When a couple is going through a divorce, they will have to go through the discovery process. This is where all of the finances for each party are examined so they can begin dividing up assets and liabilities. The equitable distribution process, which is used to divide the couple’s marital assets and liabilities, requires each party to provide a statement of net worth. A statement of net worth is a legal document that provides financial information including employment, gross income, benefits, housing costs, food expenses, clothing, insurance and medical costs, taxes, and any other miscellaneous cost the couple is subject to. Be sure to include things you would generally not think of, such as charity donations, the cost of a haircut, pet expenses, and child or spousal support payments you may be making from a previous marriage.
In addition to any incoming funds and outgoing expenses, your statement of net worth will also need to include a detailed list of all of your assets. You will have to have information on your checking accounts, cash accounts, savings accounts, the value of any real estate you own, your retirement accounts, the value of any vehicles, jewelry or other high-value items, investments, loans, debts, mortgages, and more. This may be an overwhelming amount of financial information to acquire, especially if you aren’t sure of your spouse’s true income. This is usually the case if they own their own business.
An experienced divorce attorney can assist you with the discovery process and can answer any questions regarding your statement of net worth, if need be.
Leslye M. Schlesinger serves Rockland and Westchester County with compassion and integrity. With over 30 years of experience guiding clients through matrimony law, she now focuses on helping clients avoid litigation through alternative dispute resolution, including collaborative divorce and mediation. If you need an effective and committed attorney, contact Leslye M. Schlesinger for a consultation.