When deciding to pursue a divorce in Massachusetts, certain processes must be completed by each party in an effort to fairly disclose financial information about marital assets and debts. Financial disclosure procedures play an integral part in the divorce process after a Complaint for Divorce has been filed. Below is a summary of some of the aspects of financial disclosure.
Financial Statement Long Form
If your salary exceeds $75,000 a year in gross income, you must complete the Financial Statement Long Form. This Court-created form provides the Court and your spouse with information about your income, expenses, assets, and liabilities. The long form is extensive, and it will take some time to properly fill out. This form will require you to provide proof of income from a variety of sources. For instance you must disclose base salary information including any overtime you preformed, tips you made, bonuses paid, or commissions from sales. The form requires that W-2′s and 1099′s are attached. In addition, information must be provided regarding self-employment, funds from disability or Welfare, and interest made on investment accounts. The Long Form will also require you to disclose your debts such as business expenses and deductions for household utilities and health insurance. [Continue reading]