Many clients share that filling out the Statement of Net Worth can be overwhelming. However, it is understandable because few people have their pulse on every expense and the value of taxable accounts, retirement, real estate, and debts. Therefore, be sure to start filling out this information as soon as possible. Some states have regulations regarding the time when these documents are required to be shared with the other party. In all scenarios, whether when mediating or going to court, having this information ready and updated will prevent delays and wasted time and expenses.

Who Can Help To Fill Out The Net Worth Statement?

Due to the complexity of filling out this critical Financial Affidavit, many people will get the help from a lawyer or legal assistant to start filling out the form. This makes the timeline to start the process even more important.

There are experts in the Net Worth Statement that can help you fill out the form but are not lawyers.  These specialists cannot provide legal assistance, but they can be an excellent resource for starting and completing the form quickly, correctly and in expensively.

Either if you fill it out alone or with assistance from a legal professional, your lawyer will need to review it with you in depth.  This is a large part of managing a successful divorce process.

Some states have regulations regarding the time when these documents are required to be shared with the other party.

In all scenarios, whether when mediating or going to court, having this information ready and updated will prevent delays and wasted time and expenses.

What Should You Do Before Filling Out Your Net Worth Statement for New York:

First of all Relax!  It will take time to find the list of all the various files, forms and statements you need to start filling out the Statement of Net Worth for divorce.

 Gather Your Financial Documents

Before  the form, collect all relevant financial records to ensure accuracy and efficiency. These include:

• Gross Income and Deduction Information
  Recent Pay Stubs – To verify your income
  Tax Returns (Last 2-3 Years) – To provide income history and deductions
• Household Bills – Including rent, utilities, insurance, and medical expenses
• Assets List – Including real estate, vehicles, bank accounts, and business holdings
  Bank Statements – Including checking, savings, and investment accounts
  Retirement Account Statements – Such as 401(k), IRA, or pension plans
• Debts List – Such as mortgages, credit card balances, student loans, and other liabilities
  Loan and Mortgage Statements – Covering credit cards, car loans, personal loans, and mortgages
  Installment Accounts – Calculate the average monthly payments for loans and credit obligations

Having these documents organized in advance will streamline the process, minimize errors, and ensure accurate financial reporting.

Now you are ready for the next step:  Choosing the type of file format to use for the Net Worth Statement for New York.  Learn about this step HERE