When it comes to finances in a New York divorce, you have to lay all of your cards out on the table. Full disclosure is the name of the game.
As a foundation to resolving the issues of equitable distribution, spousal maintenance and child support, both spouses must complete a full and in-depth assessment of their income, assets, expenses, and liabilities in a “Statement of Net Worth.”
The Statement of Net Worth is “sworn to” affidavit; all of the representations contained in the document must be true. It will be poured over and carefully scrutinized. False statements, misrepresentations or attempts to hide assets or understate income could irreparably destroy your credibility in the case
Completing the statement can be a time-consuming and burdensome but necessary task. To complete the financial disclosure document, you should resist the temptation to merely guess at your net worth. Instead, you will need to assemble a wide range of documents and to complete the detailed analysis of your net worth.
Completing the New York Net Worth Statement
Some documents you will need to gather to complete the Statement of Net Worth include:
- Pay Stubs and Tax Returns
- Checking account statements and/or check register
- ’ worth of credit card statements
- Documents reflecting the most recent balances on all:
- Checking accounts
- Savings accounts
- Money market accounts
- Brokerage account statements
- Life insurance cash surrender value
- Retirement accounts
- Student loans,
- Mortgages and home equity lines of credit.
- Household expenses
- Personal Expenses
- Debts and liabilities
What Does The Net Worth Statement Show?
The Net Worth Statement details your actual living expenses and income. This facilitates calculating your need for maintenance or ability to pay. The assets and liabilities sections provide a snapshot of the marital pot to be distributed.
We work with our clients to complete the net worth statement and to assemble the supporting documentation to to ensure that your disclosures are complete and accurate. Given the central role that a Statement of Net Worth plays in a New York divorce, taking the time and working closely with your attorney to get it right is essential.
Daniel Clement: Trusted New York and New Jersey Divorce Counsel
New York and New Jersey divorce attorney Daniel Clement has been guiding clients through divorce and family disputes for over 30 years.
He understands your concerns and fears. He wants to help you to overcome the uncertainty and to empower you to make informed decisions that achieve your desired goals.
If you are considering divorce, please download the free e-book The Divorce Process: What to Expect to learn more about the process.
We also welcome you to contact us or call (212) 683-9551 to arrange for a consultation. We look forward to assisting you.