Sample Financial Statement
By Melissa McCall, J.D. | Legally reviewed by Rhonda Earhart, Esq. | Last reviewed September 13, 2023
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Finances are an essential consideration for most couples going into marriage. Having an honest and accurate picture of your spouse's financial health is vital. One way to gauge a person's financial health is through a financial statement.
The purpose of a financial statement is to list your income, assets, and liabilities. A financial statement can help couples plan for events such as buying a home, having a baby, or starting a business. It is also helpful in preparing for prenuptial or premarital agreements.
This article explores a few elements of financial statements. It also provides a sample statement to help you get started. This sample is a starting point. Seek advice from an experienced family law attorney as you prepare your statement.
Gather Your Documents
The first step in preparing a financial statement is gathering all your documents. Make a list of all the financial institutions you use, including credit unions. Get your bank account numbers from each one. Get detailed information if you have loans, such as a mortgage, car, or personal loan. You must know the amount you owe and the interest rate you pay.
Find your tax returns from the past few years. If you have credit cards, know the names of each creditor, the amount you owe, and the interest rate you pay. Know the monthly amounts you pay for all your bills. Get appraisals for tangible, physical property, such as antique furniture, artwork, or jewelry. An appraisal will help you determine the fair market value for these items. List your property taxes on the financial statement if you own your home.
Use a Worksheet
Once you have gathered your documentation, create a worksheet. Use a separate sheet of paper to itemize your assets and liabilities. Be sure to include things like alimony and child support in your calculations. Add up your assets and your liabilities. Once your calculations are complete, you can calculate your net worth. Subtract your liabilities from your assets. The remaining figure is your net worth. Use this information to draft a financial statement for professional review.
Include an Affidavit
Financial statements are often part of financial or legal matters. Verifying that a person is telling the truth about their finances is necessary. You can include an affidavit at the end of your financial statement. Under penalty of perjury, you must certify the truth and accuracy of your statement.
Sample Financial Plan
A. Gross Monthly Income Source/Amount ________________/$________ Source/Amount ________________/$________ Source/Amount ________________/$________ Total Monthly Income: $________________ B. Deductions From Gross Income |
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State Income Tax |
$____________________ |
|||
Federal Income Tax |
$____________________ |
|||
Social Security |
$____________________ |
|||
Self-Employment Tax |
$____________________ |
|||
Health Insurance |
$____________________ |
|||
Union Dues |
$____________________ |
|||
IRA/Retirement Plans |
$____________________ |
|||
Child Support |
$____________________ |
|||
Alimony |
$____________________ |
|||
Total Deductions |
$____________________ |
|||
C. Net Monthly Income (Subtract total deductions from Gross Monthly Income) |
$________________ |
|||
D. Monthly Expenses |
Amount |
|||
Rent/Mortgage |
$____________________ |
|||
Food and Household Goods |
$____________________ |
|||
Utilities |
$____________________ |
|||
Childcare |
$____________________ |
|||
Transportation |
$____________________ |
|||
Healthcare |
$____________________ |
|||
Health Insurance Premiums |
$____________________ |
|||
Life Insurance Premiums |
$____________________ |
|||
Motor Vehicle Insurance |
$____________________ |
|||
Household Goods |
$____________________ |
|||
Property Taxes |
$____________________ |
|||
Total Monthly Expenses |
||||
Assets |
Fair Market Value |
Amount Owed |
||
Primary Home |
$_______________ |
$_______________ |
||
Vacation Home |
$_______________ |
$_______________ |
||
Real Estate/Real Property |
$_______________ |
$_______________ |
||
Cars/Motor Vehicle(s) |
$_______________ |
$_______________ |
||
Recreational Vehicle |
$_______________ |
$_______________ |
||
Boat(s) |
$_______________ |
$_______________ |
||
Furniture |
$_______________ |
$_______________ |
||
Home Furnishings |
$_______________ |
$_______________ |
||
Appliances |
$_______________ |
$_______________ |
||
Artwork |
$_______________ |
$_______________ |
||
Jewelry |
$_______________ |
$_______________ |
||
Computer(s) |
$_______________ |
$_______________ |
||
Personal Property |
$_______________ |
$_______________ |
||
Cash |
$_______________ |
$_______________ |
||
Stocks/Bonds/Funds |
$_______________ |
$_______________ |
||
Stock Options |
$_______________ |
$_______________ |
||
Checking Account(s) |
$_______________ |
$_______________ |
||
Savings Account(s) |
$_______________ |
$_______________ |
||
Retirement/Pensions |
$_______________ |
$_______________ |
||
Profit Sharing |
$_______________ |
$_______________ |
||
IRA(s) |
$_______________ |
$_______________ |
||
Business(es) |
$_______________ |
$_______________ |
||
Professional Practice |
$_______________ |
$_______________ |
||
Life Insurance |
$_______________ |
$_______________ |
||
Other Assets |
$_______________ |
$_______________ |
||
Total Assets |
||||
Liabilities |
||||
Credit Card Debt |
||||
Home Loan/Mortgage |
||||
TOTAL ASSETS: $_______________ |
TOTAL LIABILITIES: $_______________ |
|||
E. NET WORTH: (assets minus liabilities) $___________________________ |
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Get Help
Mixing money is a complex matter. Accurate and complete disclosure from you and your partner is imperative. An experienced local family law attorney can help you prepare a financial statement.
Can I Solve This on My Own or Do I Need an Attorney?
- Many people can get married without hiring legal help
- Marriages involving prenups, significant debt, child custody issues, and property questions may need an attorney
Get tailored advice and ask questions about getting married.
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Don't Forget About Estate Planning
Marriage is an ideal time to create or change your estate planning forms. Take the time to add new beneficiaries (including your spouse!) to your will. Consider creating a power of attorney to ensure your spouse can access your financial accounts. Also, a health care directive lets your spouse make your medical decisions if you ever become incapacitated.