A surprising number of individuals don't take the financial statement seriously, only to be surprised when their financial statement is scrutinized by the opposing party or the judge. When we receive a financial statement prior to a court hearing, we compare the income versus the expenditures, as well as to any previous financial statements. In addition, we review whether the opposing party has listed items such as interests in trusts and businesses, digital assets, patents, valuable collections, and whether the reported income is consistent with previous tax returns and loan applications.
When you sign a financial statement, you are signing under oath that it is complete, true, and accurate. When the opposing party shows the judge that your financial statement is misleading, your credibility comes into question. As countless grade school teachers have lectured, honesty is the best policy.