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Divorce Lawyers New York - Financial Disclosure Statement

Financial Disclosure Statement

The financial disclosure statement is a document that lists all of the financial information about a party. For example, the name, address, telephone number, Social Security number, date of birth, date of marriage, date of a dissolution of marriage if applicable, and the names and ages of the minor children of the parties and where those children reside.

It also discloses the person's current employer, that employer’s address, the number and amount of pay per year and what the gross income is from all sources, last year, and what the gross income is so far this year. Gross monthly income is income from all sources, which includes salary, wages, base pay, overtime, commissions, bonuses, pension and retirement benefits, rental income, business income, partnership income, etc.

The document then examines the deductions that are made based upon the federal tax, estate tax, FICA tax, Medicare, and mandatory retirement contributions. The person then discloses his monthly living expenses, whether it be a mortgage, rent, electric, gas, telephone, water, transportation expenses, personal expenses and miscellaneous expenses.

The person then totals up his gross income minus his gross living expenses per month, and it determines what that person has available per month, whether it's a positive or negative cash flow situation. The person then signs the disclosure under oath and submits it to opposing counsel for review.