The New York Net Worth Statement Rev. 6/2016, Eff. 8/1/16, is a financial document that outlines an individual's net worth as of 8/1/2016. It is used to provide an accurate snapshot of an individual's financial situation, including their assets, liabilities, and net worth. This statement is used by financial advisors to gain insight into an individual's financial health and risk tolerance. The New York Net Worth Statement Rev. 6/2016, Eff. 8/1/16, is divided into two sections: Assets and Liabilities. The Assets section is divided into Current Assets, Fixed Assets, and Other Assets. Current assets include cash, accounts receivable, and marketable securities. Fixed assets include real estate, equipment, and vehicles. Other assets include investments, life insurance policies, and business interests. The Liabilities section is divided into Current Liabilities and Long-Term Liabilities. Current liabilities include credit card debt, accounts payable, and taxes due. Long-term liabilities include mortgages, student loans, and other long-term debt. After listing assets and liabilities, the statement subtracts liabilities from assets to calculate an individual's net worth.
New York Net Worth Statement Rev. 6/2016, Eff. 8/1/16
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A net worth statement is a financial tool that shows your financial position at a given point in time. It is like a ?financial snapshot? that shows the dollar value of what you own (assets) and what you owe (liabilities or debts). This formula for calculating net worth is Assets ? Liabilities = Net Worth.
It's pretty straight forward. You have to provide names, dates of birth and current addresses for you, your spouse and your children. You also need to provide information about your job title and the name of your employer as well as your spouse's job title and employer's name.
Start with what you own: cash, retirement accounts, investment accounts, cars, real estate and anything else that you could sell for cash. Then subtract what you owe: credit card debt, student loans, mortgages, auto loans and anything else you owe money on. Then boom?you've got your net worth.
California is a community property state. Therefore, a couple who amasses their wealth within their marriage is subject to share the assets composing their marital estate equally.
An individual's personal net worth includes only his or her own share of assets held jointly or as community property with the individual's spouse.
This affidavit is known as the Statement of Net Worth and it's the most important document you will complete in your New York divorce. In this document you will disclose your income, assets, expenses, and outstanding debts. This document is a sworn statement, so it is very important that it is complete and accurate.
The balance sheet is also known as a net worth statement. The value of a company's equity equals the difference between the value of total assets and total liabilities.
How Is Net Worth Calculated During A Divorce? Physical copies of pay stubs and any other proof of earnings, income tax returns, bank statements, and other relevant documents verifying both debts and assets. Employment and business ownership information. Number of paychecks per year, annual gross income, and taxes paid.