If you are approaching a divorce and you have a high net worth, there are various facets of ending your marriage you need to consider. From custody to financial matters, the way in which you approach this process will have a significant impact on your future. Moreover, you need to make sure you familiarize yourself with various financial topics that arise due to divorce, such as filling out a Statement of Net Worth form.
In New York, those ending their marriage must submit a Statement of Net Worth form, which provides various information related to their finances. It is particularly important for those working through a high-asset divorce to review and complete this form cautiously.
What do Statement of Net Worth forms cover?
According to the New York State Unified Court System, Statement of Net Worth forms address different aspects of one’s finances. Prior to submitting this form, you have to sign it in the presence of a notary public. This form covers different parts of your finances, from debt to property and your assets. Statement of Net Worth forms also address income, housing costs, medical needs, recreational pursuits and other miscellaneous expenses.
What should you consider with a Statement of Net Worth form?
As someone with significant assets, you need to understand what is at stake and prepare for the potential impact of property distribution. Not only does this form play a key role in how courts decide to divide assets, it also influences alimony and child support awards. Make sure you scrutinize every detail of your finances and complete the form correctly.