Marital Financial Statements

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Commonly Asked Questions about Marital Financial Statements

What is a personal financial statement for a married couple?

Married couples may create joint personal financial statements by combining their assets and liabilities. Income and expenses are also included if the statement is used to attain credit or to show someones overall financial position. This can be tracked on a separate sheet or an addendum, called the income statement.

What are bank statements used for in divorce?

Bank and credit card statements can be relevant to determining issues of child support, income, ability to pay attorneys fees, and the acquisition and selling of assets. In most situations disclosure is required if the other side formally requests this information from you through attorneys.

What happens to financials in divorce?

Sharing information about your finances with your spouse (or domestic partner) is a requirement for getting a divorce or legal separation. This is called disclosure or financial disclosure. The financial documents dont get filed with the court. You just share them with your spouse.

What are financial statements in divorce?

This document provides the courts with an overview of a couples current financial situation, and is necessary for the final resolution. Often times such a form is also necessary to help determine alimony, child support and division of property.

How many years back of financial statements are required when going through a divorce?

California requires honest and complete financial disclosures in dissolution and legal separation cases. This includes the disclosure of your income, expenses, assets and debts, as well as your tax returns for the prior two years. Use these forms to complete your mandatory disclosures.

How to do a marital balance sheet?

You list all the assets, and debts (debts should be divided as well) acquired during the marriage. Then you figure out the net value of the asset or debt. Then you start dividing the assets or debts and watch the total at the bottom. One spouse can take 100% of the house, while the 401K is divided 60% / 40%.

What is a financial statement for a separation?

The financial statement is a court form and includes the following information: sources of income. proof of income for each source of income (such as pay stubs, pension income statement, EI benefit statement and record of employment)