Each party must complete a financial statement form and file with the Court to get divorced in Massachusetts – it’s required. Yet the financial statement form comes with little if any instructions. While most clients and their attorneys hate these forms because they’re time consuming and painful to complete, learning why the form is necessary and how it’s used may make you love (or at least not hate) the form! Here goes:
- The Court financial statement form incorporates the concept of full disclosure of income, assets, expenses, and liabilities. Why? Because in divorce you are dividing or reallocating income, assets, expenses and liabilities, and can’t do so without knowing what those are. The Court financial statement form that each party completes, lays it all out there for both parties to see. This allows the Court to be sure that the parties have a shared understanding of their finances, and to determine if an agreement with respect to those finances is fair and reasonable.