What is a Statement of Net Worth?

David P. Badanes, Esq.

If you are involved in a contested divorce, then you will have to complete a Statement of Net Worth.  The Statement of Net Worth is a comprehensive form that asks you to complete the following sections: (i) Family Data; (ii) Living Expenses: (iii) Income; (iv) Assets; and (v) Liabilities.  Each of the sections are explained below.

The Family Data section:  Will ask you general questions, such as the number of children, occupation, employer, education, and your health, your spouse’s health and your children’s health.

The Living Expenses section:  In this question is a detailed look at your expenses.  Housing (mortgage or rent), Utilities, Food, Clothing, Insurance, Laundry, Medical, Dental, Household Maintenance, Household Help, Automotive, Education, Recreational, Taxes, Credit Cards and Miscellaneous.

The Income section:  In this section, you put down last year’s gross income and your gross income to date, any other income you earn, for example, real estate income, bonus checks, pension money, disability benefits, and any other income you may earn.

The Assets section:  You list all your assets, including, real estate, furniture, bank accounts, stocks, bonds, 401(k), IRAs, cars, life insurance, jewelry, art, antiques, collections and any other items that have value.

The Liabilities section:  This is where you list all your debts and liabilities.  Any credit cards, loans, mortgages, and taxes owed.

It is important to note that when you complete the Statement of Net Worth and submit it to the Court (or to opposing counsel), that you are swearing to the truth, accuracy and completeness of the document.  Accordingly, you should be very careful in completing the document to make sure it is accurate and complete.  The Statement of Net Worth is a long and complicated form.  It is important to take your time in completing it.

David Badanes and the Badanes Law Office helps you in completing the Statement of Net Worth.  If you are considering filing for divorce, contact David Badanes and the Badanes Law Office at 631-239-1702, email at david@dbnylaw.com or visit our web site: www.dbnylaw.com.  The Badanes Law Office has offices in Northport, Garden City, Brooklyn and Manhattan.

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