Sample Financial Statement

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

     

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) $___________________________

       
         

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.

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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.

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