Financial Statements in Divorce – Long Form and Short Form Requirements

In divorce, separate support and other domestic matters where money is at issue, the law requires financial statements be filed and served by both parties.  Many of our clients ask us what kind of information is required in these forms.  This page is intended to provide an idea of what basic information is necessary to avoid becoming subject to monetary and evidentiary sanctions.

Part I:

The first section requires information including the divorce or separate support litigant’s name, address, phone, Social Security, occupation, employer and their contact information, identification of health insurer, and whether children are living with the party.

Part II:

The second section requires information about gross income, including wages, overtime pay, salary, self-employment income, tips and commissions, dividends, pension and retirement income, Social Security, trust income, disability and unemployment income, child support or alimony received, rental income, and royalties.

Part III:

This section allows the litigant to explain his or her deductions from income (i.e. from the pay check), including tax withholding, medical insurance, union dues, child and spousal support paid, retirement and savings contributions, charitable contributions, Credit Union loan and savings, life insurance premiums, and other deductions.

Part IV:

For this part, the litigant simply writes down his or her net income.

Part V:

Section five requires the party to divulge their prior year’s gross income. The party must provide a copy of all W-2 and 1099 forms and a Schedule A, if applicable.

Part VI:

Under the sixth section the litigant discloses the retainer paid to his or her attorney and the legal fees incurred to the date the financial statement is prepared, as well as expected future fees.  Of course, the anticipated legal fees depend on the complexity of the case and the status.

Part VII:

This seventh section requires the divorce or separate support party to set forth all his or her weekly expenses that are not deducted from pay.  The form specifically requires the calculation of these expenses on a weekly basis, not a monthly basis.  Expenses included on the form included rent, homeowner’s insurance, food, phone, vehicle expenses, property taxes, cable, vacation, and so on.

Part VIII:

The eighth section requires the party to disclose all the assets that belong to that party or the other party, including real property, vehicles, bank and investment accounts, stocks, investments, retirement plans and accounts including 401k and IRA accounts, jewelry, furniture and furnishings, art, and other personal property.

Part IX:

The final section allows the litigant to disclose all his or her liabilities.

The Short Form Financial Statement is a consolidated version of the Long Form.

For more information about completing Financial Statements in Separate Support, Divorce cases, or in any other domestic case such as paternity actions, contact our divorce lawyers today.  We are conveniently located in both Boston and New Bedfordand available to talk or email with you today.

Our firm serves all courts in Bristol County, including the New Bedford, Fall River and Taunton courthouses.  We also serve all courts in Plymouth County, including the cities of Marshfield and Brockton.