Check out the article written by Edward S. Sachs, CPA/ABV CFF CrFA, and Patricia L. Young, CFE, FRP, featured in the Spring 2011 Edition of The Florida Bar Family Law Section’s Commentator newsletter.

A financial affidavit is required within 45 days of service of the petition, therefore it is usually the attorney or their associate that prepare the preliminary financial affidavit.  This financial affidavit becomes the ground work for future financial affidavits prepared by the financial expert which will contain more detailed information and have documentary support and analysis.  Since the attorney or associate is usually preparing the financial affidavit in order to expedite the legal process, any omissions or errors can easily be corrected by the financial expert without having to defend themselves for having made the error.  However, completeness of the preliminary financial affidavit is still critical.  Identification of assets and liabilities is the most important issue, not their values.  The use of “To Be Determined” or “To Be Valued” for the value of assets is preferable when the values are subject to opinion.  This article will provide many helpful hints to the attorney and their associate.

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