If you are involved in a divorce, child support, custody, or modification case in Massachusetts, you will almost certainly be required to complete a Financial Statement for the Probate and Family Court.
This form is a sworn statement signed under the pains and penalties of perjury. Judges rely heavily on it when deciding child support, alimony, attorney’s fees, and property division. Failure to provide accurate and complete information can affect your credibility at trial and, in severe cases, may expose you to a claim of perjury.
Below is a practical guide to completing the Financial Statement correctly and avoiding common mistakes.
Step 1: Use the Correct Form
Massachusetts has two versions of the Financial Statement:
Short Form – If your gross income is under $75,000 per year
Long Form – If your gross income is $75,000 or more per year
The standard forms may not have enough space to list all of your income, expenses, assets, and liabilities. You should add additional pages if necessary so that all information is fully disclosed. Make sure totals from any additional schedules are clearly carried over to the main form.
Step 2: Gather Your Documents Before You Start
Completing the form is generally easier if you are a W-2 employee. If you are self-employed, additional preparation is required. “Self-employed” includes individuals who operate as sole proprietors or who own a one- or two-person corporation, LLC, or partnership.
Before filling out the form, gather:
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Last year’s personal tax return, including all schedules and attachments
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If self-employed: three years of personal tax returns
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If you own a business entity: three years of tax returns for the entity
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Recent pay stubs (at least 3–4)
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Bank statements
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Retirement account statements
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Mortgage statements
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Credit card statements
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Health insurance cost information
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Childcare expense documentation
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If self-employed: detailed records of income and business expenses
Being organized saves time, reduces stress, and minimizes errors.
Step 3: Income — Be Precise
The income section is where many people make mistakes. You must report gross income, not take-home pay.
Include all sources of income, such as:
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Salary and wages
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Overtime
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Bonuses
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Commissions
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Self-employment income (attach Schedule A)
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Rental income (Attach Schedule B for each rental property)
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Social Security
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Pension income
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Unemployment benefits
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Disability income
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Side work or gig income
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Employer-paid benefits (such as retirement contributions, FSA/HSA contributions, or other compensation)
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Stock options and equity compensation
If your income fluctuates, use a reasonable average and explain your calculation in a note at the end of the Financial Statement.
If you are self-employed, you must complete the self-employment schedule. If you own income-producing real estate, complete a real estate schedule for each property.
Step 4: Weekly vs. Monthly Numbers
Many sections of the Financial Statement require weekly figures. Exhibits A and B use monthly or annual figures, which must be converted to weekly amounts before being entered on the main form.
Common mistake: entering monthly numbers where weekly numbers are required.
To convert:
Monthly amount × 12 ÷ 52 = weekly amount
Annual amount ÷ 52 = weekly amount
If you mistakenly enter monthly figures instead of weekly figures, you could end up with a support order that is significantly higher than intended.
Step 5: Expenses — Be Honest and Realistic
List your actual weekly living expenses, including:
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Housing (rent or mortgage)
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Utilities
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Groceries
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Transportation
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Insurance
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Medical costs
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Childcare
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Student loans
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Credit cards
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Cell phones and internet (may be combined, but explain if you do so)
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Trash removal and recycling
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Streaming services (Netflix, Disney+, YouTube, Amazon Prime, etc.)
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Membership services (Costco, BJ’s, Amazon, grocery delivery services)
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Dining out and entertainment
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Disability or long-term care insurance
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College savings contributions
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School tuition, books, and fees
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Transportation (car rentals, airfare, Uber, Lyft)
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School transportation
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Extracurricular activity expenses
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Babysitters
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Before- and after-school programs
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Summer childcare or camps
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Personal care (haircuts, grooming, massages etc.)
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Gifts
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Pet expenses (food, veterinary care, medication)
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Landscaping
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Snow removal
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Cleaning services
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Regular contributions to savings
Do not inflate expenses. Do not guess. If you are unsure of the exact numbers, review bank and credit card statements.
Compare your total weekly expenses to your weekly income. If your expenses exceed your income, you must explain how the difference is being covered — such as increased credit card debt or financial assistance from a family member.
If your post-separation expenses differ significantly from your pre-separation lifestyle, consider listing prior expenses separately for clarity.
Credibility matters in Probate Court.
Step 6: Assets — List Everything
You must disclose all assets, even if you believe they are “non-marital.”
Include:
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Bank accounts
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Retirement accounts
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Pensions
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Real estate
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Vehicles
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Business interests
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Stocks and brokerage accounts
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Stock options
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Contractual rights
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Cryptocurrency
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Valuable personal property
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Trust interests
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Frequent flyer or credit card reward points
Even if an asset is in your name alone, it must be listed. Indicate whether the asset is jointly owned. List the full value of the asset and clearly identify the portion that belongs to you. Use end notes if clarification is necessary.
Step 7: Liabilities — List All Debts
Include:
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Credit card balances
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Personal loans
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Student loans
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Tax debts
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Medical debts
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Home equity lines of credit
If a debt is joint, clearly indicate that.
Step 8: Attach Required Documentation
The court requires that you attach your most recent W-2 forms and 1099 forms.
Failure to attach required documents can delay proceedings or result in sanctions.
Step 9: Sign Under the Pains and Penalties of Perjury
This language is not symbolic. Knowingly misrepresenting income or hiding assets can seriously damage your credibility and affect the outcome of your case.
You can expect that your Financial Statement will be compared with tax returns, bank records, and other financial documents. Inconsistencies are often discovered.
You should expect to file updated Financial Statements whenever you appear in court. Each updated version must be as accurate and complete as the first.
Practical Tips from Court Experience
Do not leave blank lines. Insert $0.00 or “N/A” where appropriate. Use end notes to explain anything that is unclear or unusual. If you expect your income or expenses to change in the near future, explain that.
Judges care more about accuracy than perfection. Clean, organized, and typed Financial Statements increase credibility. Inaccurate or incomplete information will hurt your case. Hidden assets almost always surface. Some judges may award undisclosed assets to the other spouse.
The Financial Statement is the financial backbone of your case. Take the time to prepare it carefully. Doing it correctly the first time can significantly affect the outcome of your divorce or family law matter.
