Before you start completing the Draft Financial Statement you will want to gather documents you may need from the Income and Assets and Liabilities sections below:
Income and Assets
- Your most recent pay stub
- Your most recent taxes
- Monies from other sources, such as child support, alimony, social security, rental income, commissions, bonuses, pensions, etc.
- Make, model and year of any vehicle you own outright
- IRA, Keogh, pension or other retirement account balances
- Checking and saving account balance
- Stocks and bonds
- A list of other assets, such as real estate, valuables, antiques, other vehicles, timeshares, etc.
- Schedule A must be completed if you are self employed
- Schedule B must be completed if you have rental income
Liabilities
- Make, model and year of any vehicle for which you owe money, as well as monthly payment amount
- Rent or mortgage statement, heating, electric, cable, phone, water/sewer bills, uninsured medicals, motor vehicle payments, child care and any other weekly expense
- Credit cards, loans, promissory notes and any other debt
Let’s Get Started Completing the Short Form for Financials
- Section 1 – Complete personal information such as your name, address, phone number, DOB, employer
- Section 2 – What is your gross, not net, weekly income. This is the total amount you earn before taxes and deductions are taken out. Complete this section and add any other additional amounts that you might receive in income.
- Section 3 – List the deductions taken from your paycheck on a weekly basis. Make sure that you put in weekly, not bi-weekly, numbers.
- Section 4 – This number should be your adjusted net weekly income or the amount you receive after taxes.
- Section 5 – Include any other deductions from your paycheck
- Section 6 – State your net weekly income (the money you have left after all your taxes and deductions for medical, union dues and other things are taken out of your paycheck)
- Section 7 – Look at your previous year’s tax filing to fill in the amount of income you made last year
- Section 8 – Using all your monthly bills, input the amount of your expenses for the week. If you pay your bills monthly, take your monthly bills and divide by 4.3.
- Section 9 – Input the amount you paid your attorney, if you have one.
- Section 10 – List the assets that you own separately or jointly. List all real estate, vehicles (including campers, motorcycles, RVs), personal property such as collections, antiques and art), pensions, IRA’s, annuity plans, stocks, bonds, timeshares, and checking or savings accounts.
- Section 11 – List all of your liabilities. This can include student loans, credit cards, promissory notes or any other debt that you may have personally or jointly with another. When listing debt, list the creditor, the nature of the debt, the date incurred, the amount owed and any weekly payment. If you make monthly payments, divide by 4.3 to get a weekly payment.
- Certification – The last page contains the certification on which you sign and date your financial. Make sure that you review your financial and to include all items. If you have forgotten an asset or a liability then go back and update your financial. Remember that you are signing this document that will become part of your file in court under the pains and penalties of perjury so it is important to answer each and every question truthfully. If you later discover, that you have forgotten to include an asset, liability or you need to correct your income, then you should amend your financial with the court.
- Schedule A if self employed
- Schedule B if you have rental income