Mastering the Financial Disclosure Affidavit (FDA) in New York Child Support Cases

The Financial Disclosure Affidavit (FDA) is a critical document in any New York child support case. It provides a detailed overview of your financial situation, which the court uses to determine the appropriate amount of child support. Our experienced attorneys at Veridian Legal can help you accurately complete the FDA and ensure your financial information is presented clearly and effectively.

Understanding the Financial Disclosure Affidavit (FDA) in New York

The Financial Disclosure Affidavit (FDA), sometimes called a Statement of Net Worth, is a sworn statement that provides a comprehensive picture of your financial situation. This includes your income, expenses, assets, and liabilities. In any New York Family Court child support case, both parents are required to submit an FDA. This helps the court understand the financial resources available to support the child and ensure a fair determination of child support obligations.

Because the FDA is signed under oath, it's crucial that all the information provided is accurate and truthful. Inaccurate or misleading information can have serious consequences, including potential legal penalties.

Documents Required for the FDA

When submitting your FDA, you'll need to include supporting documentation to verify the information you provide. These documents typically include:

• Current Paycheck or Paystub: This verifies your current income and deductions.

• Most Recent State and Federal Income Tax Returns: Tax returns provide a comprehensive overview of your income from all sources.

• Most Recent W-2 Form: This form shows your wages and salary information.

• Health Insurance Plan Information: Details about your health insurance coverage and costs.

• (Optional) Retainer Agreement with your Attorney: If you have an attorney, you must include a copy of your retainer agreement.

Completing the Financial Disclosure Affidavit (FDA) Step-by-Step

The FDA can seem daunting, but breaking it down into steps makes it more manageable. Here's a general guide:

1. Choose a Reporting Period: Select whether you'll report your income and expenses on a weekly, bi-weekly, monthly, or annual basis. Be consistent throughout the form.

2. Report Wages and Salaries: Provide details about your employment, including your employer's name and address, hours worked per week, gross wages, and any payroll deductions (taxes, insurance, etc.).

3. Disclose Other Income: Include income from any other sources, such as self-employment, investments, rental properties, Social Security benefits, or disability payments.

4. List Assets: Detail all your assets, including bank accounts, real estate, vehicles, retirement accounts, and investments.

5. Provide Health Insurance Information: Include details about your health insurance coverage, including the type of plan, provider, and cost.

6. Detail Child-Related Expenses: List expenses related to the child, such as education costs (including private school tuition), childcare expenses, and extracurricular activities.

7. List Other Expenses: Report all your other regular expenses, such as housing costs (rent or mortgage), transportation, utilities, loans, and personal expenses.

Common Mistakes to Avoid When Completing the FDA

Accuracy is crucial when completing the FDA. Common mistakes to avoid include:

• Omitting income or expenses: Make sure to include all sources of income and all regular expenses.

• Inaccurate information: Double-check all figures and information to ensure accuracy.

• Missing deadlines: File the FDA by the court's deadline.

• Not seeking help when needed: If you have questions or are unsure about any part of the FDA, don't hesitate to seek assistance from an attorney.

Using the FDA in Child Support Cases

The information in the FDA is used to determine each parent's income and expenses, which are then used to calculate the appropriate amount of child support. Attorneys also use the FDA to:

• Negotiate child support agreements.

• Present evidence in court.

• Request attorney fees.

Financial Disclosure Affidavit FAQ Section:

• What if I don't have all the required documents? If you're missing some documents, contact an attorney to discuss how to proceed.

• What if my income fluctuates? If your income varies, provide documentation of your income history, such as tax returns and pay stubs from the past few years.

• How do I report self-employment income? Include your business's profit and loss statement and tax returns.

• What if I'm embarrassed about some of my expenses? Be honest and accurate in your reporting. The court is primarily concerned with your overall financial picture.

• Can I update the FDA if my financial situation changes? Yes, you can file an updated FDA if there's a significant change in your financial circumstances.

Do I Need an Attorney to Help with the FDA?

While you can technically complete the FDA on your own, it's highly recommended to seek assistance from an experienced attorney. An attorney can help you:

• Ensure the form is completed accurately and completely.

• Understand the implications of the information you provide.

• Present your financial situation in the most favorable light.

• Avoid potential mistakes that could harm your case.

Contact Veridian Legal for Assistance with the FDA

Completing the FDA accurately and strategically is essential for a positive outcome in your child support case. Veridian Legal's attorneys can help you navigate this process and ensure your financial information is presented effectively. Contact us today for a consultation at (212) 706-1007.