The Massachusetts Short Financial Statement form, a crucial document in the Probate and Family Court, is designed for individuals with an annual income of less than $75,000. This form requires detailed information about one's income, expenses, assets, and liabilities to provide the court with a comprehensive financial overview. For those with income exceeding this threshold, the long form must be completed, unless otherwise directed by the court.
To ensure you accurately represent your financial situation to the court, consider filling out the form by clicking the button below.
Navigating through financial disclosures in legal proceedings within the Probate and Family Court Department in Massachusetts requires a comprehensive understanding of the Massachusetts Short Financial Statement form. This essential document serves as a crucial tool for parties with an annual income less than $75,000, detailing personal information, income sources, deductions, and weekly expenses to present a clear financial picture during legal disputes. The form meticulously categorizes income from various streams, including salary, part-time jobs, self-employment, and other potential sources, ensuring a thorough account of one's financial status. Deductions are itemized to calculate an adjusted net weekly income, showcasing the attention to detail necessary for accurate financial disclosures. Furthermore, the form extends into detailing weekly expenses, assets, and liabilities, offering a holistic view of an individual's financial posture. Its structured layout not only aids individuals in organizing their financial affairs but also assists the court in making informed decisions. Completion accuracy is underscored by a certification section, emphasizing the legal obligation to provide complete, true, and accurate information, underscoring the form's significance in the judicial process.
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
Page 1 of 4
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
Page 3 of 4
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. #
Page 4 of 4
Completing the Massachusetts Short Financial Statement form is an essential step in various legal and court processes, ensuring that financial information is accurately presented. This form is required for cases where the individual's annual income is less than $75,000.00. This document necessitates a detailed account of personal information, income, deductions, expenses, assets, and liabilities. The following guide aims to simplify the process, providing a clear, step-by-step approach to filling out the form correctly.
After accurately completing the Massachusetts Short Financial Statement form, ensure you retain a copy for your records before submitting it to the appropriate court. This document plays a crucial role in proceedings, underpinning the necessity for precision and truthfulness in the information provided.
What is the purpose of the Massachusetts Short Financial Statement?
The Massachusetts Short Financial Statement is a document used in the Probate and Family Court Department to provide a snapshot of an individual’s financial situation. It is often required in cases involving divorce, child support, and alimony to help the court understand the financial standing of the parties involved.
Who needs to file the Short Form Financial Statement in Massachusetts?
Individuals with an annual income of less than $75,000 are required to complete the Short Form Financial Statement. Those with an income equal to or exceeding this amount need to fill out the Long Form Financial Statement, unless the court decides differently.
What information is required on the Short Financial Statement?
The form requires comprehensive personal and financial information, including your name, address, employment details, gross weekly income from all sources, itemized deductions, net weekly income, yearly income from the prior year, weekly expenses, counsel fees, assets, and liabilities.
Are there any attachments required when submitting the Financial Statement?
Yes, you may need to attach additional schedules or documents to your Financial Statement, such as Schedule A for self-employment or Schedule B for rental income. You also need to attach copies of your W-2 and 1099 forms from the prior year to verify your gross yearly income.
How do deductions affect my net weekly income?
Your net weekly income is calculated by subtracting your total deductions from your total gross weekly income. Deductions include federal and state income taxes, FICA and Medicare, medical insurance, and union dues, among other potential deductions reported.
What should I do if I have health insurance coverage?
If you have health insurance coverage, you should indicate this on the form by checking the “Yes” box and providing the name of your health insurance provider. This information may be relevant in cases involving child support or spousal support.
Can I include child support or alimony that I receive in my gross weekly income?
Yes, child support and alimony received should be included under gross weekly income. This helps the court get an accurate picture of your total weekly receipts.
What happens if I don't accurately report my finances on this form?
Falsifying information on the Financial Statement is a serious matter and is considered perjury. It can lead to penalties, including fines and imprisonment, and will likely affect the outcome of your legal matter. It is crucial to provide complete, true, and accurate information.
Do I need a lawyer to complete the Massachusetts Short Financial Statement?
While it is not required to have a lawyer to complete this form, consulting with an attorney can help ensure that your financial statement is accurately filled out and that you are providing all necessary information. An attorney can also offer legal advice specific to your case.
One common mistake individuals make when completing the Massachusetts Short Financial Statement form is inaccurately reporting their gross weekly income. This part of the form requires a detailed accounting of all sources of income, including salary, wages, overtime, part-time jobs, self-employment income, and any other forms of earnings. People often forget to include intermittent sources of income, such as bonuses, dividends, or child support received. Ensuring that every source of income is accurately reported is crucial for the form's integrity and the legal proceedings it may influence.
Another error frequently encountered is misunderstanding or incorrectly filling out the deductions from gross income. This section demands an itemized list of specific deductions, such as federal and state income taxes, F.I.C.A., and Medicare. Mistakes happen when individuals either estimate these amounts without consulting their pay stubs or tax documents, or when they overlook certain allowable deductions. This can result in inaccurately stated net income, potentially affecting financial judgments.
When it comes to expenses, individuals often either underestimate or forget to include all their weekly expenses. The form requires detailed information about rent or mortgage, utilities, food, medical insurance, and other living expenses. Skimming over these details or not taking the time to accurately calculate these expenses can lead to a misrepresentation of one's financial situation. It's essential to carefully review and consider all weekly expenses to ensure a complete and accurate representation on the form.
Assets and liabilities are another area where mistakes are common. Individuals might not accurately assess the current fair market value of assets like real estate or motor vehicles or might fail to disclose all assets due to oversight or misunderstanding of what is required. Similarly, in the liabilities section, people often omit debts or inaccurately state the amount due or the weekly payment, which can lead to an incomplete financial picture.
Failure to attach required documentation is a critical error. The form instructs filers to attach a completed Schedule A for self-employment or Schedule B for rental income, as well as copies of all W-2 and 1099 forms for the prior year. Neglecting to include these attachments can result in the form being considered incomplete, leading to delays or complications in legal proceedings.
Last but not least, individuals often mistakenly believe they can complete the short form regardless of their income level. However, the instructions clearly state that if your income equals or exceeds $75,000.00 annually, you must complete the long form financial statement, unless otherwise ordered by the court. Ignoring this instruction can lead to the rejection of the form and necessitate additional work to correct the oversight. Attention to detail and thorough review of all instructions can prevent these common mistakes.
When dealing with family law matters in Massachusetts, particularly those that require the submission of a Financial Statement (Short Form), parties often need to provide additional information to fully represent their financial situation. This necessity stems from the court's requirement for a comprehensive understanding of each party's finances to make informed decisions regarding issues such as alimony, child support, and the division of assets and liabilities. The following list encompasses a range of documents frequently used alongside the Massachusetts Short Financial Statement form, each serving a unique purpose in painting a detailed financial portrait.
Together, these documents complement the Massachusetts Short Financial Statement form, enabling a thorough review of an individual's financial situation. By providing this additional documentation, parties in Probate and Family Court can ensure that decisions regarding financial matters are made with the best possible understanding of their unique circumstances.
The Uniform Financial Statement and Affidavit, commonly used in many courts for a variety of legal proceedings that require a detailed disclosure of a party's financial status, bears striking resemblances to the Massachusetts Short Financial Statement form. Both documents require individuals to provide comprehensive information about their income, including salary, bonuses, and any other earnings. They similarly mandate disclosures about personal expenses, assets, and liabilities to offer a complete financial picture. This thorough approach ensures that courts have access to requisite financial details that could influence decisions on matters such as child support, alimony, and division of assets.
The IRS Form 1040, the U.S. individual income tax return, is also akin to the Massachusetts Short Financial Statement form in several ways. While the IRS form is primarily for tax purposes, both documents require detailed income information from various sources, including wages, dividends, and retirement income. They also ask for deductions that can affect the net income calculation, such as federal and state taxes, which are crucial for determining tax liabilities and financial obligations in legal situations, respectively.
Personal Financial Statements (PFS) used by banks for loan applications share commonalities with the Massachusetts Short Financial Statement form. Both instruments gather detailed information on income, liabilities, and assets to assess an individual's financial health. The inclusion of details about real estate, motor vehicles, and other significant assets, along with liabilities such as loans and credit card debt, are essential for evaluating loan eligibility in the case of the PFS and for assessing financial capacity and obligations in legal proceedings with the Short Financial Statement.
The Free Application for Federal Student Aid (FAFSA) form, while distinct in purpose, has parallels with the Massachusetts Short Financial Statement form in terms of financial disclosure. Both forms require information on income and assets to determine financial eligibility – the FAFSA for student aid purposes and the Short Financial Statement for determining financial obligations in legal contexts. This information aids in understanding an individual's or family's financial position to make informed decisions regarding aid or legal financial responsibilities.
The Child Support Guidelines Worksheet, used to calculate child support obligations, shares similarities with the Massachusetts Short Financial Statement form as both require detailed financial information to ensure fair and adequate support calculations. Income details, including earnings from employment, self-employment, and other sources, are vital for these calculations. Both forms seek to establish fairness and adequacy in financial responsibilities, be it for legal proceedings or for the well-being of a child.
Filling out the Massachusetts Short Financial Statement is a crucial step in many legal processes involving family and financial matters. To ensure accuracy and completeness, here are some dos and don'ts to consider:
Do:
Don't:
Many people have misconceptions about the Massachusetts Short Financial Statement form used in the Probate and Family Court. It's essential to clear up these misunderstandings to ensure that individuals fill out and submit this form accurately.
Only income matters: A common misconception is that the form focuses solely on income. While gross weekly income is a significant part, the form also requires details about expenses, assets, liabilities, and monthly expenses to provide a comprehensive financial overview.
It’s optional for all income levels: Some believe that completing either the Short Form or Long Form Financial Statement is a matter of choice, regardless of their income. In reality, the Short Form is specifically for individuals with an annual income of less than $75,000. Those with higher incomes must complete the Long Form, unless the court orders otherwise.
All types of income are counted the same: Not all income is treated equally on the form. For example, public assistance like welfare, TAFDC, and SNAP are not included in the gross income calculation for child support purposes. This distinction is crucial for accurately reporting financial status.
Every detail of personal assets is required: While the form does ask for information on assets, it focuses on those with significant value such as real estate, motor vehicles, and retirement accounts. It does not require exhaustive details about every personal belonging.
Debt and expenses details are irrelevant: Contrary to this belief, the form has sections dedicated to both liabilities and weekly expenses. This information is essential to understand the individual's financial obligations and living expenses.
Health insurance details are optional: The form explicitly asks whether the individual has health insurance and, if so, requires the name of the health insurance provider. This is important for assessing an individual's financial responsibilities related to health care.
Legal fees are not considered: In fact, the form includes sections to detail legal fees already incurred and anticipated future legal expenses. This acknowledgment of legal expenses is critical for cases involving litigation.
Understanding the purposes and requirements of the Massachusetts Short Financial Statement form is crucial for accurately presenting one's financial picture in family and probate court matters. Clearing up these common misconceptions ensures more accurate and efficient legal processes for all parties involved.
When dealing with family law matters in Massachusetts, including divorce and child support cases, the Short Financial Statement form is a critical document that the Probate and Family Court often requires. Here are key takeaways to assist with filling out and using this form:
Accuracy and completeness are imperative when filling out the Massachusetts Short Financial Statement form. This document plays a vital role in informing the court's decisions regarding financial matters in cases like divorce, child support, and alimony.
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