Iowa Divorce Financial Affidavit: Form 124 and Form 224 Guide

Under Iowa Code Section 598.13, both spouses must complete and file a Financial Affidavit as part of every divorce proceeding. This is not optional — judges will not sign a final decree without both affidavits on file.

The form you use depends on your situation: Form 124 is for cases without minor or dependent adult children, and Form 224 is for cases with children. Both are filed electronically through the Iowa Electronic Document Management System (EDMS), and both are sworn statements signed under penalty of perjury.

What the Financial Affidavit Requires

The Financial Affidavit is a comprehensive disclosure of your entire financial picture. You'll need to report:

Income. All sources: wages, self-employment income, rental income, investment dividends, Social Security, disability payments, and any other regular income. You'll report both gross and net monthly amounts.

Real estate. Every property you own or have an interest in — including the marital home, rental properties, vacation homes, and vacant land. Report the fair market value, outstanding mortgage balance, and whose name is on the title.

Financial accounts. All bank accounts (checking, savings, money market), brokerage accounts, and certificates of deposit. Report current balances as of a specific date.

Retirement assets. 401(k), 403(b), IRA, IPERS, and any other pension or retirement plan. Report the current value and the account holder.

Vehicles and personal property. Cars, trucks, boats, motorcycles, RVs — fair market value and any outstanding loans. Also household goods and furnishings of significant value.

Life insurance. Policies with a cash surrender value, listing the owner, beneficiary, face amount, and cash value.

Debts. Every liability: credit cards, student loans, personal loans, medical bills, tax obligations. Report the creditor name, account holder, balance, and monthly payment.

Monthly expenses. A detailed budget covering housing, utilities, food, transportation, insurance, childcare, medical expenses, and other regular costs.

Documents to Gather Before You Start

Pull these together before sitting down with the form:

• Last three years of federal and state tax returns
• Six months of pay stubs for both spouses
• Current statements for every bank and brokerage account
• Most recent retirement account statements
• Mortgage statements and property tax bills
• Vehicle titles and loan statements
• Credit card statements showing current balances
• Life insurance policy declarations pages
• Business financial statements or K-1 forms, if applicable

Common Mistakes That Create Problems

Omitting assets. The affidavit is sworn under penalty of perjury. Leaving out a bank account or underreporting the value of personal property can result in sanctions, an adverse inference, or — in extreme cases — the court reopening the property division after the decree.

Using outdated values. Iowa courts typically use valuation dates close to the trial or decree date. Check current balances and get fresh appraisals rather than relying on year-old statements.

Forgetting about debts. Many people focus on listing assets and underreport liabilities. Every joint credit card, medical collection, and personal loan should be included.

Mixing up the forms. Using Form 124 when you have minor children (or vice versa) will result in the court rejecting your filing.

The 5th Judicial District Deadline

In Polk County and the 5th Judicial District, a pre-trial conference is automatically scheduled 90 days after filing. Financial Affidavits must be exchanged by this date. Missing the deadline can result in sanctions or an unfavorable inference at trial.

Other districts handle the timing differently — check your filing county's local rules for specific exchange deadlines.

Organizing Your Finances Before the Affidavit

The affidavit is an accounting exercise, not a strategy document. Before you fill it out, you need a clear inventory of every asset and debt, with documentation to support each number. The Iowa Divorce Financial Split Guide includes asset and debt inventory worksheets designed to feed directly into the Form 124/224 fields — organizing your records once for both the affidavit and your settlement negotiations.

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