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Why do you need financial statements in a divorce?

Before you face the struggle of a Massachusetts divorce, one of the most important things you need to do is prepare a financial statement. This may feel like an invasion, but is deeply necessary to the divorce process. So why do you need to completely break down your finances, and what is it used for in court?

According to, Judges in divorce court use financial statements to make key determinations regarding alimony, child support and division of assets. You and your partner must both prepare accurate financial statements covering all assets, properties and income so that judges can identify any hardship that may be posed to one spouse or the other, and decide how assets may be split. In the typical question fo "Who keeps the house?" the financial statement is critical in making that decision. The type of financial statement you will submit depends on your income level. If your gross annual income before taxes and deductions is less than $75,000 you would complete the short form, while for income over $75,000 you must use the long form. Additional forms are required if you are self-employed or owner of a rental property. The forms walk you through calculating income, deductions, expenses and numerous other factors impacting your financial statement. The statement must be signed and dated before it can be submitted to the court.

This has been an informational blog post that is meant to be used for reference purposes only, and does not stand in as a substitute or legal counsel.

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