This is an official form from the Massachusetts Court System, which complies with all applicable laws and statutes. USLF amends and updates these forms as is required by Massachusetts statutes and law.
Massachusetts Financial Statement
State:
Massachusetts
Control #:
MA-H-G-003
Format:
PDF
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FAQ
Do not estimate your monthly expenses. Make sure you account for all income. Report assets at their proper fair market value. Make sure all the assets and liabilities are accounted for. Update your financial statement.
The basic format for an income statement states revenues first, followed by expenses. The expenses are subtracted from the revenue to calculate the net income of the business.
Be wary of well-meaning advice. Track expenses and anticipate future ones. Gather documentation. Prepare for resistance. Refrain from big financial decisions. Be conservative when spending and saving. Know when to get help.
Create a spreadsheet that has a section for assets and one for liabilities. List your assets and their worth. List every liability as well as its worth. Determine the total of both assets and liabilities. Determine your net worth.
There are four main financial statements. They are: (1) balance sheets; (2) income statements; (3) cash flow statements; and (4) statements of shareholders' equity. Balance sheets show what a company owns and what it owes at a fixed point in time.
At divorce, community property is generally divided equally between the spouses, while each spouse keeps his or her separate property. Equitable distribution. In all other states, assets and earnings accumulated during marriage are divided equitably (fairly), but not necessarily equally.
Statement of Cash Flows. A cash flow statement is one of the most important planning tools you have available. Income Statement. Like a cash flow statement, an income statement is one of the most important and valuable financial statements at your disposal. Balance Sheet. Statement of Changes in Equity.
(j) Laundry and cleaning = laundromat costs, detergent, cleaning supplies. (o) Incidentals and toiletries = toothpaste, makeup.
A financial statement provides a summary of the financial details of the party including information about income, expenditure, property owned, superannuation and liabilities. A Financial Statement is required for any case where an order for spousal maintenance is sought.