What is a Statement of Net Worth?

What is a Statement of Net Worth?

slide-1-pollackWhen you have an action for divorce in Nassau and Suffolk County, or in fact in any county in New York State, the court requires that parties go through a process of financial disclosure. Sometimes this sounds silly to people because they think since they lived under the same roof, they know each other’s financial dealings and holdings. It’s not often the case, especially if somebody has a business or profession, for example, and the other spouse is a stay-at-home parent. Sometimes things are not known between the partners that need to be disclosed. 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 to be submitted by both parties. It’s in the form of an affidavit and gives family data as well as providing basic information about monthly expenses, income, assets, and liabilities. It’s a thumbnail sketch, basically, for the court and the other side to understand what one side has or one side needs. 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.

Robert Pollack is an experienced divorce and family law attorney in Long Island, New York. Contact The Pollack Law Firm, P.C., to set up a free initial consultation.

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