The Dreaded Financial Statement

There’s no getting around the fact that the Financial Statement is by far the most important document required by the Court. Everything flows from the information contained on each parties’ Financial Statement. Asset and debt division, child support and alimony: all of these amounts turn on the amounts entered on the Financial Statements.

And it is no easy task to complete these forms. Believe me when I say that my clients are routinely frustrated by the details required to complete these financial forms and always perplexed by why the Court demands such detail.

As we plod through the intricacies of each amount, my clients have the unique opportunity to carefully assess their income and expenses. For some, this exercise results in the very first time that many have looked at their financial position with such detail. This is a sobering moment for many.

As the mediation progresses, the clients’ Financial Statements are refined, clarified, and provide a touchstone for the various negotiations that the Court expects divorcing people to have.

So, yes, while beastly and unwieldy, the Financial Statement, despite how arduous it is, has always been something we get through together.

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