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Divorce Q&A: What is a Statement of Net Worth?

During divorce proceedings, the Statement of Net Worth outlines each party’s income, assets, expenses and outstanding debts.  Failure to disclose assets at this stage can have serious consequences.

Divorce Q&A: What is a Statement of Net Worth? Infographic
Title: DIVORCE Q&A: WHAT IS A STATEMENT OF NET WORTH?
The Statement of Net Worth is part of the compulsory financial disclosure required of each party in matrimonial actions.
• In all NYS matrimonial actions and proceedings in which maintenance, alimony or support is an issue, each party must provide a sworn document.
• It lists all of the 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.
• Copies of a current paystub, most recent filed state and federal tax returns and all W-2s must accompany the Statement of Net Worth.
• Because it is a sworn document, i.e., made under oath, it must be true, accurate and as complete as possible.
YOUR DIVORCE ATTORNEY CAN ADVISE HOW TO COMPLETE THE FORM.
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