As our article “Supplemental Rule 401 Financial Statement Form” states, the Massachusetts Probate and Family Courts require that parties complete Financial Statements throughout the litigation process.

Your first FS will usually be the most difficult. The FS requires you to list ALL of your assets, ALL sources of income, ALL expenses, and ALL liabilities. Paying bills becomes routine and we don’t usually sit around thinking about every single piece of our financial portfolio, it takes some time for us to instantaneously recall every single account or know the exact total of our utility bills.

Assets include your bank accounts, retirement accounts, real estate, vehicles, personal property of significant value, and even debts owed to you.

Sources of income include your salary, part-time work, self-employment, familial support, rental income, and interest and dividends.

Expenses include not just your regular expenses reported in a weekly fashion, but also payments to credit cards and other debts. Reporting your expenses also needs to take into account the variance of utilities during the winter and summer months.

Liabilities include credit cards, student loans, car loans, mortgages, and even “IOU” notes.

Ensuring that you have included every piece of your financial puzzle can, understandably, cause you a real headache! But there is good news – if you have included everything on your first Financial Statement, every time you need to file or exchange your FS thereafter, you simply need to update your numbers or include new assets, income, expenses, and liabilities.

The actual Financial Statement forms include a fairly complete list of these financial pieces, but it is not exhaustive of your overall financial puzzle. At Foley & MacAdie, P.C., we will reference your Complete Client Intake Questionnaire when working with you to complete your first FS.

For assistance or guidance in completing your FS, contact our attorneys and paralegals.

The information provided by Foley & MacAdie, P.C. is for informational purposes only and does not constitute legal advice.