Financial Statements: Long Form or Short Form?
Taking stock of your finances is a necessary part of uncoupling. This is the most arduous task in the divorce for many couples. The Massachusetts Probate and Family Courts recognize the financial implications of divorce and require financial statements to be filed with every case. There are two types of financial statements: long form and short form. Your income will determine which form you must use in your case.
You must file a short form financial statement if your gross income is less than $75,000 a year. The short form requires you include your:
- Gross weekly income
- Itemized deductions from your weekly income
- Other deductions from your earned wages or salary
- Gross yearly income from the previous year
- Weekly expenses
- Attorney fees for your case, if any
You must file a long form financial statement if your gross income is more than $75,000 a year. This will require you provide all the information listed above, but the form itself includes sections for a wider range of income sources and assets.
When completing either of these forms, make sure you fill out every line.
Take your time, and make sure your calculations are accurate. These forms are necessary for all divorces, but if you have business, self-employment, or rental income you will need to submit additional forms.
Both the long form and short form financial statements will require you gather and submit a lot of information. It is best to start working on it as soon as you can, but just know the amounts will need to be current when you file the form. You may want to work with an experienced Massachusetts divorce mediator if you have questions about what information you will need and how to fill out the form. A mediator can provide you the information needed to fill out the form properly. He or she can also help you and your spouse reach agreement on the financial side of your divorce. This is one of the most difficult and time-intensive parts of a Massachusetts divorce, but with the right forms and the right guidance you can get past this step with your peace of mind intact.
If you have questions about completing your financial statements, Mediation Advantage Services can help you. Polly A. Tatum is experienced in divorce mediation and can provide you the information and guidance needed to complete your financial statements. Based in historic Worcester with a satellite office in Northboro, MA, our firm serves all cities and towns throughout Massachusetts and Worcester County including, Auburn, Paxton, Leicester, Sutton, Grafton, Shrewsbury, Westboro, Northboro, Southboro, Holden, Sterling, Princeton, Worcester, Charlton, Millbury, Dudley, Spencer, Brookfield, Sudbury, Natick, Framingham, Hopkinton, Milford, Blackstone, Leominster, Fitchburg, Acton, Jefferson, Barre, Oakham, Cambridge, Newton, Marlboro, Lancaster, Bolton, and Hudson. Call our office at (508) 795-1557, fill out our online form, or email us at [email protected] today to schedule your Complimentary Mediation Success Planning Session. You can also sign up for our eNewsletter or download our free e-book for more information regarding divorce in Massachusetts.