When a couple files for divorce, one of the things that they need to do during the proceeding is to complete a statement of net worth. This is a breakdown of all of each person’s assets, liabilities and obligated expenses. This shows the credibility of each party and can be an indication of whether or not one party is trying to hide some of their financial assets.
There are five parts to a statement of net worth. The first is a breakdown of the monthly expenses which includes anything from mortgage payments to the cost of what you spend buying lunch. It needs to be as accurate as possible, right down to the cent. Next, you need to list all of your assets including the contents of any and all bank accounts, stocks, residential properties, and anything else that may fall under that category. You will also need to list your income but if you do not work, your spouse’s income will be listed in place. In addition, you will need to list all of the liabilities that you are obligated to pay. This includes any credit card bills and loans on everything from a car to a television set. Finally, you will need to let the court know of any additional information that you feel that it should know about your marriage’s financial situation. For example, if your spouse has spent marital funds on things such as an extramarital affair or to fund a gambling problem they may have, you should definitely inform the court of this so all information is valuable for the court to be aware of. It is crucial for anyone creating a statement of net worth to be as truthful as they possibly can so all information is made available to the court.
Judith Goldberg, Esq. is a family law attorney that serves the greater Connecticut area with quality legal services. If you need an attorney to guide you through your legal matter, contact The Law offices of Judith Goldberg.