One of the documents required when filing for divorce is a financial statement. This form discloses your financial situation to the court and to the other party. It can play an important role in proceedings. Below are some divorce financial statement tips that may help.
Documents to Gather
You will need certain types of information to accurately fill out the financial statement form. Gather these ahead of time to simplify the process.
- Income Pay Stubs (for the last 12 months)
- Last W-2 form(s)
- Most Recent Tax Returns
- Statements for Assets (Retirement Accounts, Homes, Cars, etc.)
- Recurring Bills (Credit Cards, Loans, Cable, Telephone, Utilities, etc.)
- Value of Assets
Mistakes to Avoid
When filling out the form, you may find yourself guessing or estimating certain figures. It is best to avoid this. Obtain appraisals for assets such as real estate, jewelry, and collectibles. For date specific items such as stocks, note the date on which the value was obtained. If you cannot avoid entering an estimated value for certain items, specifically note that they are estimates.
Leaving Things out
Try not to avoid leaving anything out of the financial statement. No matter how small or insignificant it may seem, it is important to accurately detail all of your assets and finances. People often forget items that are not active until a future date but do have current value; an example of this is a pension plan.
Divorce Financial Statement Tips
When it comes to disclosing information in a divorce, being thorough and truthful are extremely important. Take the time to carefully account for all of your assets and debts. Include supporting documentation and any necessary notes. If the other party uncovers an item that you have left out, it may appear that you were attempting to hide information. This may ultimately hurt your case. If you have questions about particular items or would like additional divorce financial statement tips, be sure to contact your attorney. Please note that the above information is merely an overview and should not be construed as legal advice.