What You Need To Know: Financial Statements in Montgomery County, Maryland

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Thank you for joining me today. My name is LaSheena Williams and I am a Maryland family law attorney. My firm helps our clients take control of out-of-control domestic situations. Today, we will be discussing financial statements and your family law matters in Maryland.

What Is A Financial Statement?

A financial statement is a declaration you make to the court. Depending on the type of financial statement, it should typically include your monthly income, your child-related expenses, and sometimes it may include certain assets and liabilities. 

What Is The Purpose Of A Financial Statement?

The purpose of the financial statement is to make sure that the fact finder in your case, whether it’s a magistrate or a circuit court judge, is aware of what your monthly expenses and your monthly income is so that they can make a determination regarding certain issues in your case. Those issues may be regarding child support or they might be regarding spousal support, such as alimony, or even whether or not the court should award attorney’s fees

What Are The Types Of Financial Statements? 

There are two different types of financial statements in Maryland. The first type of financial statement is a short form financial statement. It’s a very brief synopsis regarding your monthly gross income and your monthly child-related expenses such as: health insurance for your children, child care, private school if any, transportation expenses and so on. Whereas a long-form financial statement is a more in-depth view regarding your monthly child-related and personal related expenses as well as your gross income, certain liabilities, and certain assets.

Additional Financial Statement Considerations 

There are a few key considerations you should keep in mind when dealing with financial statements for your family law related matters in Maryland. First, you have an ongoing duty to supplement. If for some reason, you have a particularly long case or if your financial circumstances have changed, you have a duty to supplement your financial statement with the court. The second consideration you should keep in mind when dealing with financial statements in your family law matter is that deadlines matter. If a magistrate or circuit court judge requires that you provide a financial statement by a certain point, you must provide your financial statement by that deadline. If you fail to provide your financial statement, you may be prohibited from seeking certain relief from the court or you may also be sanctioned and that may have a negative impact on your family law case. The final major consideration you should keep in mind when dealing with financial statements in your Maryland family law case is that cooperation matters. If you assert that you have certain expenses it’s your duty to provide proof of that expense to the court. The court is under no obligation to assume your blind assertion is sufficient so if you say that you have an ongoing child support expense for a different child, you may want to support that assertion with a child support order or bank statements that reflect that ongoing payment. 

Contact An Experienced Maryland Divorce Attorney Today For Your Financial Statement In Montgomery County, Maryland

If you have any questions about financial statements in Maryland or any other domestic related issue please feel free to give me a call at (301) 778-9950 to speak with an attorney today. 

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