A financial affidavit is a comprehensive and legally binding document that provides a detailed overview of each spouse's financial situation. It plays a significant role in divorce proceedings, particularly in high net worth cases. The financial affidavit requires disclosure of assets, liabilities, income sources, expenses, retirement accounts, business interests, and more. Courts rely on this document to make informed decisions regarding property division, support arrangements, and other financial matters. Both parties are legally obligated to provide accurate information, and any misrepresentation or concealment of assets can lead to legal consequences.