WHAT IS A STATEMENT OF NET WORTH AND WHY DO I HAVE TO COMPLETE ONE?

It can be extremely overwhelming when your attorney hands you a 22-page document and tells you to complete it. It may be a tedious process and take time, but it is a document that is required in every divorce action. This document includes all your assets and liabilities, including any accounts you have, real estate, property, credit card debt, etc. Now you may think this is too difficult of a task and a waste of time however your attorney will guide you through and help you complete this document.

Before any settlement discussions can begin both parties must provide their attorney with their completed Statement of Net Worth. This is so each party is fully aware of what their spouse has so there can be a fair discussion of how the assets and liabilities will be divided. Although this document is stressful and tedious it is the only way your attorney can be sure that the settlement that was proposed was fair. Even though you may believe you know everything your spouse has there is only one way to be sure and it is to exchange Statements of Net Worth. So don’t panic and trust your attorney has your best interests at heart.