The Revised Statement of Net Worth

As of August 1, 2016, the Office of Court Administration has a revised Statement of Net Worth form.

In every contested divorce, you will need to complete the revised Statement of Net Worth. The revised Statement of Net Worth is an improvement over the old form, as it has updated entries and has eliminated some outdated or unnecessary entries.

The revised Statement of Net Worth is a comprehensive form that asks you to complete the following sections: (i) Family Data; (ii) Living Expenses: (iii) Income; (iv) Assets; and (v) Liabilities. Each of the sections are explained below.

The Family Data section: Will ask you general questions, such as your date of birth, names of any children, your occupation, and your employer. The revised form no longer requires you to enter your general health.

The Living Expenses section: In this section is a detailed look at your expenses. This is similar to creating a budget. You will need to list the following expenses: Housing (mortgage or rent), Utilities, Food, Clothing, Insurance, Unreimbursed Medical and Dental, Household Maintenance, Household Help, Automotive, Education, Recreational, Income Taxes, Credit Cards and Miscellaneous.

The Gross Income section: In this section, you list your gross (total) income and any other income you earn, for example, investment, worker’s compensation, disability benefits, unemployment benefits etc.

The Assets section: You list all your assets, including, bank accounts (both savings and checking), real estate, retirement accounts, cars, and any other assets that you may have.

The Liabilities section: This is where you list all your debts and liabilities. This would include any credit cards, loans, mortgages, home equity loans, and personal loans.

It is important to note that when you complete the Statement of Net Worth and submit it to the Court (or to opposing counsel), that you are swearing to the truth, accuracy and completeness of the document. The revised form makes it clear that you are subject to perjury for any false information. Accordingly, you should be very careful in completing the document to make sure it is accurate and complete. The Statement of Net Worth is a long and complicated form. It is important to take your time in completing it.

David Badanes and the Badanes Law Office helps you in completing the Statement of Net Worth. David Badanes personally reviews each of his client’s Statement of Net Worth. If you are considering filing for divorce, contact us at 631-239-1702, email at david@dbnylaw.com or visit our web site: www.dbnylaw.com.

The Badanes Law Office has offices in Northport, Garden City, Brooklyn and Manhattan.

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