Make Notes On Legal Colorado Financial Statements Forms For Free

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 three main types of financial statements are the balance sheet, the income statement, and the cash flow statement. These three statements together show the assets and liabilities of a business, its revenues and costs, as well as its cash flows from operating, investing, and financing activities.

During the Colorado divorce process, the JDF 1111 ? Sworn Financial Statement is a required form to be completed by both parties on their own. This form is important to the court as they use it when determining spousal and child support.

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.

Under California Law, all spouses have a duty to make a full disclosure of all assets, property, income and debts during a divorce. This is necessary for property division.

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).