Breaking Down The Net Worth Statement
Complete and correct financial information is essential to a divorce case. The NY statement of net worth is the key document used in divorces in that state. Unfortunately this form is long and tedious and both attorneys and clients dread completing it. The secret is to take it a section at a time so it’s not so overwhelming.
EzSupport-NY devotes an entire subset of the interface to the New York net worth statement. First click on the “Case Info” button and enter all of the identifying information regarding the case. Information entered here will be pulled into the net worth statement automatically, so completing “Case Info” first eliminates the need to enter things twice. After completing the case information, click on the “Financials” button to bring up the seven-part net worth form.
Most of the fields on the “Basic Info” tab will have been automatically copied over from the “Case Info” page. Look it over to be sure it is correct and fill in any incomplete fields. Enter expenses on the two “Expense” tabs. Values must be entered on the form as monthly amounts to fit the New York spousal maintenance formula but often clients will provide weekly or yearly totals instead. Use the “Calc” button to enter these values and the software will automatically convert them to monthly amounts.
The “Gross Income” tab contains all sources of income including wages & salaries, dividends, alimony from prior marriages. The “Assets” and “Debts” tabs are where you will find areas to list various securities and liabilities each party possesses either jointly or individually. Finally the “Statements” tab list additional information such as counsel fees or New York State spousal support from previous relationships.
Completing the net worth form with a tool such as EzSupport-NY is easier and more accurate than trying to do it by hand, and now it’s easier still! The cloud versions of our attorney practice management software allow lawyers to take their digital tools with them to the courthouse, a client’s home, a conference room or anywhere else. Add, change or access client case information whenever and wherever you need to.
Download a demo of EzSupport-NY today and find out just how simple the net worth statement can be.