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Importance and Purpose

In New York State, the Net Worth Statement is a crucial document in divorce proceedings. It provides a comprehensive overview of both spouses’ financial situations, including assets, debts, and income. This information is essential for the court to make equitable decisions regarding asset distribution and support obligations.

What is Included?

The NYS Net Worth Statement includes:

• Assets: Real estate, vehicles, investments, cash, and other valuable personal property
• Liabilities: Mortgages, loans, credit card balances, and other debts
• Income: Wages, bonuses, dividends, rental income, and other sources of income
• Expenses: Housing, transportation, groceries, entertainment, and other regular bills

How to Fill Out

The Net Worth Statement form is straightforward. However, it’s important to gather all necessary documents and be accurate with your information:

1. Gather Documents: Bank statements, investment accounts, loan statements, tax returns, and income statements
2. List Assets: Itemize each asset’s description and estimated value
3. List Liabilities: Include all debts, including balances and interest rates
4. Calculate Income: Sum up all sources of income
5. Estimate Expenses: Based on recent bills and estimated monthly spending
6. Review and Sign: Carefully review the statement and sign it under oath

Consequences of Inaccuracy

Providing inaccurate or incomplete information can have serious consequences, including:

• Misrepresentation of financial status
• Unfair distribution of assets
• Incorrect spousal support calculations
• Potential legal penalties for perjury

Additional Tips

• Be Honest: Transparency and accuracy are essential for a fair settlement.
• Consider Professional Help: If you have a complex financial situation, seek assistance from an accountant or financial advisor.
• Review the Statement Carefully: Ensure all information is correct before signing.
• Disclosure of Offshore Accounts: All financial holdings must be disclosed, including those held outside the United States.
• Address Disagreements: If there are disputes about the other person’s financial information, the court can order an investigation or financial audit.