Affidavit Of Net Worth Template for Malaysia

When you need to provide comprehensive financial disclosure in Malaysia, an Affidavit Of Net Worth serves as your formal sworn statement detailing your complete financial position. This legally binding document must comply with Malaysian statutory requirements and provides courts, financial institutions, and other parties with verified information about your assets, liabilities, income, and expenses.

When do you need this document?

You'll typically require an Affidavit Of Net Worth during divorce proceedings under the Law Reform (Marriage and Divorce) Act 1976, where courts need accurate financial information to determine asset division and spousal maintenance. Bankruptcy cases also mandate this document to provide creditors and trustees with a complete picture of your financial status. Financial institutions may request it for loan applications or credit assessments, while tax authorities might require it during audits or investigations. Additionally, business partnerships, estate planning, and civil litigation involving financial disputes often necessitate this comprehensive financial disclosure.

Key legal considerations

Your affidavit must include accurate details of all income sources, including employment, business profits, investments, and rental income. The assets section requires comprehensive disclosure of real estate, vehicles, bank accounts, investments, insurance policies, and personal property with current market values. All liabilities must be listed, including mortgages, loans, credit card debts, and other financial obligations. Monthly expenses should cover living costs, loan repayments, and other regular financial commitments. Remember that providing false information constitutes perjury under the Penal Code, carrying severe penalties including imprisonment. The document also requires proper identification details and must be structured according to the Rules of Court 2012 formatting requirements.

Legal requirements in Malaysia

Under the Statutory Declarations Act 1960, your Affidavit Of Net Worth must be sworn before an authorized Commissioner for Oaths, who will verify your identity and witness your oath. The Commissioners for Oaths Rules 2018 govern this process, requiring proper documentation and formal procedures. Your affidavit must follow the prescribed format outlined in the Rules of Court 2012, including specific language for the oath, proper heading, and structured content sections. All financial figures must be stated in Malaysian Ringgit, and supporting documents should be available for verification. The document requires your signature in the presence of the Commissioner, who will also sign and affix their official seal. Filing requirements vary depending on the purpose, but court proceedings typically require multiple copies with proper filing fees paid according to current court schedules.