How to complete a statement of net worth for divorce

Last updated 2026-07-11

What is a statement of net worth in a divorce?

A statement of net worth is a sworn financial disclosure form that lays out your entire financial picture: what you earn, what you spend, what you own, and what you owe. You sign it under oath, which means lying on it is perjury. Courts use it to make decisions about property division, spousal support (alimony), and child support.

Not every state calls it the same thing. New York uses the term "Statement of Net Worth" almost universally ^[1]. California calls its equivalent a Schedule of Assets and Debts (FL-142) and an Income and Expense Declaration (FL-150) ^[2]. Some states use "Financial Affidavit" or "Financial Disclosure Statement." The name changes; the purpose stays the same: give the court a complete, honest snapshot of your money.

In contested divorces, both spouses file separate forms and they become tools for negotiation and litigation. In an uncontested divorce, you still often file one, but since you and your spouse have already agreed on everything, it mostly becomes the court's paper trail confirming the settlement makes sense. Some states waive the requirement in simplified uncontested divorces, but check your local court rules before assuming you're off the hook.

If you're handling your own divorce without a lawyer, understanding this form is non-negotiable. A completed divorce papers packet will often include a financial disclosure form, but you still have to fill in every number yourself.

Which states require a statement of net worth (and which don't)?

Requirements vary a lot by state, and even by county within a state. Here's the general landscape.

New York requires a Statement of Net Worth in virtually every contested matrimonial action under 22 NYCRR Part 202.16 ^[1]. Florida requires a Financial Affidavit (Form 12.902) in all dissolution cases where support or property is at issue, and it's mandatory unless both parties waive it in writing for simplified dissolution ^[3]. California requires the FL-142 and FL-150 in any case where support is requested or property needs to be divided ^[2]. Texas uses an "Inventory and Appraisement" rather than a net worth form, but the function is identical.

States with simplified uncontested divorce procedures (sometimes called "summary dissolution" or "simplified dissolution") may let you skip a detailed financial form if you meet income and asset thresholds. California's summary dissolution, for example, is available only when total community assets don't exceed $47,000 (excluding cars) and neither party seeks spousal support ^[2]. That threshold changes periodically, so verify it on the California Courts self-help site before relying on it.

The safest starting point: go to your state court's self-help center website and download the required forms. Every state with a self-help center publishes the current, court-approved versions for free. A few good examples: New York's Unified Court System at nycourts.gov, Florida Courts at flcourts.org, and California Courts at courts.ca.gov ^[1][2][3].

State	Form Name	When Required
New York	Statement of Net Worth	All contested matrimonial actions
Florida	Financial Affidavit (12.902(b) or (c))	All cases with support/property issues, unless waived
California	FL-142 + FL-150	Any case with support or property division
Texas	Inventory and Appraisement	Required in most divorce cases
Illinois	Financial Affidavit	Required in cases with support at issue
Georgia	Domestic Relations Financial Affidavit	Required in all divorce cases

What information do you need to gather before you start?

Gather everything before you open the form. Starting without documents leads to blank lines, which leads to amended filings or worse, a judge who notices gaps.

For income, you want: your two most recent pay stubs, last two years of federal tax returns (Form 1040 with all schedules), any 1099s or K-1s if you're self-employed or have investment income, Social Security award letters if applicable, and documentation of any other regular income (rental income, royalties, pension payments).

For expenses, pull three to six months of bank statements and credit card statements. You'll need to know monthly averages for housing, food, transportation, utilities, insurance, childcare, medical costs, and debt payments. The form asks for monthly figures, so divide annual costs by 12.

For assets, gather: recent mortgage statements (showing balance and property value), recent brokerage and retirement account statements (401(k), IRA, pension), vehicle titles or loan statements, bank account statements from the past 90 days, and any appraisals of real estate, jewelry, or business interests you've had done. If you don't have a recent appraisal, use a reasonable estimate and note it's an estimate. Don't guess wildly high or low.

For debts, you want statements for every mortgage, car loan, student loan, personal loan, credit card, and tax liability. The IRS "Get Transcript" tool at irs.gov lets you pull tax transcripts for free if you need to verify what you owed in prior years ^[4].

One thing people miss: deferred compensation, unvested stock options, pension present values, and security deposits owed back to you. These are assets. So is money people owe you. List them.

How do you fill out the income section?

The income section is usually the first substantive part of the form after your personal information. Courts want gross income (before taxes) broken down by source, then net income (after taxes and mandatory deductions), then a monthly figure for each.

Start with wages and salary. Take your annual gross from your W-2 or your most recent pay stub's year-to-date figure, then divide by 12. If you're paid bi-weekly, multiply one paycheck by 26, then divide by 12. Don't just multiply a bi-weekly paycheck by 2; that undercounts by about two paychecks per year.

Self-employment income is harder. Courts typically look at your Schedule C net profit, then add back depreciation and certain non-cash deductions, because those reduce taxable income without reducing actual cash available. The Florida Supreme Court Approved Family Law Forms instruction guide specifically notes that "gross income for a self-employed person" includes business revenue minus ordinary and necessary business expenses, and that depreciation may be added back ^[3].

Include every source: dividends, interest, rental income, disability payments, unemployment benefits, workers' compensation, alimony received from a prior marriage, gifts that are regular and expected, and trust distributions. Courts have seen every variety of income-hiding strategy. Unexplained deposits in bank statements, lifestyle that doesn't match reported income, and sudden drops in business revenue right before filing are all red flags judges and opposing counsel look for.

If your income swings a lot year to year (commissions, seasonal work, bonuses), average the last two or three years rather than using the highest or lowest year. Note in the form how you calculated the average.

How do you fill out the expense section?

The expense section asks for your monthly living expenses, usually broken into housing, food, transportation, healthcare, clothing, childcare, education, entertainment, and personal care. Most people underestimate their actual spending, which makes them look like they need less support or can pay more than they actually can.

Pull real numbers from bank and credit card statements rather than guessing. Add up three months of actual spending in each category and divide by three. For annual expenses like car registration or holiday gifts, divide the annual amount by 12 to get a monthly figure.

Housing expenses typically include rent or mortgage payment, real estate taxes (if not escrowed), homeowner's or renter's insurance (if not escrowed), utilities (electric, gas, water, trash), phone, internet, cable, and any HOA fees. List these separately; forms almost always have individual lines for each.

For medical expenses, include monthly insurance premiums, average prescription costs, and any ongoing out-of-pocket costs for treatment. If a child has significant medical needs, document that carefully here because it directly affects child support calculations.

Be accurate about childcare and education costs. These are often added on top of base child support in many states' guidelines. New York, for example, treats work-related childcare and unreimbursed medical expenses as add-ons to the basic child support obligation calculated under the Child Support Standards Act ^[5]. Underreporting these costs can shortchange you in the final order.

One honest caveat: the expenses section often influences spousal support more than property division. If you're claiming you need alimony, your listed expenses need to be credible and backed by documentation. If your listed expenses wildly exceed your stated income, expect the judge to ask questions. Learn more about how support is calculated in our alimony guide.

How do you list assets on a statement of net worth?

Assets come in two categories you need to distinguish from the start: marital assets (acquired during the marriage, generally subject to division) and separate assets (owned before marriage, or received as individual inheritance or gift during the marriage). List everything, then flag which is which. Courts make the final call on classification, but your characterization matters.

Real estate: list the current fair market value, not the purchase price. If you don't have a recent appraisal, use a recent comparable sale from Zillow or your county assessor and note the source. Then list the outstanding mortgage balance separately in the liabilities section. The equity (value minus mortgage) is what gets divided.

Bank accounts: use the current balance as of the date you're completing the form. Note the institution, account type (checking, savings, money market), and last four digits of the account number. Courts need enough detail to identify accounts.

Retirement accounts: use the most recent account statement balance. For defined benefit pensions, you may need an actuarial present value calculation; the plan administrator can sometimes provide this. List 401(k)s, IRAs, Roth IRAs, 403(b)s, and any deferred compensation separately. Retirement accounts built up during the marriage are usually marital property, even if only one spouse's name is on the account ^[6].

Vehicles: list make, model, year, and current market value. Kelley Blue Book (kbb.com) is the standard reference most courts accept. List the outstanding loan balance separately under liabilities.

Small business interests: this is where things get complicated fast. A business you own has value beyond just the cash in its bank account. Courts count "goodwill" as an asset, and some states divide personal goodwill (attached to your reputation) differently from enterprise goodwill (the business's independent value). If you own a business, a formal valuation is worth the cost before you finalize anything. That's a situation where consulting a divorce attorney or a certified business valuator makes real financial sense.

Don't forget: life insurance cash value, stock options (vested and unvested), cryptocurrency, collectibles, timeshares, club memberships with transfer value, tax refunds owed, and money owed to you by others.

How do you list debts and liabilities?

The liabilities section mirrors the assets section. List every debt: mortgages, home equity lines of credit, car loans, student loans, personal loans, credit card balances, medical bills, tax liabilities (federal, state, local), and any judgments against you.

For each debt, include: the creditor name, account number (last four digits is fine), original balance, current balance, monthly payment, and interest rate. Courts want to see whether debts are joint (both spouses liable) or individual (only one name on the account).

Credit card debt run up during the marriage is typically considered marital debt regardless of whose name is on the card, in equitable distribution states. Community property states (Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, Wisconsin) generally treat debts incurred during the marriage as jointly owned ^[7].

Student loans are more complex. Loans taken before the marriage are separate debt in most states. Loans taken during the marriage to benefit the family (a joint education that increased household income) may be treated as marital debt. Loans taken during the marriage solely to fund one spouse's degree are treated inconsistently across states.

Tax debt requires special care. If you jointly filed and owe back taxes, both of you are potentially liable under the IRS's joint and several liability rule, regardless of what your divorce agreement says. The IRS isn't bound by your divorce decree ^[4]. List any tax debt accurately and discuss with a tax professional how to handle it in your settlement agreement.

What are the most common mistakes people make on this form?

The biggest mistake is undervaluing assets or leaving them off entirely. People forget about stock options, cryptocurrency wallets, old 401(k)s from prior jobs, security deposits, tax refunds for the current year, and money owed to them. Courts have seen everything, and opposing counsel in a contested divorce will subpoena bank records to find what you didn't list.

The second most common mistake is using the wrong time period for values. Bank account balances should be current. Retirement account values should be from the most recent statement, with the statement date noted. Real estate values should reflect the current market, not what you paid 15 years ago.

Using inconsistent figures is another problem. If your tax return shows $120,000 in income but your form shows $80,000, the judge will notice. Reconcile everything before you sign.

People also make arithmetic errors. Add up all your assets. Add up all your liabilities. Subtract liabilities from assets to get your net worth. Courts use that final number. An arithmetic mistake can make you look like you have more or less than you do.

Vague descriptions hurt you too. "Various investments: $50,000" is not acceptable. List each account at each institution separately. Specificity shows good faith and prevents disputes later.

If you're unsure whether something qualifies as an asset or a marital asset, list it anyway with a note. Omitting it is always worse than disclosing it.

Does your statement of net worth affect child support calculations?

Yes, directly. Child support in most states is calculated using an income shares model or a percentage of income model, and your stated income on the financial disclosure form is the starting number for that calculation ^[8].

In income shares states (which now include most of the country), both parents' incomes are added together, and each parent's share of the combined income determines their proportionate contribution to child support. The form is how the court learns both numbers. Understating your income reduces what the court calculates as your support obligation; overstating it increases it.

Add-on expenses like work-related childcare, unreimbursed medical expenses, and educational costs are usually split proportionally based on the same income figures. So getting your income number right matters for those add-ons too.

If you want to run the numbers yourself before your hearing, our child support calculator can give you a state-specific estimate.

Some states impute income if a parent is voluntarily underemployed. That means the court can calculate support as if you were earning what you could earn given your education and work history, more than what you're currently earning. Quitting your job the month before filing to lower your stated income is a strategy courts recognize and actively counter.

How do you sign and file the completed form?

Once you've filled out every section, review it twice: once for completeness (no blank lines that should have answers) and once for arithmetic. Then sign it. The signature requirement matters.

Most states require you to sign a statement of net worth before a notary public. Some require it to be signed in front of the court clerk. New York's form, for example, requires a sworn acknowledgment before a notary ^[1]. Florida's financial affidavit requires you to sign under penalty of perjury before a notary ^[3]. Don't sign without a notary present if your form requires one; an unnotarized form will be rejected.

Finding a notary: banks and credit unions almost always have one on staff for free or a small fee. UPS Stores, FedEx Office locations, and many public libraries also offer notary services. Some states now allow remote online notarization, where a notary verifies your identity over a video call. Check whether your state accepts remote notarization for court filings before using that route.

Filing: once signed and notarized, you file the original with the court clerk's office and serve a copy on your spouse (or their attorney). The filing fee for the divorce itself varies widely by state, from around $80 in Wyoming to over $400 in California, though fee waivers are available for low-income filers ^[9][10]. The financial disclosure form itself typically has no separate filing fee; it goes in as part of your divorce filing package.

If you've put together your own documents, DivorceClear's $149 document packet includes state-specific forms and instructions for your filing, which can help you make sure you haven't missed anything before you go to the clerk's office.

Can you amend a statement of net worth after you file it?

Yes, and you sometimes have to. If your financial situation changes a lot after you file (a job loss, a large asset acquired, a new debt), you should file an amended or updated form. Courts expect financial disclosures to reflect your actual current situation.

In contested divorces, courts sometimes require updated financial disclosures shortly before trial to keep everything current. In New York, for instance, the court may direct either party to update the statement of net worth if the original was filed more than a certain period before the scheduled hearing.

If you discover after filing that you made an error or missed an asset, file an amended form as soon as you find the mistake. Voluntarily correcting an error looks very different to a judge than having opposing counsel expose it. Courts are generally forgiving of honest mistakes that get corrected promptly. They are not forgiving of omissions that look deliberate.

In an uncontested divorce where both parties sign a settlement agreement, a material misrepresentation on the financial disclosure can be grounds to reopen the case even after the divorce is finalized. Courts have set aside divorce decrees when one spouse later proved the other hid significant assets. This is rare, but real.

What happens if you don't file one or you file an inaccurate one?

Failing to file a required financial disclosure can result in your pleadings being struck, contempt sanctions, or the court drawing adverse inferences against you (meaning the judge assumes you're hiding something and rules accordingly).

Filing an inaccurate form under oath is perjury. In practice, perjury prosecutions specifically for divorce financial affidavits are rare, but they do happen in egregious cases. More commonly, a judge who catches an inconsistency will punish the dishonest party in the property division itself, awarding more to the other spouse as a remedy.

If your spouse hides assets and you suspect it, you have discovery tools available: subpoenas to banks, requests for tax returns, interrogatories, and depositions. A forensic accountant can also trace hidden income or assets if you have reason to believe significant money is being concealed. That's the point where DIY divorce ends and you need professional help. A divorce lawyer can advise whether the cost of forensic accounting is justified given what's likely at stake.

For uncontested divorces where both parties are transparent and cooperative, none of this is an issue. But understanding the consequences of getting it wrong is good motivation to get it right.

Is a statement of net worth required for an uncontested divorce?

It depends on your state and the specific issues in your divorce. In states like Florida, a simplified dissolution of marriage lets couples waive the mandatory financial affidavit if they meet specific criteria and both agree in writing to waive it ^[3]. In New York, even uncontested divorces that involve equitable distribution of marital property or spousal support typically require a statement of net worth ^[1].

If your uncontested divorce involves no property, no debt, no children, and no spousal support, many states will let you skip the detailed financial form entirely. This situation is more common than people think, especially in short marriages where both spouses came in with their own assets and leave with the same.

If there's any property to divide, any support to set, or any children involved, assume you need some form of financial disclosure and verify with your specific court's self-help center. Getting this wrong is more than an inconvenience. A judge can refuse to finalize your divorce if required paperwork is missing.

Filling out the form thoroughly, even when you're on good terms with your spouse, protects both of you. It creates a clear record that the settlement was based on full information, which makes it much harder for either party to challenge the agreement later.

Frequently asked questions

How long does it take to fill out a statement of net worth?

Realistically, two to four hours if you have all your documents ready, longer if you need to track down old account statements or request tax transcripts. Gathering documents takes more time than the actual form. Most people make the mistake of starting the form without everything in hand and then leaving fields blank, which creates problems at filing.

Do both spouses have to file separate statements of net worth?

In most states, yes. Each spouse files their own form independently, under their own oath. In some uncontested divorces with joint simplified procedures, courts may accept a single agreed-upon financial disclosure, but that's the exception. Check your specific court's rules. The standard expectation is that each party prepares and signs their own form.

What if I don't know the value of a marital asset?

List it with your best good-faith estimate and note that it's an estimate. For real estate, use the county assessor's value or a comparable sale as a reference. For retirement accounts, use the most recent statement you have and note the statement date. For a business, note that a formal valuation has not yet been done. Blank lines are worse than estimated values.

Do I include separate property (pre-marital assets) on the statement?

Yes. List everything you own, then characterize it as marital or separate property. Courts need the full picture to make decisions. Just because you believe an asset is separate doesn't mean you leave it off the form. List it, note when and how you acquired it, and why you believe it's separate. Supporting documentation (an inheritance letter, a pre-marriage bank statement) helps.

Can I use estimated values for things like jewelry or household furniture?

Yes. Courts understand that you don't have appraisals for every item in your home. Household goods and personal property are usually listed as a lump sum estimated value based on resale (not replacement) value. If a specific item has significant value, like an art collection or high-end jewelry, a formal appraisal is worth getting before you finalize the settlement.

What if my spouse and I have joint accounts and debts? Do I list those on both forms?

Yes. Each spouse lists joint accounts and joint debts on their own form. The form typically has a field to indicate whether an account or debt is individual, joint, or your spouse's alone. Courts expect to see the same joint assets and debts appear on both forms; significant discrepancies between the two forms are a red flag.

Does my 401(k) count as a marital asset even if only my name is on it?

The portion built up during the marriage generally counts as marital property in most states, regardless of whose name is on the account. The portion you had before the marriage may be separate property. Retirement accounts are commonly divided via a Qualified Domestic Relations Order (QDRO) in divorce. List the full balance and note the pre-marital portion if you can document it.

How do I value a business I own on the statement of net worth?

This is one of the hardest parts of any financial disclosure. A formal business valuation by a certified valuator is the most defensible approach, but it costs money. As a starting point, courts may look at book value, capitalized earnings, or a multiple of revenue depending on the business type. For a small sole proprietorship, some courts accept a simplified earnings-based estimate. In a contested divorce, expect this to be disputed.

What if I'm self-employed and my income varies? What number do I use?

Courts generally want an average. Use the net profit from your Schedule C (or your K-1 if you have a partnership or S-corp) for the past two to three years and average them. Add back depreciation and other non-cash expenses. If your income is genuinely unpredictable, note that in the form and show the range. Courts have seen every variation of this; being clear and honest beats picking a convenient number.

What happens if I forget to list an asset and the divorce is already finalized?

If the omitted asset is discovered, either party can ask the court to reopen the case and address the undisclosed asset. Courts have done this years after a divorce was finalized. If the omission was intentional, the court can impose serious sanctions including an award of the entire asset to the other spouse. If it was an honest oversight, the court will typically divide the asset as it would have originally.

Where do I find the correct form for my state?

Go directly to your state court's self-help center website. Good examples: nycourts.gov for New York, flcourts.org for Florida, courts.ca.gov for California. Search for your state's name plus 'self-help center' or 'divorce forms' to find the official current versions. Never use a form downloaded from a random website; court forms change and an outdated version will be rejected.

Do I need a notary to sign the statement of net worth?

In most states, yes. The form is signed under oath, and that typically requires notarization. Banks, credit unions, UPS Stores, and public libraries usually offer notary services for free or a small fee. Some states now allow remote online notarization. Verify your state's specific requirement before signing, because an unnotarized form will be sent back by the court clerk.

Can I file a statement of net worth without a lawyer?

Yes. Many people complete their own financial disclosures as part of a DIY or uncontested divorce. Your state court's self-help center provides instructions along with the forms. The process is straightforward if your finances are relatively simple. If you have significant assets, a business, complicated retirement accounts, or any suspicion that your spouse is hiding income, getting at least a consultation with a family law attorney is worth the cost.

Sources

1. New York Unified Court System, Statement of Net Worth instructions and form (22 NYCRR Part 202.16): New York requires a Statement of Net Worth in all contested matrimonial actions under 22 NYCRR Part 202.16 and requires it to be signed before a notary.
2. California Courts Self-Help Center, Divorce or Separation forms (FL-142, FL-150): California requires the Schedule of Assets and Debts (FL-142) and Income and Expense Declaration (FL-150) in cases involving support or property division; summary dissolution requires community assets not to exceed $47,000 excluding cars.
3. Florida Courts, Supreme Court Approved Family Law Forms, Financial Affidavit (Form 12.902) and Simplified Dissolution instructions: Florida requires a Financial Affidavit in all dissolution cases with support or property at issue; simplified dissolution allows written waiver; self-employed gross income includes business revenue minus necessary expenses with depreciation potentially added back.
4. Internal Revenue Service, Publication 504: Divorced or Separated Individuals: The IRS is not bound by divorce decrees for tax liability; joint filers remain jointly and severally liable for tax debt; the IRS Get Transcript tool allows free retrieval of past tax records.
5. New York State Department of Social Services, Child Support Standards Act (Family Court Act Section 413): New York's Child Support Standards Act treats work-related childcare costs and unreimbursed medical expenses as mandatory add-ons to base child support obligations.
6. U.S. Department of Labor, Employee Benefits Security Administration, QDROs: The Division of Retirement Benefits Through Qualified Domestic Relations Orders: Retirement plan benefits accumulated during a marriage are generally treated as marital property subject to division, and must be divided via a Qualified Domestic Relations Order (QDRO) to avoid tax penalties.
7. Cornell Law School Legal Information Institute, Community Property: Nine community property states (Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, Wisconsin) generally treat debts incurred during marriage as jointly owned by both spouses.
8. U.S. Department of Health and Human Services, Office of Child Support Services, Essentials for Attorneys in Child Support Enforcement: Most states use either an income shares model or a percentage of income model to calculate child support, both of which use parents' stated income as the primary input.
9. Wyoming Courts, Civil Filing Fees schedule: Wyoming divorce filing fees are among the lowest in the country, around $80.
10. California Courts Self-Help Center, Court Fees: California divorce filing fees exceed $400 in most counties, though fee waivers are available for qualifying low-income filers.