We are grandparents. Our son is going through a rediculous divorce. His attorny is talking about a "Vaughn Affidavit". All our funds are in bank accounts or equities established over 10 years ago. We control all funds directly. Do We have to complete a Vaughn Affidavit if presented to us?
Answer
Short answer: Yes. The Court can hold you in contempt for failing to do so. Please consult an attorney in completing it so you can ensure that all assets that need to be included have been, including trusts and other funds to which your son may not have a present right. If your sworn (estimated) value is off by too much, you may be committing a fraud on the Court. The small fee to an attorney to review and draft the affidavit will save you a huge headache down the line.
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