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In the Commonwealth of Massachusetts, navigating the financial aspects of legal proceedings in the Probate and Family Court Department demands thorough preparation, one aspect of which involves the Financial Statement (Short Form). This document is pivotal for individuals with an annual income less than $75,000, detailing their financial status comprehensively. It encompasses a range of financial data, starting from basic personal information to a deep dive into income sources, including salary, wages, and any other earnings. Beyond this, it systematically breaks down deductions, adjusted net weekly income, and further deductions from earnings, thus painting a clear picture of an individual's net weekly income. Additionally, it requires disclosure of yearly income, weekly expenses across a broad spectrum of categories, legal fees, and comprehensive asset and liability sections. Completing this form accurately is vital, as it affects decisions related to child support, alimony, and other financial obligations within legal proceedings. To assure veracity, the form includes a certification section, underscoring the seriousness of providing truthful and complete information under penalty of perjury. For those navigating through divorce, child support, or other family law matters, understanding and properly filling out the Massachusetts Short Financial Statement form is a critical step.

Massachusetts Short Financial Statement Sample

 

 

Commonwealth of Massachusetts

 

Division

 

The Trial Court

Docket No.

 

Probate and Family Court Department

 

FINANCIAL STATEMENT

(Short Form)

INSTRUCTIONS: if your income equals or exceeds $75,000.00 annually, you must complete the LONG FORM financial statement, unless otherwise ordered by the court.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

V.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Plaintiff/Petitioner

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Defendant/Petitioner

 

 

 

 

 

 

1. PERSONAL INFORMATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Your Name

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Social Security No.

 

 

 

 

 

 

 

 

 

 

 

 

Address

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Street address)

 

 

 

 

 

 

 

 

 

 

 

(City/Town)

 

 

(State)

 

 

(Zip)

 

 

 

 

Tel. No.

 

 

 

 

Date of Birth

 

 

 

 

No. of children living with you

 

 

 

 

 

Occupation

 

 

 

 

 

 

 

 

 

 

 

Employer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Employer's Address

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Street address)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(City/Town)

(State)

 

(Zip)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tel. No.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Do you have health insurance coverage?

□ Yes

□ No

 

 

 

if yes, name of health insurance provider

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2. GROSS WEEKLY INCOME/RECEIPTS FROM ALL SOURCES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

a) Base pay from □ Salary □ Wages

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

 

 

 

 

 

 

 

 

 

 

b) Overtime

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

c) Part-time job

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

d) Self-employment (attach a completed schedule A)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

e) Tips

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

f)

□ Commissions

 

□ Bonuses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

 

 

 

 

 

 

 

 

 

 

g)

□ Dividends

 

□ Interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

 

 

 

 

 

 

 

 

 

 

h)

□ Trusts

 

□ Annuities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

 

 

 

 

 

 

 

 

 

 

i)

□Pensions

 

□ Retirement funds

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

 

 

 

 

 

 

 

 

 

 

j) Social Security

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

k)

□Disability

□Unemployment insurance

□Worker's compensation

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

 

 

 

 

 

 

 

 

 

 

l) Public Assistance (e.g. welfare, TAFDC, SNAP) (not included in gross income for child support)

 

 

 

 

 

 

 

 

 

 

 

m)

□ Child Support

 

□ Alimony (actually received)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

 

 

 

 

 

 

 

 

 

 

n) Rental from income producing property (attach a completed Schedule B)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

o) Royalties and other rights

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

p) Contributions from household member(s)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

q) Other (specify)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

r) Total Gross Weekly Income/Receipts (add items a-q)

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CJ-D 301 S 9/15/17

Page 1 of 4

C.G.F.

 

 

 

 

Commonwealth of Massachusetts

 

 

 

 

 

 

 

 

Division

 

The Trial Court

Docket No.

 

 

 

 

Probate and Family Court Department

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL STATEMENT

 

 

 

 

 

 

 

 

 

 

 

 

(Short Form)

 

 

 

 

 

 

 

3.

ITEMIZED DEDUCTIONS FROM GROSS INCOME

 

 

 

 

 

 

 

 

a) Federal income tax deductions (claiming

 

 

exemptions)

$

 

 

 

 

 

 

b) State income tax deductions (claiming

 

 

 

 

 

 

$

 

 

 

 

 

 

 

 

exemptions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

c) F.I.C.A. and Medicare

 

 

 

 

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

d) Medical Insurance

 

 

 

 

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

e) Union Dues

 

 

 

 

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

f) Total Deductions (a through e)

$

 

 

 

 

 

 

 

 

 

 

 

 

 

4.

ADJUSTED NET WEEKLY INCOME

 

2(r) minus 3(f)

$

 

 

 

 

 

 

 

 

 

 

 

5.

OTHER DEDUCTIONS FROM SALARY/WAGES

 

 

 

 

 

 

 

 

a) Credit Union □ Loan repayment

□ Savings

$

 

 

 

 

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

b) Savings

 

 

 

 

 

 

 

 

 

 

 

 

c) Retirement

 

 

 

 

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

d) Other-Specify (i.e. Child Support, Deferred Compensation or 401K)

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

e) Total Deductions (a through d)

$

 

 

 

 

 

 

 

 

 

 

 

 

 

6.

NET WEEKLY INCOME

 

4 minus 5(e)

$

 

 

 

 

 

 

 

 

 

 

 

7.

GROSS YEARLY INCOME FROM PRIOR YEAR

$

 

 

 

 

 

 

 

 

 

 

 

(attach copy of all W-2 and 1099 forms for prior year)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of Years you have paid into Social Security

 

 

 

 

 

 

 

8.

WEEKLY EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

a) Rent or Mortage (PIT)

$

b) Homeowners/Tenant Insurance

$

c) Maintenance and Repair

$

d) Heat

$

e) Electricity and/or Gas

$

f) Telephone

$

g) Water/Sewer

$

h) Food

$

i) House Supplies

$

j) Laundry and Cleaning

$

k) Clothing

$

l) Life Insurance

$

m) Medical Insurance

$

n) Uninsured Medicals

$

o) Incidentals and Toiletries

$

p) Motor Vehicle Expenses

$

q) Motor Vehicle Payment

$

r) Child Care

$

s) Other (explain)

 

 

 

$

 

 

$

 

 

 

t) Total Weekly Expenses (a through s)

 

$

 

 

9. COUNSEL FEES

 

 

 

 

 

 

a) Retainer amount(s) paid to your attorney(s)

 

$

 

 

 

b) Legal fees incurred, to date, against retainer(s)

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

c) Anticipated range of total legal expense to litigate this action

$

 

to $

 

 

CJ-D 301 S 9/15/17

Page 2 of 4

C.G.F.

Division

 

Commonwealth of Massachusetts

Docket No.

 

The Trial Court

 

 

Probate and Family Court Department

 

 

 

 

 

 

FINANCIAL STATEMENT

 

 

 

(Short Form)

 

10.ASSETS (attach additional sheet if necessary)

a) Real Estate

 

 

 

 

 

 

 

Location

 

 

 

 

 

 

 

 

Title held in the name of

 

 

 

 

 

 

 

 

Fair Market Value $

 

 

- Mortgage $

 

 

 

 

= Equity $

b) Motor Vehicles

 

 

 

 

 

 

 

Fair Market Value $

 

 

- Motor Vehicle Loan $

 

 

 

= Equity $

Fair Market Value $

 

 

- Motor Vehicle Loan $

 

 

 

= Equity $

c)IRA, Keogh, Pension, Profit Sharing, Other Retirement Plans: Financial Institution or Plan Name and Account Number

$

$

$

d) Tax Deferred Annuity Plan(s)

$

e) Life Insurance: Present Cash Value

$

f)Savings & Checking Accounts, Money Market Accounts, Certificates of Deposit-which are held individually, jointly, in the name of another person for your benefit, or held by you for the benefit of your minor child(ren):

Financial Institution or Plan Name and Account Number

$

$

$

g) Other (e.g. stocks, bonds, collections)

$

$

h) Total Assets (a through g)

$

11.LIABILITIES (Do not list expenses shown in item 8 above.)

a)

b)

c)

d)

Creditor

Nature of Debt

Date Incurred

Amount Due

Weekly Payment

$$

$$

$$

$$

e) Total Liabilities

$

$

CJ-D 301 S 9/15/17

Page 3 of 4

C.G.F.

 

 

Commonwealth of Massachusetts

 

Division

 

The Trial Court

Docket No.

 

Probate and Family Court Department

 

 

 

 

 

FINANCIAL STATEMENT

 

 

 

(Short Form)

 

CERTIFICATION

I certify under the penalties of perjury that the information stated on this Financial Statement and the attached schedules, if any, is complete, true, and accurate.

Date

 

Signature

INSTRUCTIONS: In any case where an attorney is appearing for a party, said attorney

MUST complete the Statement by Attorney.

STATEMENT BY ATTORNEY

I the undersigned attorney, am admitted to practice law in the Commonwealth of Massachusetts--am admitted pro hoc vice for the purposes of this case-and am an officer of the court. As the attorney for the party on whose behalf this Financial Statement is submitted, I hereby state to the court that I have no knowledge that any of the information contained herein is false.

Date

(Signature of attorney)

(Print name)

(Street address)

(City/Town)

(State)

(Zip)

Tel. No.

B.B.O. #

CJ-D 301 S 9/15/17

Page 4 of 4

C.G.F.
Get Massachusetts Short Financial Statement File

Form Breakdown

Fact Detail
Form Name Financial Statement (Short Form)
Applicable Court Probate and Family Court Department
Annual Income Requirement for This Form Less than $75,000.00 annually
Requirement for Higher Earners If income equals or exceeds $75,000.00 annually, the LONG FORM must be used, unless court orders otherwise.
Sections Covered Personal Information, Income, Deductions, Weekly Expenses, Assets, Liabilities
Attachments May require attachments such as Schedule A for self-employment and Schedules for other income-producing properties
Certification Must be certified under the penalties of perjury by the person filing
Governing Law Massachusetts General Laws

How to Write Massachusetts Short Financial Statement

The Massachusetts Short Financial Statement form is an essential document for individuals involved in certain legal proceedings within the state’s Probate and Family Court Department. It's used to provide a thorough but concise overview of one's financial situation. This report is crucial in cases where financial assessments are required, such as those involving divorce, child support, and alimony. It's important to fill out this form accurately and in its entirety to ensure a fair evaluation of financial needs and obligations. If an individual's annual income is $75,000 or more, they must complete the Long Form Financial Statement unless directed otherwise by the court. Here are the steps to properly fill out the Massachusetts Short Financial Statement form:

  1. Begin with the section titled PERSONAL INFORMATION. Enter your full name, social security number, complete address with city, state, and zip code, telephone number, date of birth, number of children living with you, your occupation, employer's name, and the employer's address. Indicate whether you have health insurance and, if so, provide the name of the health insurance provider.
  2. Move to the section for GROSS WEEKLY INCOME/RECEIPTS FROM ALL SOURCES. Here, you will list all sources of income, including salary, wages, overtime, part-time job earnings, self-employment income (attaching Schedule A if applicable), tips, commissions, bonuses, dividends, interest, trusts, annuities, pensions, retirement funds, social security, disability, unemployment insurance, worker's compensation, public assistance, child support, alimony received, rental income (attaching Schedule B if applicable), royalties, contributions from household members, and any other specified income. Sum these to arrive at your total gross weekly income/receipts.
  3. Proceed to ITEMIZED DEDUCTIONS FROM GROSS INCOME. List federal and state income tax deductions, F.I.C.A. and Medicare, medical insurance, and union dues. Subtract these from your gross income to calculate your adjusted net weekly income.
  4. In the OTHER DEDUCTIONS FROM SALARY/WAGES subsection, account for any deductions not previously listed, such as credit union loans or savings, retirement contributions, or other specified deductions. Sum these and subtract from your adjusted net weekly income to find your net weekly income.
  5. Under GROSS YEARLY INCOME FROM PRIOR YEAR, input your gross yearly income and attach copies of all W-2 and 1099 forms for the previous year.
  6. For WEEKLY EXPENSES, itemize all weekly expenses including rent or mortgage, insurance, utilities, food, household supplies, clothing, medical expenses, vehicle expenses, child care, and any additional expenses, providing a total weekly expense figure at the end.
  7. In the section for COUNSEL FEES, disclose any amounts paid to your attorney, legal fees incurred against those retainer(s), and the anticipated range of total legal expenses.
  8. Detail your ASSETS, including real estate, vehicles, retirement accounts, savings and checking accounts, and other assets, providing fair market values, loans against each asset, and calculating equity where applicable.
  9. List all LIABILITIES outside of the aforementioned expenses, including the creditor's name, nature of debt, date incurred, amount due, and any weekly payments, summing to a total liabilities figure.
  10. Finally, on the last page, sign and date the CERTIFICATION section to affirm that the information provided is complete, true, and accurate under the penalties of perjury. If represented, your attorney must also complete the STATEMENT BY ATTORNEY section, providing their signature, printed name, address, telephone number, and B.B.O. number.

Thorough attention to detail while completing this form will help ensure accuracy and completeness, thereby aiding the court in making informed decisions based on your financial circumstances.

Discover More on Massachusetts Short Financial Statement

Who needs to fill out the Massachusetts Short Financial Statement form?

The Massachusetts Short Financial Statement form is designated for individuals involved in cases within the Probate and Family Court Department who earn less than $75,000.00 annually. If your income equals or exceeds this threshold, you are required to fill out the Long Form Financial Statement, except in cases where the court orders otherwise.

What are the key sections I need to complete in this form?

This form consists of several key sections including personal information, gross weekly income/receipts from all sources, itemized deductions from gross income, adjusted net weekly income, other deductions from salary/wages, net weekly income, gross yearly income from the previous year, weekly expenses, counsel fees, assets, and liabilities. Additionally, you should provide a certification section signed under the penalty of perjury, ensuring that all provided information is complete, true, and accurate.

How do I report my income if I have multiple sources of earnings?

Within the Short Financial Statement form, you should report your gross weekly income from all sources, which includes base pay (salary or wages), overtime, income from part-time jobs, self-employment (requiring attachment of a completed Schedule A), tips, commissions, bonuses, dividends, interest, trusts, annuities, pensions, retirement funds, social security, disability, unemployment insurance, worker’s compensation, public assistance, child support, alimony (if received), income from property, royalties, contributions from household members, and other specified incomes. Sum these incomes to report your total gross weekly income/receipts.

What documentation is required for reporting previous year's gross yearly income?

To accurately report your gross yearly income from the prior year, you are required to attach copies of all W-2 and 1099 forms for that year. This documentation serves as verification of your income for court records and ensures the accuracy of the financial information provided.

Can I deduct expenses from my gross income on this form?

Yes, the form allows for the deduction of various types of expenses from your gross income. These include federal and state income tax deductions (as per claimed exemptions), F.I.C.A and Medicare, medical insurance, and union dues. Additionally, deductions from salary or wages such as for credit union loans, retirement, savings, and other specified deductions (i.e., child support, deferred compensation, or 401K) are also considered to calculate your net weekly income.

What happens if my financial situation changes after submitting the form?

In the event of a significant change in your financial situation after submitting the form, it is recommended to notify the court as soon as possible. The court may require you to file an updated Financial Statement to reflect your current finances, ensuring fair and accurate proceedings.

Where can I find help completing this form?

For assistance in completing the Massachusetts Short Financial Statement form, you can contact the Probate and Family Court where your case is filed. Additional guidance may be available from legal aid services or through consulting with an attorney who is familiar with Massachusetts family law. Contrary to common worries, you'll find that both court staff and legal practitioners are often willing to guide individuals through filling out required documentation accurately.

Common mistakes

When filling out the Massachusetts Short Financial Statement form, it's crucial to provide accurate and complete information to ensure a fair assessment of one's financial situation. However, mistakes can occur which may impact the proceedings. Here are five common mistakes made during this process:

  1. Omitting Income Sources: Not including all sources of income, such as part-time jobs, self-employment, child support, or rental income, can lead to an inaccurate portrayal of one's financial standing.
  2. Incorrect Calculations: Mistakes in adding or subtracting income and expenses can result in either an overestimation or underestimation of one's financial health. It's important to double-check all calculations before submission.
  3. Leaving Sections Blank: Even if certain sections do not apply, it's important to fill them with a "N/A" or "0" instead of leaving them blank. This shows that the section was not overlooked.
  4. Not Providing Supporting Documents: Failing to attach required documentation, such as W-2 and 1099 forms, Schedule A for self-employment, or Schedule B for rental income, can delay the review process. Proper documentation is essential for verifying income and assets.
  5. Inaccurate Expense Reporting: Overestimating or underestimating weekly and monthly expenses can affect the outcome of one’s financial statement. It’s important to provide a realistic view of all expenses to ensure an accurate assessment.

Commonly overlooked areas in the form include:

  • Details about assets and liabilities, leading to an incomplete financial picture.
  • Proper categorization of income and deductions, which could affect net income calculations.
  • Updating the form with current information to reflect recent changes in financial status.

Completing the Massachusetts Short Financial Statement form with diligence and attention to detail can significantly impact one's legal and financial outcomes. Avoiding these common mistakes helps ensure the form is as accurate and helpful as possible for everyone involved.

Documents used along the form

When individuals are navigating the complexities of legal matters in Massachusetts, specifically within the realm of family law, the Short Financial Statement form serves as a crucial tool for documenting one's financial status. However, this document often is just a piece of the puzzle. Several other forms and documents commonly complement the Short Financial Statement form, each serving a distinctive role in painting a comprehensive picture of an individual's financial landscape. Understanding these supplementary documents is key to ensuring a thorough and accurate legal process.

  1. Schedule A: Self-Employment - This attachment is necessary for individuals declaring income from self-employment, providing detailed information about their business earnings and expenses.
  2. Schedule B: Rental Income - For those who own income-producing property, Schedule B breaks down the rental income received, factoring into the overall financial assessment.
  3. W-2 and 1099 Forms - These documents are crucial for verifying past earnings, especially for employees and independent contractors, respectively, and must be attached to showcase last year’s gross income.
  4. Child Support Order - If applicable, a copy of the child support order is essential to indicate the amount mandated by the court, affecting both income and expenditure calculations.
  5. Alimony Order - Similar to child support, documentation of any court-ordered alimony payments is necessary for a complete financial overview.
  6. Bank Statements - Recent bank statements may be required to corroborate the amounts listed in savings and checking accounts, providing real-time financial status.
  7. Debt Statements - Documentation of outstanding debts, including creditor information and balances due, aids in accurately reporting liabilities.
  8. Proof of Health Insurance - Since health insurance costs are a significant financial consideration, proof of insurance (or lack thereof) is often needed.
  9. Life Insurance Policies - Documents related to life insurance, highlighting cash values or death benefits, can be relevant in the context of overall assets and planning.

Each of these documents plays a vital role in elucidating an individual's financial situation, thereby influencing the court's decisions on matters such as child support, alimony, and division of assets. In the context of family law, ensuring these forms and documents are accurately completed and properly submitted alongside the Massachusetts Short Financial Statement form can profoundly affect the outcome of a case. Legal professionals and their clients must give due attention to this comprehensive documentation effort to safeguard their interests effectively.

Similar forms

The Massachusetts Short Financial Statement form is similar to other financial disclosure forms used in legal and financial settings, each designed to collect comprehensive information regarding an individual's financial status. These documents play a crucial role in various legal proceedings, including divorce, child support, and debt cases. By understanding how the Short Financial Statement aligns with and differs from related documents, individuals can better appreciate its importance and applications.

The Form 1040 U.S. Individual Income Tax Return is a document that shares similarities with the Massachusetts Short Financial Statement form, particularly in the collection of income and deduction information. Both forms require detailed income data, including wages, interest, dividends, and rental income. Deductions such as medical insurance and taxes are also common elements. However, the Form 1040 places a greater emphasis on federal tax obligations and calculations, while the Massachusetts Short Financial Statement focuses on providing a comprehensive picture of an individual's financial situation for state court matters, such as family court proceedings.

The Financial Affidavit used in divorce proceedings in other states closely resembles the Massachusetts Short Financial Statement in its purpose and content. These affidavits collect personal financial information to inform decisions on alimony, child support, and the division of assets. Both forms include detailed sections on income, expenses, assets, and liabilities. The key difference lies in the jurisdictional application: while the Massachusetts form is specifically designed for use within the Commonwealth, other states utilize their own versions of financial affidavits tailored to their local laws and procedural requirements.

The Uniform Residential Loan Application (Form 1003) is another document with elements similar to the Massachusetts Short Financial Statement, particularly in the sections that address assets, liabilities, and income. This application form is used in the mortgage lending process to assess a borrower's creditworthiness. Although serving a different primary purpose — obtaining a loan versus facilitating court judgments — both forms require detailed financial information to evaluate the financial stability of the individual. The common ground between these forms underscores the universal need for accurate financial disclosures in both personal finance management and legal contexts.

Dos and Don'ts

When it comes to filling out the Massachusetts Short Financial Statement form, it’s crucial to approach this task with diligence and attention to detail. This legal document plays a significant role in various court proceedings, notably those relating to family law such as divorce or child support cases. Below you’ll find a concise guide outlining the dos and don'ts that individuals should consider to ensure the accuracy and completeness of their financial statement.

  • Do completely fill out every section that applies to your financial situation. Leaving out information can cause delays and can negatively impact the outcome of your case.
  • Don’t guess your income and expenses. Use actual figures from recent statements and records to provide the most accurate information possible.
  • Do attach all required documentation, such as W-2 and 1099 forms for the prior year, as requested in the section detailing your gross yearly income from the previous year.
  • Don’t include expenses in the liabilities section that are already listed under weekly expenses. This prevents double-counting and ensures the accuracy of your financial situation.
  • Do verify the total sums for your gross weekly income/receipts, total deductions, and total weekly expenses. Accurate calculation plays a critical role in determining financial outcomes.
  • Don’t forget to sign and date the certification at the end of the form. This is a legal affirmation that the information provided is true, complete, and accurate under the penalties of perjury.
  • Do seek clarification from a legal professional if you are uncertain about how to properly complete any part of this form. Misinterpretation of the instructions can lead to unintentional errors.

Accurately completing the Massachusetts Short Financial Statement form is not just a matter of legal compliance, but also a crucial step in ensuring that the court has a clear understanding of your financial situation. This understanding directly affects decisions on matters such as alimony, child support, and the division of property. Therefore, taking the time to carefully prepare this document can have a significant impact on the outcome of your case.

Misconceptions

There are several common misconceptions about the Massachusetts Short Financial Statement form used in family court proceedings. Understanding these misconceptions is crucial for accurately completing the form and ensuring fair consideration in court matters such as divorce, child support, and alimony.

  • Misconception 1: Only income from full-time employment needs to be reported. In reality, all sources of income must be disclosed, including part-time jobs, self-employment, social security, disability, unemployment insurance, rental income, and any other income sources as indicated in section 2 of the form.

  • Misconception 2: Personal assets and liabilities are irrelevant. Contrary to this belief, section 10 and 11 of the form require detailed information about all assets and liabilities. This includes real estate, vehicles, retirement accounts, savings, debts, and other liabilities to give a comprehensive picture of one's financial situation.

  • Misconception 3: The form only concerns current financial data. While the form focuses on current finances, it also requires past year's gross yearly income and a detailed record of expenses, liabilities, and assets to assess financial stability and changes over time.

  • Misconception 4: Health insurance details are optional. The form explicitly asks whether the individual has health insurance and, if so, requires the name of the provider. This information can be critical in cases involving child support or spousal support, where health insurance coverage may be a consideration.

  • Misconception 5: Legal expenses are not a concern of the form. Section 9 asks for specific information about attorney retainer amounts, legal fees incurred to date, and anticipated legal expenses. This highlights the court's interest in the broader financial commitments of each party, including legal costs.

  • Misconception 6: Certification of the form's accuracy is a formality. The certification at the end of the form, under penalty of perjury, underscores the importance of providing accurate and complete information. The attestation by both the individual and their attorney (if applicable) ensures accountability and the integrity of the information provided.

Critical examination and precise completion of the Massachusetts Short Financial Statement form are essential. Misunderstandings can lead to errors that may impact the outcomes of family court proceedings, emphasizing the importance of full disclosure and accuracy.

Key takeaways

The Massachusetts Short Financial Statement is a crucial form for individuals involved in family court proceedings, designed to provide a comprehensive overview of one’s financial situation. Here are key takeaways to better understand and effectively utilize this form:

  1. Income Threshold for Form Type: It's vital to know that this form is intended for individuals whose income is below $75,000 annually. Those earning above this threshold are required to complete the Long Form financial statement.
  2. Comprehensive Personal and Financial Information: The form requires detailed personal information, including occupation, employer details, and the number of children living with the applicant, underscoring the need for accuracy and honesty.
  3. Extensive Income Reporting: All sources of income must be reported, from salary and wages to more infrequent earnings like dividends, interests, and contributions from household members, ensuring a holistic picture of one's financial capacity.
  4. Importance of Accuracy in Deductions: Deductions from gross income, such as taxes, medical insurance, and union dues, significantly affect the calculation of net income, highlighting the need for precise reporting.
  5. Documentation of Assets and Liabilities: Listing assets, from real estate to retirement plans, and liabilities outside of routine expenses, provides insight into the financial stability and responsibilities of the individual.
  6. Weekly Expenses Breakdown: The form demands a detailed recount of weekly expenses, from basic living costs to incidentals, emphasizing the importance of thorough budget tracking.
  7. Legal Fees and Costs: Acknowledgement of legal fees already incurred and anticipated further expenses underscores the financial impact of litigation and the importance of financial planning.
  8. Declaration Under Penalty of Perjury: The certification by the signatory that the information provided is complete, true, and accurate, underlines the seriousness and legal implications of the form’s contents.
  9. Attorney’s Confirmation: An attorney representing the party must also certify that, to their knowledge, the information presented is not false, highlighting the collaborative effort between client and attorney to ensure accuracy.
  10. Compliance and Consequences: The necessity of submitting complete and accurate information cannot be overstated, as any discrepancies or omissions can lead to legal repercussions, including impacts on the case outcome.

Ultimately, the Massachusetts Short Financial Statement serves as a critical tool in family court proceedings, requiring careful attention to detail and honesty in its completion. Understanding its components and the legal obligations it entails can significantly aid individuals in navigating their case with transparency and integrity.

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