Why do I need to know my net worth for a divorce?

A statement of net worth is a document that clients most likely will need to fill out and submit to the court if the divorce will be determined in court. This document is essentially just a budget. The beginning of it is just biographical education, such as your education, age, the children’s names, their ages, and so forth. The second part of it is a monthly budget of your expenses. The third is a section dealing with your assets and liabilities.

What this document allows is for each side to have, hopefully, an understanding of the assets and debts incurred during the marriage, the expenses for a particular spouse. It’s a very important document that follows you through the course of the case. Clients when they sign it are signing it under the penalties of perjury. It becomes an affidavit. Attorneys in New York State must also certify that, to the best of their knowledge, the information contained there is true and accurate.

It is a very important document that should not be shortchanged. It should be filled out accurately because, like I said, if that document is used in court and it is found to be not credible, your credibility as the client in the eyes of the court may be diminished. No one needs that to happen.

If you require experienced legal representation for divorce and family law matters, contact the Law Offices of Mark S. Paige, P.C. today to schedule a consultation.