As a family court practitioner, the statement of assets and liabilities has become an integral part of my intake meetings with clients. This statement is required to be filed with the family court for any matter. My clients are asked to complete a first draft with their "homework" and I use that draft for several things.
First, and most practically, I review the document for accuracy with relation to the family dynamics, the parties' employment status, the parties' occupations, and the number of dependents. I can tell relatively quickly whether a family is living beyond their means, and in what ways will things need to change in order to support two households.
When I receive the Statement from the opposing party, I use the document to determine what assets my client may not be aware of in the other party's control, and also what assets that party may not have listed at all or listed differently than my client.
In my opinion, it happens all too often that attorneys let clients complete the document, the attorney do not thoroughly review the document but files as completed by the client, and it later becomes an integral part of my cross examination later when issues become contested.
The document is signed by a party under oath, and it can used by the court as evidence. If a person over values or undervalues their assets, those incorrect numbers can be used against them later. These documents can be amended throughout the process, but an attorney should be very careful to make sure this document is done correctly the first time! As soon as something is filed, it is considered "fair game" when the battle begins.
Let us answer any questions you may have about marital assets and how those might be divided if you are considering divorce.
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