An affidavit of property is a legal document sworn by the affiant, the person who swears to an affidavit, that the property, debts, and income listed are owned by the affiant and that the information listed is true. Real estate, personal property, and intangible assets are often itemized in the affidavit as well as the approximate value. These affidavits are used in many court proceedings and financial transactions, such as divorce and dissolution pleadings, immigration filings, and real estate transactions. Institutions, government agencies, and courts often provide a form, making it unnecessary to write an affidavit from scratch. A court magistrate or notary public often administers the oath required for the affidavit, and a false affidavit can result in criminal prosecution and trial.
There are several types of affidavits of property, including an affidavit of ownership and an affidavit of value. The affidavit of ownership is a document in which the affiant swears to own the property described in the affidavit. The affidavit of value lists the sales price or appraised value of real estate and personal property owned by the affiant.
In divorce and dissolution proceedings and for annulments and legal separation cases, an affidavit of property is used to help determine issues such as alimony and child support. The plaintiff and defendant must each submit an affidavit of property that lists all of the assets they own and the estimated value. They must often swear that the affidavit is true before the clerk of the court. Some of the property listed in the affidavit includes automobiles, bank accounts, and household goods. While debt is not a type of property, personal and business debts have to be listed as well, including the monthly payments and the principal balance for each debt owed.
Some affiants are required to list all sources of income. Categories of income include net income salaries and net business income received on a monthly and annual basis. A plaintiff who intentionally misrepresents or omits income sources may be charged with perjury in some jurisdictions for submitting a false affidavit. The type of case or transaction determines whether the income category has to be included in an affidavit of property. It’s often required in cases where the affiant is applying for benefits or seeking a financial award from the court in family court proceedings to aid in determining how much financial assistance or equitable remedy to give the affiant.