Some of the most common points of contention in New York divorce cases involve money. Spouses often disagree on child support, alimony, and equitable distribution. How can a Statement of Net Worth help to alleviate these issues?
What is a Statement of Net Worth?
A Statement of Net Worth is a court document, and is part of every contested divorce action. This document outlines your finances and expenses. It also aides in dividing assets, and determining support obligations. You, and your spouse, will need to prepare a Statement of Net Worth prior to your court appearance.
Preparing and Filing a Statement of Net Worth
Preparing a Statement of Net Worth is a relatively easy process. Your attorney will work with you to draft the document, but it will be up to you to provide the following information:
- Tax returns from the last three years
- Financial statements, investment portfolios, and loan documents
- Household expenses (utilities, mortgage, insurance)
- Lifestyle and recreational expenses
- Costs related to children (tuition, child care, extracurricular activities)
- Index of tangible assets (jewelry, artwork, collectibles)
Your attorney will file your Statement with the court and serve a copy on the opposing counsel. You will also receive a copy of your spouse’s Statement of Net Worth. It is important that you review the document thoroughly, to make sure your ex isn’t trying to hide or liquidate marital assets.
Using Your Statement for Budgeting
A major benefit of completing your Statement of Net Worth is that it outlines your monthly expenses, and allows you to budget accordingly. Divorce can have a big impact on your finances, especially if you have to pay child support or alimony. Scaling back on lifestyle expenses, such as dining out, recreation, or shopping, can help you secure your post-divorce financial future.
Brian D. Perskin & Associates P.C.
Our law firm, Brian D. Perskin & Associates P.C., specializes in complex divorce and family law matters, with an emphasis being placed on high net worth cases.
Securing your finances, both during and after divorce, is important. You need to hire an attorney to ensure that your assets are addressed correctly. For more information on how our team can help you, call us at 718-875-7584 today!