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Your statement of net worth

On Behalf of | Dec 30, 2022 | Blog, Divorce

When filing for divorce in New York, you must provide the court with financial details called a statement of net worth. The statement includes details about your income, assets and liabilities.

Accuracy is key with this form because it is a sworn statement. There are a few standard sections to fill out.

The details of your family structure

The beginning of the form requires specifics about your household, including each resident’s age, date of birth and level of education.

A list of your expenses

The next section is a comprehensive list of your expenses. Account for any changes since the separation, including your new rent or added childcare expenses. Include every expense, even if you are not paying it right now. Gather copies of as many of these expenses as possible to support your paperwork.

The sources of your income

You need copies of your W-2s and any other income sources. List the amounts of your monthly income from each source.

Your assets and liabilities

Any vehicles, properties or other valuable assets factor into the calculation of the divorce settlement as well as child support, if necessary. Liabilities include total balances on your car loan, mortgage and any credit cards. These are financial obligations even if you pay them over time.

Your signature on the statement asserts that the information is complete and correct. Review the details carefully before you sign the document as it is a legal affidavit. Gather statements, contracts and receipts for all of the accounts listed to submit as supporting documentation.