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What is a Statement of Net Worth and Why Must You Prepare One?

Kahn and Richardson - Thursday, June 05, 2014
In all New York State matrimonial actions and proceedings in which maintenance, alimony, or support is in issue, each party involved must provide a sworn Statement of Net Worth in substantial compliance with the official form published in the Uniform Rules for the New York State Trial Courts. The Statement of Net Worth lists all of a party’s income, assets, expenses and liabilities, and all assets transferred during the preceding three years, or during the length of the marriage, whichever is shorter. 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 is part of the compulsory financial disclosure of each party’s “financial state” required in matrimonial actions. It informs the court and the other party of financial information that will assist in resolving financial issues, either by court order or agreement.

Because the Statement of Net Worth is a sworn statement, i.e., made under oath, it must be true and as accurate and complete as possible. Your divorce attorney will provide advice to you on how to complete the form.

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

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