Filling out your asset and debt statement

Parties to a divorce proceeding need to file two financial statements with the Court.  Those statements are Income and Expense Statements, and Asset and Debt Statements.  You can find both on the Third Circuit Family Court forms page.

Many people do not understand what needs to be included in their asset and debt statements. In Hawaii, during a divorce proceeding, both parties are required to provide a comprehensive list of all their assets and debts in the form of asset and debt statements. This requirement encompasses all property, regardless of whether it is individually or jointly owned. 

The purpose of these statements is to ensure a fair and equitable distribution of assets and liabilities between the parties. It is crucial that the information provided is accurate and complete, as it forms the basis for negotiations and court decisions regarding the division of property. Failure to disclose all assets and debts can lead to legal consequences and may impact the final settlement.