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Monday, November 21, 2016

Net Worth Affidavit Form Revised Effective August 1, 2016



The Affidavit of Net Worth Form which is required to be served by both parties, pursuant to DRL §236 [B] [2]  and 22 NYCRR §202.16(b),  was revised effective August 1, 2016. The new form, which is gender neutral,  includes new categories of expenses and removes certain expense categories. The most significant change is that it requires that the value of assets and the amount of liabilities and debts shall be listed as of “date of commencement” of the action in addition to the “current amount.”

Other significant changes in the form include new sections under “Liabilities“ for “Credit Card Debt” and “Home Equity and Other Lines of Credit;” former Item VII, Support Requirements, was removed; and former item VIII  Counsel Fees was removed and replaced with the following:

         “VII. LEGAL & EXPERT FEES

Please state the amount you have paid to all lawyers and experts retained in connection with your marital dissolution, including name of professional, amounts and dates paid, and source of funds.  Attach retainer agreement for your present   
attorney.”

The parties are now required to indicate if the net worth statement is not the first one they have filed. The following language appears at the end of the form:

“This is the _______ Statement of Net Worth I have filed in this proceeding.”

        It appears that item 12.1 Contingent Interests (stock options, interests subject to life estates, prospective inheritances) contains a confusing typographical error.  It requires the affiant to list  "g. source of acquisition to acquire. ”  However, it is clear from the balance of the assets portion of the form  that this was meant to read “Source of funds to acquire”, a term used throughout the form. 

The Net Worth Affidavit form can be downloaded in pdf, word and fillable format from http://www.nycourts.gov/divorce/forms.shtml

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