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The Statement of Net Worth

Kahn and Richardson - Wednesday, October 04, 2017

In all New York State matrimonial actions and proceedings in which maintenance, alimony, or support is in issue, each party must provide a sworn Statement of Net Worth. The Statement of Net Worth must be accompanied by copies of a current and representative paystub, the most recently filed state and federal tax returns, and all W-2 forms. The Statement of Net Worth informs the court and the other party of financial information that will assist in resolving financial issues, either by court order or agreement.

In June 2016, a revised Statement of Net Worth form was released. The revised form clarifies and replaces aspects that were outdated in the prior version. For example, the new version includes monthly cell phone payments whereas the 1998 version did not include such payments. The revised form has eight sections to be filled out: Family Data; Living Expenses; Income; Assets; Liabilities; Assets Transferred; Legal & Expert Fees; and Other Data. A copy is available here

The Family Data section requires information such as dates of birth, names of children, your occupation and your employer. The Living Expenses section requires monthly expenses, including mortgage/rent, utilities, food, clothing, insurance, education, all taxes. The Income section requires disclosure of all income, including earnings, investments, disability benefits, and unemployment. The Asset section requires disclosure of all assets, including bank accounts, real estate, retirement accounts, and vehicles.

In the Liabilities section, you must disclose all liabilities and debts, including loans and credit card debt. The Assets Transferred section requires disclosure of all assets that were transferred during the preceding three years, or the length of the marriage, whichever is shorter. The Legal and Expert Fees section is for stating the amount you have paid to all lawyers and experts retained in connection with your marital dissolution. The Other Data section allows you to include other data concerning the financial circumstances of the parties that should be brought to the attention of the court.

You must sign your Statement of Net Worth, under oath, before a Notary Public. Providing false information on your sworn Statement of Net Worth subjects you to the penalties of perjury. You must take care to complete the Statement of Net Worth accurately and truthfully.

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Practice Areas
  • Divorce
  • Separation Agreements
  • Custody & Visitation
  • Property Division
  • Spousal Maintenance
  • Child Support
  • Prenuptial Agreements

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