Commonwealth of Massachusetts Probate and Family Court Financial Statement

What Is a Financial Argument?

The Probate and Family Courts requires you lot to fill out a Financial Statement in

• divorce cases,
• separate support cases,
• custody cases,
• child support cases, and
• like family law cases.

The grade has ii purposes:

1. for you to explain your financial state of affairs to the court and
2. for each party in the case to explain his or her fiscal situation to the other party.

The Financial Statement is an extremely important court document. When yous sign the Fiscal Statement you swear that y'all are telling the truth.

Which financial statement form should you lot employ?

The court has two dissimilar versions of financial argument documents. The version you use depends on your income.

If your gross income before taxes and any deductions is:

• less than $75,000 per year, use the Short Form
• more than $75,000 per year, utilize the Long Course

Short Form Financial Statement

The Short class Financial Statement is translated into:

• English
• Spanish
• Portuguese

There are instructions for filing out a Financial Argument in

• English
• Spanish
• Portuguese

You lot will demand to practise basic math when filling out the form. The English language Short Grade Financial Statement has a congenital in calculator that does the adding and subtracting for you.

Tips for Filling Out the Financial Statement

The financial statement must be filed on pink paper.Each Probate and Family Court has copies of Financial Statement forms on pink paper. If you fill out the form electronically, print it on pink newspaper.

Exercise not wait until the Last Minute

Practise not wait until the final minute or until y'all are in court to fill out a Fiscal Statement. If you lot do, you could make mistakes because you lot are rushed or you lot may not have all of the information you need.

Because you volition have a lot of adding, subtracting, and dividing to do to complete the form, nosotros strongly recommend using a calculator. Utilise 1 on your computer, phone or if you do not accept one, yous may be able to borrow one.

What Information Must You Include?

You must fill in every line of the form. If something does not apply to you, write "zero" or "none." If yous run out of space on any particular, attach a separate sheet of paper. What follows are more detailed instructions near how to fill up out the Financial Statement.

Documents That Will Help you lot Complete a Fiscal Statement

• Pay stubs for the past 12 months, if you lot have a salary.
• Gas and electrical bills for the by three months.
• Phone bills, for the past three months.
• Most contempo mortgage statement, deed or other document that states date of purchase, purchase toll and lot number, if y'all own a firm or land.
• Tax returns for the last yr.

Filling out the Short Class Financial Statement​

• Top of the Class
• Function 1: Personal Information
• Part ii: Gross Weekly Income for All Sources
• Part three: Itemize Deductions from Gross Income
• Office 4: Adapted Internet Weekly Income
• Part v: Other Deductions from Salary
• Office 6: Net Weekly Income
• Part 7: Gross Yearly Income from Prior Year
• Part 8: Weekly Expenses
• Function 10: Assets
• Function eleven: Liabilities
• What Exercise You Practise Subsequently You Complete the Form?

Note:  Our instructions correspond to the sections and letters on the Financial Statement. We do not get over how to fill out every line considering sometimes the grade speaks for itself. The data provided here covers simply the areas of the grade where yous might take questions. For example, in Role two we skip from line (b) to line (yard) considering it is non necessary to encompass lines (c), (d), (eastward), and (f).

Top of the Form

Write your county on the line next to Segmentation.

Fill in the Docket Number. This is the number that the courtroom has assigned to your case. If you exercise not know it, ask the clerk.

Fill up in the names of the Plaintiff and the Defendant. The Plaintiff is the person bringing the example to court. The Accused is the person whom the case is against.

Part 1: Personal Information

Fill in all of the data requested. If your address is impounded (kept hush-hush past the court) or list it would put you lot or your children in danger, practise non write your address on the Financial Statement. Run across Protecting your information.

Part 2: Gross Weekly Income for All Sources

Here you lot need to provide information about your weekly income before taxes are taken out.

1. Base pay from salary and wages: Give your electric current bacon. Proposition:  If your bacon changes from paycheck to paycheck, give the average amount for the past 3 months.
2. Self-Employment Income: If you are self-employed or own a concern, you must fill out and attach a form called Schedule A, Monthly Self-Employment or Business Income. This form is also available at the courtroom.
3. Social Security: This is for Social Security Retirement (OASDI) and Social Security Disability Insurance payments (SSDI).
4. Line (thou): Bank check of of the iii boxes that applies and put the total weekly amounts on line (thou)Disability,Supplemental Security Income (SSI), Unemployment insurance, and Worker's compensation.
5. Public Aid: This includes TAFDC, EAEDC, and Nutrient Stamps.
6. Rental Income: If you get income from rental property, you lot must fill out and attach a form chosen Schedule B, Rent from Income-Producing Property. This form is available at the court.
7. All other sources: This includes kid back up payments, alimony, and whatsoever other income not listed in (a) through (p). Again, if these payments alter from time to time, figure out the average weekly corporeality.
8. Full Gross Weekly Income: Add together together all of your income in lines a to q.

Role 3: Itemized Deductions from Gross Income

Here y'all need to provide your weekly deductions from gross income.

• (a) & (b) If you lot become a salary, your pay stubs should list federal and state revenue enhancement deductions.
• (c) If yous become a bacon, bank check your pay stub to see how much FICA is taken out. There may also be a split up Medicare deduction on your pay stub. If there is, add together the FICA and Medicare together, figure out what the weekly corporeality of FICA + Medicare is, and put this number on line (c).
  • If the amount of FICA is different on your pay stubs over the past yr, y'all need to figure out the average weekly corporeality past calculation upward all FICA deductions over the past 12 months and dividing the total by 52.
  • If you have not been getting a paycheck for a full year, add all the FICA amounts you've received, count the number of weeks you've received paychecks, and divide the total FICA amount by that number of weeks.
• (f) Add all deductions in lines (a) to (e).

Role iv: Adjusted Net Weekly Income

Decrease line 3(f) from line 2(r) to get your adapted net weekly income.

Part v: Other Deductions from Salary

Here you lot need to provide information about the weekly corporeality of all other deductions that come out of your salary.

Part 6: Net Weekly Income

Subtract line 5(e) from line 4 to go your net weekly income.

Part 7: Gross Yearly Income from Prior Year

You must provide your gross yearly income (earlier taxes) from the prior year. Add upward all your paychecks for the last agenda yr. If you received TAFDC in the concluding year, multiply the amount on your check (which comes twice a month) past 24 to get your total for the final calendar year. You must too attach a copy of all Due west-2 and 1099 Forms for the prior yr.

Office 8: Weekly Expenses

Read through all the categories (a-s) and think nearly what yous will put nether each category. Selection but one category to put an expense under and not listing it twice. Again, you must fill in the weekly amounts.

(d) & (e) If you take gas estrus and yous as well accept other items on your gas beak (stove, dryer, etc...), endeavor to judge how much of the bill is for heat and put that on line (d) and how much is for other gas charges and put that on line (east).

(f) Put the average telephone pecker by adding upwards the last 3 months of bills and dividing past 13. (g) Listing water and sewer amounts if you pay for them. If not, write "none".

(i), (j), & (o) House supplies, laundry and cleaning, and incidental and toiletries are very similar categories. Make sure you list each item in just one category. For example:

• (i) House supplies = light bulbs, batteries, toilet paper.
• (j) Laundry and cleaning = laundromat costs, detergent, cleaning supplies
• (o) Incidentals and toiletries = toothpaste, makeup

(k) Yous volition need to provide an average weekly amount you spend on clothing by figuring out how much you lot spend for the whole year and dividing that by 52. People often buy a few large ticket items over the course of a year, such as new school clothes for children, winter coats and boots for children, dress for yourself during the year.

(northward) If y'all take medical insurance, in this line you should certificate how much you lot have paid out-of-pocket in co-payments and deductibles that your insurance did not comprehend. This includes dental care, therapy, medicine (such equally cough medicine, aspirin, vitamins). If you lot do not have medical insurance, this line should show all of your medical expenses. Once more, you must figure out the weekly average amount).

(p) These are repairs and maintenance costs for your car, which include garage costs and gas. This does not include auto loan payments, which go on the next line.

(q) This means motorcar loan payments.

(r) This includes regular child intendance and additional babysitting.

(s) Other can include (but is not express to):

Other expenses not already included

• Restaurants
• Cable
• Vacation
• Public Transportation
• Membership Dues
• Amusement

Part 10: Assets

(a) Real Estate: Refers to any house or land that you own, either lonely or jointly with your spouse or anyone else.

Next to location, listing the address.

Next to title held in the name of put the names of each person whose proper noun is on the human action.

Side by side to Fair Market Value, give your best judge of the price that you could get for it if yous sold it today. Write on the form that this is an guess. If y'all can not estimate the Fair Marketplace Value, give the purchase price and write on the form that this was the buy toll.

Side by side to Mortgage, list the unpaid balance on the mortgage.

Next to Disinterestedness, subtract the Mortgage from the Fair Market Value. If the reply is a negative number, make sure to put a minus sign earlier the number.

(f) Give the Fair Market place Value of each machine that you or your spouse ain and point who actually has the vehicle. The Fair Market Value is the cost that you could become for the machine if you sold information technology today. List the amount unpaid on any car loan. Subtract the corporeality unpaid on the loan from the Fair Market Value to go the Equity.

(1000) List whatsoever other personal property that is either in your possession or your spouse's possession, such as: article of furniture, jewelry, boats, collections, firearms, recreational vehicles, silver, stereo equipment, and tools. For whatsoever item over $500 describe it specifically. If the holding is in your spouse's possession, signal that on the form. To estimate the value of your furniture, guess what you would accuse if yous sold the entire contents of your home today. This is a crude estimate.

Part 11: Liabilities

Liabilities are debts.  Here you must list all of your debts. For each debt y'all must listing:

• Proper name of the person or institution you owe the coin to (creditor),
• Nature of the debt (for example, personal loan, doctor's visit, car loan, household items),
• Engagement that you outset incurred the debt (date of origin),
• Full corporeality due, and
• How much you are paying or planning to pay on a weekly basis.
• (east) Here you lot must add upward the full corporeality of the debts and put this on the offset line. And then figure out what the full corporeality of the weekly payments for your debts would be and put this on the 2nd line. If y'all have been unable to make the payments, write "0" or "none."

What Exercise I Do Afterwards I Fill Out the Form?

• Sign the course. The words saying, "I certify nether penalties of perjury" mean that you swear that all the information you have written down is true.If you do not tell the truth, you can be punished by the court.
• If y'all are representing yourself, write "pro se" in the blank in a higher place "Signature of Attorney."
• Write your address and telephone number. If it is impounded (kept secret by the court) or list it would put you or your children in danger, then do not write your address or phone number down.
• Make ii copies of the form.
• Bring the original class to the clerk at the Probate and Family Court
  • before
  • at the time y'all request a hearing or
  • when required to practise so by court order.
• Keep one copy for yourself so that if the court asks you questions y'all tin can expect at it.
• Give the other copy to the other party. Y'all are required to practice this. The other political party has to give you a copy of their Financial Statement likewise.

Tip: Once both parties accept filled out the financial statement, you can summate what child support should exist by filling in the child back up guidelines worksheet.

abbeynammagay.blogspot.com

Source: https://www.masslegalhelp.org/children-and-families/probate-and-family-court-financial-statement

Bagikan Artikel ini