How are financial statements analyzed in divorce cases?
Official divorce proceedings will involve financial statements. These financial statements are official documents that vary by state but will apply to anyone filing for divorce (as well as those involved in other civil cases, such as paternity suits and cases involving alimony and child support3). Depending on your annual income, you’ll be asked to fill out either a short or a long form3 (again, rules vary by state, but in general, if your annual income exceeds $75,000, you must fill out the long form). These forms must include all of your financial information – all assets and debts, including credit card debts – and you must fill out these official financial statements for divorce truthfully and accurately, to the best of your ability. Failure to do so could result in criminal prosecution. As mentioned, while extenuating circumstances can come into play, financially speaking, credit card and other divorce debts are a lot like marriage vows. Whether or not it was spoken during your we
