Filling out the Short Form Financial Statement is a crucial step in Massachusetts Family court cases involving financial matters such as alimony, child support, or division of property. This form provides the court with a clear picture of your financial situation. If you have an attorney, follow their advice. However, there are a lot of people in family court who are not in a position to retain an attorney, so we put together a guide as a public service. Don’t take this as legal advice, but rather as a general guide:
1. Determine Eligibility: You should use the Short Form if your gross annual income (before taxes and deductions) is less than $75,000. If your income is $75,000 or above, the Long Form is required.
2. Gather Necessary Documents: Collect the following documents to ensure accurate reporting:
- Recent pay stubs (preferably from the past 12 months)
- Benefit statements (e.g., Social Security, unemployment benefits)
- Recent utility bills (gas, electricity, water)
- Mortgage or rental statements
- Bank statements
- Tax returns from the previous year
- Credit card statements
- Any other documents reflecting your financial status
Having these documents on hand will facilitate accurate data entry.
3. Completing the Form:
- Personal Information: Provide your full name, address, date of birth, Social Security number, and employment details. If you’re unemployed, indicate that status. If disclosing your address poses a safety concern, consult the court about confidentiality options.
- Gross Weekly Income: List all sources of income before deductions on a weekly basis. This includes wages, salaries, bonuses, commissions, rental income, and any public benefits. If you’re paid monthly, divide your monthly income by 4.3 to determine the weekly amount.
- Itemized Deductions from Gross Income: Detail all deductions from your paycheck, such as federal and state taxes, Social Security, Medicare, health insurance premiums, and union dues. Ensure these are also presented as weekly amounts.
- Adjusted Net Weekly Income: Subtract your total weekly deductions from your gross weekly income to arrive at your net weekly income.
- Weekly Expenses Not Deducted from Pay: List all other weekly expenses not already deducted from your paycheck. This includes housing costs (rent or mortgage), utilities, transportation, childcare, groceries, and any other regular expenses. If you pay these monthly, divide each amount by 4.3 to convert to a weekly figure.
- Counsel Fees: Indicate any attorney fees you’ve paid or anticipate paying related to your case.
- Assets: Provide the current value of all assets, including real estate, vehicles, bank accounts, retirement accounts, stocks, and personal property. Be specific, listing account numbers and institutions where applicable.
- Liabilities: List all debts, such as credit card balances, loans, mortgages, and other obligations. Include the creditor’s name, type of debt, date incurred, total amount due, and your regular payment amount.
4. Accuracy and Honesty: Ensure all information is accurate and truthful. Falsifying information can lead to legal consequences, including potential criminal charges. If a particular section doesn’t apply to you, write “NONE” or “0” in that field. Do not leave any field blank.
5. Final Steps: After completing the form, review it thoroughly to ensure all sections are filled out correctly. Sign and date the document, acknowledging that the information provided is accurate to the best of your knowledge. If you have legal representation, your attorney will also need to sign the form.
6. Filing the Form: Submit the completed form to the appropriate Probate and Family Court handling your case, as well as a copy to the opposing party. Ensure you adhere to any specific filing deadlines to avoid potential delays in your proceedings.
We hope that this guide was helpful. If you are seeking to retain legal counsel, please feel free to give us a call at 781-797-0555 for a free initial telephone consultation today.
