock of what there is to divide.
In most states, the starting point for your divorce is the “domestic relations financial affidavit” (DRFA). The DRFA is a sworn statement attesting to your household finances. This can include:
- Income
- Assets
- Debts
- Liabilities
- Monthly expenses
Take your time to make for DRFA accurate.
Moreover, be honest. It may be tempting to fill out the document based on how much you wished you spent each month, or how much you wish your spouse spent. If you spend a lot of money on clothing and jewelry every month, then that information belongs in your DRFA, even if you wish you spent your money differently. Conversely, don’t overestimate your expenses either, with the hope that you might have a higher standard of living after your divorce. Describe what’s going on right now.
An honest and accurate DRFA is key to a smooth and equitable divorce.
*This article is for informational purposes only and is not intended to provide legal advice. If you require legal advice, please contact a licensed attorney in your local area.
