Add Checkmark To Legal Colorado Financial Statements Forms For Free

A statement of financial position is often formatted as a table with three columns. The first column lists the asset accounts, the second column lists liability or equity accounts and the final column contains totals for each section that are used to calculate net worth.

Debts acquired during the marriage are usually considered to be marital property such as credit card debts and car loans even if only one spouse's name is on the debt. Colorado law requires the court to enter an Order that equitably (fairly) divides all debts of the marriage.

Debts must be divided equitably between the spouses regardless of whose name the debt is in ? unless the debt was incurred by one of the parties before the marriage began or the debt was due to reckless spending (in this case you will need to present evidence for the dissolution of marital assets).

The starting point for the mandatory financial disclosures in Colorado is the Sworn Financial Statement, a multi-page form where each party is required to list his/her income, expenses, assets and debts. This statement is both filed with the court, as well as provided to the other party.

The Sworn Financial Statement is one of the most important documents you will need to complete if going through a divorce or custody case. Also called a ?financial affidavit?, it requires each person in the case to use the form approved by the Court and list all income, assets, and debts.

The statement of financial position follows the basic accounting equation of Assets = Liabilities + Equity. Therefore, the resulting figure shown at the end of the statement will be the difference between the company's assets and liabilities.