Personal Financial Statement

A Personal Financial Statement is a form that details your finances and can be used in various legal proceedings and also for seeking a loan from the bank.

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Personal finances are, as implied, a personal matter. There are instances in life when you have to provide an honest overview of the current state of your financial situation.

If you've ever applied for a mortgage, you probably know your financial standing is one of the first things to come up.

A Personal Financial Statement is similar to any other financial statement, such as one prepared by a corporation. A personal statement's primary goal is to obtain a clear and unbiased assessment of an individual's financial health.

What Is a Personal Financial Statement?

A Personal Financial Statement explains in detail an individual's financial situation. However, it is also important to note that not all Personal Financial Statements are the same.

In most cases, a financial statement will contain the person's earnings. It may be used to calculate different earnings, such as child support payments. At the same time, it may not list expenses and liabilities.

However, for a bankruptcy application, a lot more information is usually required. Essentially, a person's financial statement gives a clear picture of their net worth, which is the difference in total assets and total liabilities. If the liabilities' value is higher than that of the assets, one would have a negative net worth.

Other Names for Personal Financial Statement

Depending on your state, a Personal Financial Statement may also be known as:

  • Financial Affidavit

  • Financial Statement Affidavit

  • Financial Declaration

  • Statement of Net Worth

  • Case Information Statement

  • Financial Affidavit for Support

  • Family Law Financial Affidavit

  • Confidential Financial Affidavit

  • Affidavit of Financial Information

Who Needs a Personal Financial Statement?

You don't need to prepare a Personal Financial Statement for no reason. As you know, your financial circumstances will change over time.

If you are to prepare one, the statement is equivalent to your sworn testimony on paper, which can be used instead of an in-person testimony in court. A court may use your Personal Financial Statement to adjudicate cases involving divisions of assets, child support, and other family court matters.

Finally, a Personal Financial Statement may be required for loan applications or the leasing of commercial properties.

Why Use 360 Legal Forms for Your Personal Financial Statement?

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Create your own documents by answering our easy-to-understand questionnaires to get exactly what you need out of your Personal Financial Statement.

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All you have to do is fill out a simple questionnaire, print, and sign. No printer? No worries. You and other parties can even sign online.

How to Create a Personal Financial Statement with 360 Legal Forms?

It can be challenging to know exactly where to start with creating a Personal Financial Statement. The information contained will also depend on what you need it for in the first place.

For a non-professional to prepare a statement independently, it can be too easy to forget a crucial detail and omit something by accident. It wouldn't serve you any good to provide insufficient information on a financial statement.

Let 360 Legal Forms help with our extensive library of attorney-vetted legal forms. The process is fast and easy. All you have to do is fill out our easy-to-understand questionnaire. Once complete, simply download your form as a PDF or Word document from your secure online account.

What Information Will I Need to Create My Personal Financial Statement?

To create your document, please provide:

  • Personal Information: Your name and address

  • The Effective Date: The date that the document goes into effect

  • Employment Information: Exact name of your employer and address

  • Income: The amount of your base salary as supported by past pay stubs

  • Other Sources of revenue: Which may include rental income, pension, government assistance

  • Expenses: Grouped under categories of monthly expenses

  • Assets: Personal assets like your house, car, bank account, and stocks

Personal Financial Statement Terms

  • Affiant: The person who is creating the financial statement

  • Liabilities: The affiant's debts and other financial obligations

  • 401(k): The affiant's employer-sponsored retirement savings account

Personal Financial Statement Signing Requirements

Before signing your Personal Financial Statement, you might need to take it to the notary public. While notarization is not required by law, the institution asking for your financial statement might ask for it to be notarized.

Make sure you have all the supporting documents and verify the numbers. After signing the form (and getting it notarized), you're guaranteeing all the information provided is accurate.

What to Do with Your Personal Financial Statement?

When you create your Personal Financial Statement on 360 Legal Forms, you can download as many copies as you need.

After signing your Personal Financial Statement, the next step is to forward it to the court, bank, or whichever entity it's intended. You'd also have to provide a copy to your spouse or the legal representative in a divorce proceeding.

Frequently Asked Questions

First, you do not have to have a Personal Financial Statement unless it’s needed. If requested by a court, you might have to appear in court and answer questions in place of a properly executed Personal Financial Statement. At which point, you'd have to recite your assets, liabilities, and all sources of income. But it is also possible for a court to assign your income, which is rarely a good thing.

A resounding yes, as you’re swearing to the accuracy of everything in your financial statement. In a court proceeding, you could face perjury charges for any inaccuracy that may result in civil or criminal charges. Lying on your Personal Financial Statement can and will be discovered. In the case of child support determination, additional penalties may be incurred.

Yes, you can always update your Personal Financial Statement. If you recall a relevant detail that you forgot to include, you can ask your attorney to add an annex to the statement. In a family court proceeding, you'll be required to update to your financial situation periodically, such as to update your child support liability. And in a divorce proceeding, if legal expenses affect your assets significantly to the negative, the court would take that into account.

An income verification letter is requested of your employer for forwarding to an entity for the purpose of disclosing your annual income and employment status. A prospective landlord or lender may request such a letter, for example. Unlike a Personal Financial Statement, it's not a testimony and it doesn't include your personal assets and liabilities.

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Applicable to all 50 states
Applicable to all 50 states

Our documents are vetted by lawyers and are applicable to all 50 states.