The Massachusetts Short Financial Statement form is a simplified document used in the Probate and Family Court to provide a snapshot of an individual's financial situation. This form is typically required for those whose annual income falls below $75,000, allowing them to disclose their income, expenses, assets, and liabilities efficiently. If you need to complete this form, click the button below to get started.
The Massachusetts Short Financial Statement form plays a crucial role in various legal proceedings, particularly within the Probate and Family Court system. Designed for individuals whose annual income is below $75,000, this form simplifies the process of disclosing financial information. It gathers essential personal details, including your name, Social Security number, and contact information. Additionally, it requires a comprehensive overview of your income sources, from salaries and wages to any self-employment earnings or public assistance. The form also captures your weekly expenses, detailing everything from housing costs to child care, thus providing a clear picture of your financial obligations. Furthermore, it outlines your assets and liabilities, allowing the court to assess your financial standing accurately. Completing this form accurately is not just a procedural requirement; it is vital for ensuring fair outcomes in legal matters such as divorce, child support, or custody disputes. Understanding each section of the form can help you present your financial situation effectively, paving the way for informed decisions by the court.
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
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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 $
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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
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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. #
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Filling out the Massachusetts Short Financial Statement form is an essential step for individuals involved in legal proceedings regarding family matters. This form collects financial information that helps the court understand the financial circumstances of the parties involved. After completing the form, you will need to submit it to the court along with any required attachments, such as W-2 and 1099 forms from the prior year.
The Massachusetts Short Financial Statement form is a document used in the Probate and Family Court. It provides a snapshot of your financial situation, including your income, expenses, assets, and liabilities. This form is typically required in cases involving child support, alimony, or other financial matters.
If your annual income is below $75,000, you should complete the Short Financial Statement. However, if your income meets or exceeds this threshold, you will need to fill out the Long Financial Statement unless the court instructs otherwise.
The form requests various personal and financial details, including:
To find your net weekly income, you start with your adjusted net weekly income and then subtract any additional deductions from your salary or wages. This will give you a clear picture of your take-home pay.
If you have other sources of income, such as rental income or self-employment earnings, make sure to include them in the appropriate sections of the form. Attach any necessary schedules to provide a complete overview.
Yes, do not list expenses that are already covered in the section for weekly expenses. Only include liabilities, such as debts or loans, that are separate from your regular living expenses.
If you realize you've made a mistake after submitting the form, you can typically file an amended statement. It's important to ensure that all information is accurate to avoid complications in your case.
You will need to attach copies of your W-2 and 1099 forms from the previous year. Additionally, if you have income from self-employment or rental properties, include any relevant schedules to support your claims.
Yes, you must certify that the information provided is complete and accurate. This certification is a legal statement, and providing false information can lead to serious consequences.
Once completed, submit the form to the appropriate Probate and Family Court. Make sure to check if you need to file it in person or if electronic submission is allowed.
Failing to provide complete personal information. Individuals often overlook filling in all fields, such as their Social Security number or contact information, which can delay processing.
Incorrectly reporting income sources. Some may forget to include all sources of income, such as child support or rental income, leading to an inaccurate financial picture.
Not attaching required documentation. Missing W-2 or 1099 forms for the prior year can result in a request for additional information, prolonging the process.
Miscalculating weekly expenses. Individuals sometimes underestimate or overestimate their expenses, which can affect the court's understanding of their financial situation.
Failing to account for deductions accurately. Some may neglect to include all deductions from income, such as union dues or retirement contributions, which impacts net income calculations.
Omitting liabilities or debts. Individuals might forget to list all creditors or debts, which can lead to an incomplete financial assessment.
Not signing or dating the certification section. This oversight can render the entire form invalid, causing further delays.
Using outdated or incorrect forms. Submitting an older version of the financial statement can result in rejection or requests for resubmission.
The Massachusetts Short Financial Statement form is an essential document used in family law cases, particularly for individuals who need to disclose their financial situation to the court. Alongside this form, there are several other documents that may be required to provide a comprehensive view of one's financial status. Below are four common forms and documents that often accompany the Short Financial Statement.
Having these documents ready can streamline the process of financial disclosure in court. They not only support the information provided in the Short Financial Statement but also ensure that all financial aspects are accurately represented. Being thorough and precise with these forms can significantly impact the outcome of your case.
The Massachusetts Long Financial Statement is a more comprehensive document used when an individual's annual income meets or exceeds $75,000. It requires detailed disclosures about income, expenses, assets, and liabilities. While the Short Financial Statement focuses on essential financial information, the Long Form delves deeper into financial circumstances, allowing for a more thorough assessment by the court. This distinction is crucial for cases involving significant financial considerations, such as child support or alimony.
The Child Support Guidelines Worksheet is another document that shares similarities with the Massachusetts Short Financial Statement. It is specifically designed to calculate child support obligations based on the financial information provided by both parents. Like the Short Form, it requires detailed income disclosures but is tailored to ensure that child support calculations are fair and equitable. Both forms aim to provide the court with a clear picture of each parent's financial situation to facilitate informed decisions regarding support obligations.
The Financial Affidavit is often used in divorce proceedings and is similar in purpose to the Short Financial Statement. It requires individuals to disclose their income, expenses, assets, and liabilities to the court. While both documents serve to inform the court about a person's financial status, the Financial Affidavit may be more detailed in certain areas, particularly concerning debts and obligations. Both forms are essential for ensuring transparency in financial matters during legal proceedings.
The Income and Expense Declaration is a document used in family law cases, much like the Massachusetts Short Financial Statement. It requires individuals to report their financial circumstances, including income sources and regular expenses. This declaration helps the court understand the financial dynamics of a case, particularly in matters of spousal support or child custody. Both documents aim to provide a snapshot of an individual's financial health to support fair legal outcomes.
The Statement of Net Worth is another form that is comparable to the Massachusetts Short Financial Statement. It is often used in divorce cases to outline an individual's financial position, including assets and liabilities. While the Short Form emphasizes weekly income and expenses, the Statement of Net Worth focuses on the overall financial picture. Both documents are critical in helping the court assess an individual's financial stability and obligations during legal proceedings.
Lastly, the Bankruptcy Schedule of Assets and Liabilities shares similarities with the Massachusetts Short Financial Statement in that it requires a detailed account of an individual's financial situation. This document is used in bankruptcy proceedings to disclose all assets and debts. While the context is different, both forms aim to provide a complete and accurate representation of an individual's finances, ensuring that the court has the necessary information to make informed decisions.
When filling out the Massachusetts Short Financial Statement form, it is essential to follow specific guidelines to ensure accuracy and compliance. Here are eight important do's and don'ts:
Here are ten misconceptions about the Massachusetts Short Financial Statement form, along with explanations for each:
When filling out the Massachusetts Short Financial Statement form, several important considerations come into play. Here are key takeaways to guide you through the process:
Completing this form with attention to detail will facilitate a smoother process in court proceedings. Always double-check your entries for accuracy before submission.