The Massachusetts Short Financial Statement is a vital document for those going through family court proceedings in Massachusetts, specifically when dealing with issues related to finances such as child support, alimony, or the division of property. If you make less than $75,000 annually, you're required to fill out this shorter version instead of the longer form. It asks for detailed information about your income, deductions, expenses, and assets to give the court a clear picture of your financial situation. To get started on filling out this form and to ensure it is done accurately, click the button below.
In the Commonwealth of Massachusetts, individuals involved in probate and family court proceedings may need to provide financial information through the Financial Statement (Short Form). This document offers a comprehensive overview of an individual's financial status, highlighting income, deductions, and net income on a weekly basis. It is specifically designed for those whose annual income is below $75,000, distinguishing it from its counterpart, the Long Form, which is required for those with higher incomes unless otherwise directed by the court. The form delves into personal details such as employment, health insurance coverage, and a detailed accounting of income sources including salary, self-employment, and support payments among others. Additionally, it requires an itemization of deductions, including taxes and insurance, to accurately calculate the adjusted net weekly income. Further, the form explores weekly expenses and assets, encompassing real estate, vehicles, retirement plans, and other significant holdings, aiming to paint a full picture of the filer's financial capabilities and obligations. The inclusion of liabilities and anticipated legal expenses adds another layer of detail, ensuring all aspects of the individual's financial health are considered. This form, critical to legal proceedings such as divorce, child support, and alimony cases, serves as a key document in informing the court's decisions. The certification section at the end underlines the seriousness of the information provided, requiring it to be true and accurate under penalty of perjury, with an additional statement by the attorney attesting to the information's veracity.
Commonwealth of Massachusetts
Division
The Trial Court
Docket No.
Probate and Family Court Department
FINANCIAL STATEMENT
(Short Form)
INSTRUCTIONS: if your income equals or exceeds $75,000.00 annually, you must complete the LONG FORM financial statement, unless otherwise ordered by the court.
V.
Plaintiff/Petitioner
Defendant/Petitioner
1. PERSONAL INFORMATION
Your Name
Social Security No.
Address
(Street address)
(City/Town)
(State)
(Zip)
Tel. No.
Date of Birth
No. of children living with you
Occupation
Employer
Employer's Address
Do you have health insurance coverage?
□ Yes
□ No
if yes, name of health insurance provider
2. GROSS WEEKLY INCOME/RECEIPTS FROM ALL SOURCES
a) Base pay from □ Salary □ Wages
$
b) Overtime
c) Part-time job
d) Self-employment (attach a completed schedule A)
e) Tips
f)
□ Commissions
□ Bonuses
g)
□ Dividends
□ Interest
h)
□ Trusts
□ Annuities
i)
□Pensions
□ Retirement funds
j) Social Security
k)
□Disability
□Unemployment insurance
□Worker's compensation
l) Public Assistance (e.g. welfare, TAFDC, SNAP) (not included in gross income for child support)
m)
□ Child Support
□ Alimony (actually received)
n) Rental from income producing property (attach a completed Schedule B)
o) Royalties and other rights
p) Contributions from household member(s)
q) Other (specify)
r) Total Gross Weekly Income/Receipts (add items a-q)
CJ-D 301 S 9/15/17
Page 1 of 4
C.G.F.
3.
ITEMIZED DEDUCTIONS FROM GROSS INCOME
a) Federal income tax deductions (claiming
exemptions)
b) State income tax deductions (claiming
c) F.I.C.A. and Medicare
d) Medical Insurance
e) Union Dues
f) Total Deductions (a through e)
4.
ADJUSTED NET WEEKLY INCOME
2(r) minus 3(f)
5.
OTHER DEDUCTIONS FROM SALARY/WAGES
a) Credit Union □ Loan repayment
□ Savings
b) Savings
c) Retirement
d) Other-Specify (i.e. Child Support, Deferred Compensation or 401K)
e) Total Deductions (a through d)
6.
NET WEEKLY INCOME
4 minus 5(e)
7.
GROSS YEARLY INCOME FROM PRIOR YEAR
(attach copy of all W-2 and 1099 forms for prior year)
Number of Years you have paid into Social Security
8.
WEEKLY EXPENSES
a) Rent or Mortage (PIT)
b) Homeowners/Tenant Insurance
c) Maintenance and Repair
d) Heat
e) Electricity and/or Gas
f) Telephone
g) Water/Sewer
h) Food
i) House Supplies
j) Laundry and Cleaning
k) Clothing
l) Life Insurance
m) Medical Insurance
n) Uninsured Medicals
o) Incidentals and Toiletries
p) Motor Vehicle Expenses
q) Motor Vehicle Payment
r) Child Care
s) Other (explain)
t) Total Weekly Expenses (a through s)
9. COUNSEL FEES
a) Retainer amount(s) paid to your attorney(s)
b) Legal fees incurred, to date, against retainer(s)
c) Anticipated range of total legal expense to litigate this action
to $
Page 2 of 4
10.ASSETS (attach additional sheet if necessary)
a) Real Estate
Location
Title held in the name of
Fair Market Value $
- Mortgage $
= Equity $
b) Motor Vehicles
- Motor Vehicle Loan $
c)IRA, Keogh, Pension, Profit Sharing, Other Retirement Plans: Financial Institution or Plan Name and Account Number
d) Tax Deferred Annuity Plan(s)
e) Life Insurance: Present Cash Value
f)Savings & Checking Accounts, Money Market Accounts, Certificates of Deposit-which are held individually, jointly, in the name of another person for your benefit, or held by you for the benefit of your minor child(ren):
Financial Institution or Plan Name and Account Number
g) Other (e.g. stocks, bonds, collections)
h) Total Assets (a through g)
11.LIABILITIES (Do not list expenses shown in item 8 above.)
a)
b)
c)
d)
Creditor
Nature of Debt
Date Incurred
Amount Due
Weekly Payment
$$
e) Total Liabilities
Page 3 of 4
CERTIFICATION
I certify under the penalties of perjury that the information stated on this Financial Statement and the attached schedules, if any, is complete, true, and accurate.
Date
Signature
INSTRUCTIONS: In any case where an attorney is appearing for a party, said attorney
MUST complete the Statement by Attorney.
STATEMENT BY ATTORNEY
I the undersigned attorney, am admitted to practice law in the Commonwealth of Massachusetts--am admitted pro hoc vice for the purposes of this case-and am an officer of the court. As the attorney for the party on whose behalf this Financial Statement is submitted, I hereby state to the court that I have no knowledge that any of the information contained herein is false.
(Signature of attorney)
(Print name)
B.B.O. #
Page 4 of 4
Filling out the Massachusetts Short Financial Statement form is a critical step in various legal and court processes. This document is designed to give a clear and comprehensive overview of an individual's financial situation. Whether you are navigating divorce proceedings, child support, or other family court matters, having an accurate and well-prepared financial statement can significantly impact the outcome. Below are step-by-step instructions to help you accurately complete the form.
After completing and signing the form, carefully review all sections to ensure that all information is accurate and complete. It's important to attach any required schedules or documents referenced in the form before submission. By following these steps, you can submit a comprehensive and accurate financial statement that reflects your current financial situation.
Who needs to fill out the Massachusetts Short Financial Statement form?
Individuals involved in Probate and Family Court proceedings in Massachusetts who have an annual income of less than $75,000 are required to fill out the Short Financial Statement form. If your annual income equals or exceeds $75,000, you must complete the Long Form Financial Statement, unless the court orders otherwise.
What information is required on the Short Financial Statement form?
The form requires detailed personal information, including your name, address, occupation, and employer details. You must also disclose your gross weekly income from all sources, itemized deductions from your gross income, net weekly income, and your expenses. Additionally, information regarding your assets and liabilities must be provided along with any legal fees and anticipated legal expenses.
Why do I need to provide so much detailed financial information?
This information is used by the court to make informed decisions regarding financial issues in family law cases, such as alimony, child support, and the division of property. Providing a complete and accurate financial picture ensures that the court's decisions are fair and based on current financial situations.
Do I need to attach any additional documents to the Short Financial Statement form?
Yes, you are required to attach a completed Schedule A if you are self-employed and Schedule B if you have income from rental property. Additionally, you should attach copies of all W-2 and 1099 forms for the previous year to verify your gross yearly income from the prior year.
What happens if I fail to disclose all sources of income?
Failing to disclose all sources of income or providing false information can have serious consequences. The court relies on the accuracy of this information to make judicial decisions. If it's found that you intentionally withheld information or lied on your financial statement, you could face penalties, including fines and contempt of court charges.
Can I fill out the form if my income exceeds $75,000 annually?
If your annual income equals or exceeds $75,000, you are typically required to complete the Long Form Financial Statement. However, there are instances where the court may allow or order you to fill out the Short Form instead. You should consult with a legal advisor or the court to determine which form is appropriate for your situation.
How do I calculate my weekly expenses?
Your weekly expenses should be calculated by averaging all of your monthly bills and financial obligations, such as rent or mortgage, utilities, food, transportation, and any other recurring payments. Divide the total monthly expenditure by 4.33 to find the average weekly expense. This will give the court a clear understanding of your living expenses.
What should I do if I'm unsure how to fill out certain sections of the form?
If you are unsure about any part of the form or how to accurately disclose your financial information, it's important to seek guidance. You may consult with a legal advisor or attorney, or reach out to the court's family law facilitator for assistance. They can provide you with the necessary information and guidance to ensure the form is completed correctly.
Is my personal and financial information kept confidential?
Yes, the information you provide on the Short Financial Statement form is filed with the court and is subject to privacy regulations. However, it may be accessed by the other party involved in your court case and their attorney. The court takes precautions to protect sensitive information, but you should be aware that the information you provide is not completely private.
When filling out the Massachusetts Short Financial Statement form, it is crucial to pay attention to the details to avoid common mistakes. Here are nine frequently made errors:
Not realizing the form's applicable income range: If your annual income equals or exceeds $75,000.00, you must complete the Long Form financial statement. Many overlook this detail, potentially submitting the incorrect form.
Failing to attach Schedule A for self-employment: Self-employed individuals must attach a completed Schedule A with their form. This is often missed, leading to incomplete disclosures.
Omitting or inaccurately reporting income: All sources of gross weekly income must be thoroughly and accurately disclosed. Sometimes, individuals forget to include part-time job earnings, overtime, or other sources like rental income.
Incorrectly calculating deductions: The form requires itemization of deductions from gross income, such as taxes and medical insurance. It's common to miscalculate these amounts or misunderstand what can be deducted.
Overlooking additional deductions from salary/wages: Beyond standard deductions, the form allows for reporting things like retirement plan contributions and savings. Failing to report these can inflate your reported net income inaccurately.
Forgetting to attach proof of last year's gross yearly income: Documents like W-2 and 1099 forms from the previous year are required but sometimes not attached, leaving a critical gap in the financial portrayal.
Underestimating weekly expenses: Accurately reporting weekly expenses, from mortgage or rent to groceries and child care, is essential. Many underestimate or forget to include specific categories, misrepresenting their financial status.
Not fully disclosing assets: The form asks for detailed information on various assets, including real estate and vehicles. People often fail to list all assets or correctly calculate their value.
Leaving liabilities section incomplete: Just as assets must be fully disclosed, so must liabilities. Neglecting to list all creditors and amounts due can give an inaccurate picture of financial obligations.
To ensure the most accurate and favorable representation of your financial situation, it's crucial to avoid these common pitfalls. Carefully reviewing your completed Massachusetts Short Financial Statement form before submission can make a significant difference in the outcome of your case.
When dealing with legal and financial matters, especially in a family court context within Massachusetts, there are multiple documents that may accompany the Massachusetts Short Financial Statement form. These documents provide further detail on an individual’s financial situation and are often necessary for a comprehensive review during legal proceedings.
Together with the Massachusetts Short Financial Statement, these documents form a comprehensive view of an individual's financial status. They are essential for the court to make informed decisions regarding financial obligations, asset division, and support in family law matters. Legal professionals and their clients must ensure that these documents are accurate, up-to-date, and complete when submitted to the court.
The Massachusetts Short Financial Statement form is similar to several other types of financial documentation used in legal and financial proceedings. These documents are critical for providing a comprehensive view of an individual's financial status. They are employed across different contexts, from divorce proceedings to bankruptcy filings, making their structure familiar to those who have undergone or are familiar with such legal processes.
Form 1040: U.S. Individual Income Tax Return The Massachusetts Short Financial Statement form shares structural similarities with the Form 1040, the U.S. individual income tax return form. Both require detailed income information, including wages, interest, and dividends, albeit for different purposes. The Short Financial Statement seeks to establish an individual's financial standing in a legal context, such as divorce or child support cases, while Form 1040 is designed for tax reporting. Nonetheless, both necessitate a detailed account of deductions, such as federal and state taxes, FICA, and Medicare deductions, providing a comprehensive picture of the individual's net financial position.
Schedule A (Form 1040): Itemized Deductions The section addressing itemized deductions in the Massachusetts Short Financial Statement form closely mirrors Schedule A (Form 1040) used for itemizing allowable deductions on a taxpayer's individual income tax return. Both documents require taxpayers to list specific deductible expenses that reduce their taxable income, such as medical and dental expenses, taxes paid, interest paid, gifts to charity, casualty and theft losses, and other miscellaneous deductions. This parallel structure facilitates a disciplined approach to accounting for outflows that impact one's net income and financial status.
Uniform Residential Loan Application Similar to the Massachusetts Short Financial Statement form, the Uniform Residential Loan Application is utilized by prospective borrowers to apply for a mortgage. Both forms require personal information, income details, and liabilities to evaluate financial health. They gather extensive data on assets and liabilities, including real estate owned, savings accounts, and outstanding debts, to assess the applicant's capability to meet financial obligations. While serving different purposes—one for family court proceedings and the other for securing a home loan—both forms play pivotal roles in financial vetting processes.
Federal Financial Statement Form for Bankruptcy The Federal Financial Statement Form used in bankruptcy filings is another document bearing resemblance to the Massachusetts Short Financial Statement. Both require a detailed disclosure of personal financial information, including assets, liabilities, income, and expenses. These forms are essential for evaluating an individual's financial standing and ability to pay debts. In bankruptcy proceedings, the financial statement informs the court and creditors about the debtor's financial capacity, paralleling the role it plays in family courts by informing judgments regarding alimony or child support.
When you're completing the Massachusetts Short Financial Statement form, it's important to do so with accuracy and attention to detail. Here are some essential dos and don'ts to guide you through the process:
When dealing with the Massachusetts Short Financial Statement, people often find themselves tangled in misconceptions, which can lead to unnecessary confusion or errors in their submissions. Let's clear up some of these common misunderstandings:
Understanding the intricacies of the Massachusetts Short Financial Statement is paramount in ensuring that you accurately convey your financial situation to the court. Dispelling these common misconceptions can aid in a smoother legal process, whether it's for divorce, child support, or another family court matter.
Filling out the Massachusetts Short Financial Statement form is a critical step in legal and financial proceedings within the state's Probate and Family Court system. It serves as a comprehensive snapshot of an individual's financial situation, crucial for cases involving child support, alimony, division of property, and other financial matters. Here are four key takeaways to ensure the process is managed accurately and efficiently:
Accuracy and honesty in filling out the Massachusetts Short Financial Statement are paramount. The certification at the end of the document requires the signer to affirm under the penalties of perjury that all information provided is complete, true, and accurate. This ensures that the court has a reliable basis to make fair and just decisions in the family law proceedings.
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