In the State of Michigan, after you have filed a complaint for divorce and served your spouse, both parties are required to exchange financial affidavits (known formally as the “Domestic Relations Verified Financial Information Form”). The Domestic Relations Verified Financial Information Form must be exchanged within 28 days of service on your spouse.
What Information Is Required To Be Disclosed In The Domestic Relations Verified Financial Information Form?
The Domestic Relations Verified Financial Information Form requires you to disclose the following information:
- Personal Information: Must provide name, address, phone number, date of birth, social security number, and driver’s license number.
- Employment Information: Must provide employer’s name, address, gross income, and hourly rate of pay. If self-employed, they must list all draws made during the last 12 months.
- Employment Benefits: Must provide health, vision, dental, life, and retirement benefits, car allowance, expense reimbursement, and any other benefits received by the employer.
- Other Income: Must provide income from all other sources such as commissions, bonuses, profit sharing, interest, dividends, annuities, pensions, trust funds, IRA’s, worker’s compensation, social security benefits, VA benefits, disability insurance, GI benefits, rental income, and spousal support.
- Real Property: Must provide address, date of purchase, estimated value, SEV, balance of mortgage, monthly payment, name of lender, and information on any equity loan.
- Financial Accounts: Must provide type of account, account number, name of institution, name on account, current balance, and balance 90 days before current balance. This information must be provided for each account.
- Pension: Must provide all defined benefit plans to include company or employer name, lump sum value, estimated monthly payment, and earliest date eligible to receive pension.
- Life Insurance: Must provide insurance company name, policy number, policy owner, beneficiary, account of death benefit, premium amount, cash surrender value, and if employer provided.
- Motorized Vehicles: Must provide year, make, model, title holder, lender, estivated value, and amount owed.
- Personal Property: Must provide description of property, estimated value, and date purchased or acquired.
- Debts: This includes credit cards, personal loans, student financial aid loans, other unsecured loans. Must provide type of debt, name of lender, account number, name on account, and balance owed.
- Court Ordered Financial Obligations: This includes child support, spousal support, garnishments, civil judgments, court-ordered fines, fees, and restitution.
What Does “Verified” Mean?
As the title notes, the Domestic Relations Verified Financial Information Form is “verified”, meaning you must sign the form in front of a notary declaring the statements are true. Therefore, it is imperative that the person completing the Domestic Relations Verified Financial Information Form be truthful in their statements, as the statements made can be used against them in any court proceeding.
Going through the Court to solve your divorce.
If you’re going through a divorce and want to understand your options, Schmitt Law, PLLC is standing by to assist. To schedule a consultation or learn more about our services, contact Schmitt Law, PLLC online or call (616) 310-4975.