Did You Know: Why is a Financial Affidavit Necessary by Both Parties in an Ohio Dissolution?

Understanding Ohio Dissolution Financial Affidavit Requirements

Why Must a Financial Disclosure Affidavit Be Completed Before A Dissolution Can Go Forward?

Since 2007 we have posted a fair number of blogs about the differences between divorce and dissolutions and about the dissolution process. Here are some links to make it easy to find and to read them.

• Dissolution: Out with the Old and in with the New?
• Dissolution and Divorce in Ohio, What is the Difference?
• Dissolution In Ohio: Can Parties Request Conciliation and Mediation Services?
• Why Selecting One Court Over Another Could be Important In Your Dissolution

Key Steps in Meeting Ohio Dissolution Financial Affidavit Requirements

Recently, it seems that I have had a lot of new clients come in to the office wanting to discuss and proceed with a dissolution rather than a divorce. I was asked by a client the other day why her husband needed to complete a financial disclosure affidavit because she didn’t care what he had, she just wanted to terminate the marriage and for each to go their separate ways. Ohio Dissolution Financial Affidavit Requirements Serve as Springboard Towards Negotiation Process

Ohio Dissolution Financial Affidavit Requirements Serve as Springboard Towards Negotiation Process

That was a great question! Besides explaining that the Court and Ohio law required it in order to start the proceeding, I explained the rationale why. I told her that I understand the logic of her position, but for the Court to approve a dissolution it must determine that their agreement is “fair and equitable”. The purpose of completing the financial disclosure affidavit by each party is to assure that each party understands the extent of the other’s assets and liabilities.

Fully disclosing this essential information on the sworn affidavit under the oath (with penalties of perjury for lying) is required. It serves as the “springboard” for each to start their negotiation process. After all, how can a person start to consider what is a fair division of their assets and liabilities if they have no idea what the true financial situation is of the other?

Is the Separation Agreement Important?

It also serves a few other purposes. It provides the Judge with basic information to review the fairness of their agreement set forth in the Separation Agreement. The Court wants to eliminate the possibility that one party was somehow coerced or entered into the purported agreement involuntarily. If two lawyers are involved (one lawyer cannot ethically represent both parties), there is less attention to this possible issue.

The thinking being that when each side had legal counsel, each client’s rights would be protected. Obviously, there are countless reasons motivating the individuals to want to terminate their marriage from falling out of love, to wanting to move on with another person, pursuit of one’s own happiness, health issues etc. The Court does not want to “blow-up” the agreement or substitute its opinion for that of the husband or wife. Again, their goal is to be sure that there was complete disclosure and no overreaching by one side.

Ohio Dissolution Financial Affidavit Requirements and the dissolution process

Now, if one side has a lawyer and the other doesn’t, the depth of that Court review will likely go deeper. In Montgomery County, the compliance department will review the dissolution pleadings including the petition, financial Disclosure Affidavit and the Separation Agreement. If the terms in the Separation Agreement seem lopsided or perhaps unfair or unusual in favor of the party with a lawyer, they will mail out a letter to both parties and the lawyer indicating that for example there is no alimony and it is a long term marriage with a large discrepancy of incomes.
Or, perhaps that the terms say that one party is to keep his/her large retirement rather than dividing it. It also tells the parties to be prepared because the Judge may inquire about it at the Final Dissolution Hearing. Obviously, while the purpose of the letter makes sense in this context, it sure can be a potential stressful concern that it may cause the agreement to fall apart.

A RECAP ABOUT THE DISSOLUTION PROCESS IN OHIO

A dissolution of marriage is an action where the parties jointly agree to terminate their marriage. Neither party has to prove grounds or advise the Court why they want to end their marriage. All that needs to be indicated is that there are irreconcilable difference which have arisen between the parties. To end a marriage by a dissolution, the parties MUST agree up front and in writing on every issue regarding to asset/debt division, support and parenting issues. Further, they must have been residents of Ohio for 6 months before initiating the dissolution action.

The Dissolution Petition, Separation Agreement , Waivers of Service Form, Questionnaire, Application for Child Support Services, and the Financial Affidavit must be filed. Additional forms are required when there are minor children. Ohio Dissolution Financial Affidavit Requirements must also be fulfilled to ensure fairness in the process. Dissolutions must be granted within a limited timeframe. After filing the petition, the parties must wait at least 30 days before the court will hear their case, which must be heard within 90 days of filing.

Both parties must appear at the final hearing. At that hearing, the court will review the separation agreement, and may ask questions about the assets and liabilities and any parenting issues, and determine whether the parties understand and are satisfied with the settlement and that it is fair, just and equitable to both parties. If the court is satisfied that the parties agree and desire to end their marriage, the court will grant a dissolution and terminate their marriage and will incorporate their separation agreement into a Final Decree of Dissolution.

Experienced, Trusted and Professional Dayton Family Law Attorneys

Our experienced Dayton family law lawyers at MuesLaw can assist you with your dissolution related issues. Ohio Dissolution Financial Affidavit Requirements and the dissolution process, please go to our website at www.MuesLaw.com or call us at 937 293-2141. We can schedule an in-person conference or one by phone or Zoom. We look forward to assisting you!

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