Divorce Q&A: What is a Statement of Net Worth?
During divorce proceedings, the Statement of Net Worth outlines each parties’ income, assets, expenses and outstanding debts. Failure to disclose assets at this stage can have serious consequences.
The Statement of Net Worth is part of the compulsory financial disclosure required of each party in matrimonial actions
In all NYS matrimonial actions and proceedings in which maintenance alimony or support is an issue each party must provide a sworn document
It lists all of the partys income assets expenses and liabilities and all assets transferred during the preceding three years or during the length of the marriage whichever is shorter
Copies of a current paystub most recent filed state and federal tax returns and all W 2s must accompany the Statement of Net Worth
Because it is a sworn document ie made under oath it must be true accurate and as complete as possible
YOUR DIVORCE ATTORNEY CAN ADVISE HOW TO COMPLETE THE FORM
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