Why is exchanging a Statement of Net Worth so important?

A Statement of Net Worth contains all of a spouse’s expenses, income, assets and liabilities. In order to come to a reasonable settlement both parties need to fully understand what the other party has. This document is a roadmap of your spouse’s financial circumstances and paints a clear picture of what assets and liabilities need to be dealt with throughout the divorce proceedings. Without this disclosure it could be extremely unfair to a spouse who may not be as educated on the assets and liabilities of the marriage. A Statement of Net Worth is the only way to guarantee that every aspect of the marriage is included in the final Stipulation of Settlement.