What is a Statement of Net Worth?

Accel Admin   July 27, 2015   Comments Off on What is a Statement of Net Worth?
  • When you have an action for divorce the court requires that parties go through a process of financial disclosure because sometimes things are not known between parties.
  • In the end, we are going to be dividing assets, setting child support and spousal maintenance potentially based upon income and assets that the other side may not be completely aware of.
  • There is a form called the statement of net worth that is a court promulgated form that is required by the courts to be submitted by both parties and is in the form of an affidavit.
  • It gives family data and provides basic information about monthly expenses, income, assets, and liabilities.
  • It is routinely filed with the court and is also exchanged with the other side so that both parties start with an equal pool of information about the finances of the marriage.