Personal finances are, as implied, a personal matter. There are instances in life when you have to provide an honest overview of the current state of your financial situation.
If you've ever applied for a mortgage, you probably know your financial standing is one of the first things to come up.
A Personal Financial Statement is similar to any other financial statement, such as one prepared by a corporation. A personal statement's primary goal is to obtain a clear and unbiased assessment of an individual's financial health.
A Personal Financial Statement explains in detail an individual's financial situation. However, it is also important to note that not all Personal Financial Statements are the same.
In most cases, a financial statement will contain the person's earnings. It may be used to calculate different earnings, such as child support payments. At the same time, it may not list expenses and liabilities.
However, for a bankruptcy application, a lot more information is usually required. Essentially, a person's financial statement gives a clear picture of their net worth, which is the difference in total assets and total liabilities. If the liabilities' value is higher than that of the assets, one would have a negative net worth.
Depending on your state, a Personal Financial Statement may also be known as:
Financial Statement Affidavit
Statement of Net Worth
Case Information Statement
Financial Affidavit for Support
Family Law Financial Affidavit
Confidential Financial Affidavit
Affidavit of Financial Information
You don't need to prepare a Personal Financial Statement for no reason. As you know, your financial circumstances will change over time.
If you are to prepare one, the statement is equivalent to your sworn testimony on paper, which can be used instead of an in-person testimony in court. A court may use your Personal Financial Statement to adjudicate cases involving divisions of assets, child support, and other family court matters.
Finally, a Personal Financial Statement may be required for loan applications or the leasing of commercial properties.
Create your own documents by answering our easy-to-understand questionnaires to get exactly what you need out of your Personal Financial Statement.
Each document on 360 Legal Forms is customized for your state.
All you have to do is fill out a simple questionnaire, print, and sign. No printer? No worries. You and other parties can even sign online.
It can be challenging to know exactly where to start with creating a Personal Financial Statement. The information contained will also depend on what you need it for in the first place.
For a non-professional to prepare a statement independently, it can be too easy to forget a crucial detail and omit something by accident. It wouldn't serve you any good to provide insufficient information on a financial statement.
Let 360 Legal Forms help with our extensive library of attorney-vetted legal forms. The process is fast and easy. All you have to do is fill out our easy-to-understand questionnaire. Once complete, simply download your form as a PDF or Word document from your secure online account.
To create your document, please provide:
Personal Information: Your name and address
The Effective Date: The date that the document goes into effect
Employment Information: Exact name of your employer and address
Income: The amount of your base salary as supported by past pay stubs
Other Sources of revenue: Which may include rental income, pension, government assistance
Expenses: Grouped under categories of monthly expenses
Assets: Personal assets like your house, car, bank account, and stocks
Affiant: The person who is creating the financial statement
Liabilities: The affiant's debts and other financial obligations
401(k): The affiant's employer-sponsored retirement savings account
Before signing your Personal Financial Statement, you might need to take it to the notary public. While notarization is not required by law, the institution asking for your financial statement might ask for it to be notarized.
Make sure you have all the supporting documents and verify the numbers. After signing the form (and getting it notarized), you're guaranteeing all the information provided is accurate.
When you create your Personal Financial Statement on 360 Legal Forms, you can download as many copies as you need.
After signing your Personal Financial Statement, the next step is to forward it to the court, bank, or whichever entity it's intended. You'd also have to provide a copy to your spouse or the legal representative in a divorce proceeding.
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