DebtWave Credit Counseling, a nonprofit credit counseling agency in San Diego, answers:
Financial statements – which are called financial affidavits in some states – are always involved in divorce. They are official documents that vary by state but will apply to anyone filing for divorce. Depending on your annual income, you’ll be asked to fill out either a short form or a long form, which must include all of your accurate financial information, including all of your assets and debts.
While there may be special circumstances depending on your case, credit card and other divorce debts are a lot like marriage vows. Whether or not it was spoken during your wedding ceremony, the implicit vow “for richer or poorer” means that you agreed to share in whatever debts you and your spouse accumulated during the course of your marriage. On your financial statement, you need to include debt on both joint credit cards and those that were in either your or your spouse’s name alone during your marriage.
The firm can be reached at 888-855-5185 and thru their website www.debtwave.org.
Certified Divorce Financial Analyst
Business Valuators / CPAs