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The importance of your Statement of Net Worth in your New York divorce


Full and Complete Financial Disclosure Required

In New York, the law requires full and complete financial disclosure. The starting point is the preparation of your Statement of Net Worth, commonly referred to as a “Financial Affidavit.” Each party must prepare this document, which sets forth all assets and liabilities. It must be signed under oath and filed with the court.

Your Financial Affidavit Will Be An Important Exhibit At Trial

Clients and their lawyers often gloss over this document and do not spend enough time making sure the Financial Affidavit is complete, accurate, and identifies both marital and premarital assets and liabilities. This can cause major problems in your divorce proceeding if your case goes to trial, as this sworn statement will become a critical exhibit at the trial. What if you fail to identify property owned by you before marriage, which under the law is your separate property and not subject to distribution in the divorce?

Outline for Additional Financial Documents

The Financial Affidavit will also serve as an outline for additional financial documents, records, and relevant information the lawyers and the court will require during the pretrial discovery phase of your case. The more information the parties provide in the Financial Affidavits may help both parties avoid the significant legal fees often incurred because the necessary information is not forthcoming and requires continued follow up, or assistance from the court to obtain.

Work Together With Your Lawyer

It is important to work with your lawyer and spend sufficient time preparing, reviewing, and completing the Statement of Net Worth. We understand the importance of this document and will spend whatever time is necessary answering your questions and assisting you in the preparation of your Financial Affidavit.

We Will Help You Through the Difficult Times You Face During Divorce

When you hire The Rossi Law Firm, Michael Anthony Rossi will personally handle your case. Michael is nationally recognized and has consistently received the highest possible rating for both legal ability and ethical standards. With over four decades of experience handling complex divorce and custody cases, our Buffalo divorce team understands the emotional and financial challenges individuals experience when facing the uncertainty of divorce. We will be there for you when you need the guidance and direction to get you through the difficult times. If you are ready to move forward with divorce, call Michael Anthony Rossi at The Rossi Law Firm at 716-854-5555. “It may be the most important call you will ever make!” – Michael Anthony Rossi