What is a Statement of Income and Expenses?

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What is a Statement of Income and Expenses?

A statement of income and expenses is a required document in Missouri divorce cases that details all of your personal income, deductions, and monthly expenses. This document is required to determine the financial responsibilities of the parties in a divorce case, not only to each other, but also in regards to their children. The document is used throughout the case at not only the settlement conferences, but also during any hearings that deal with financial issues.

It is critical that a statement of income and expenses is properly filled out. If there are inconsistencies in your statement then it can drastically affect the amount of child support and alimony that is awarded in your case. If the numbers do not match up, then the Judge will potentially question the truthfulness of the statistics in your statement of income and expenses.

The statement of income and expenses can typically be forgotten and glossed over by clients in the divorce process. Many clients assume that their case will end quickly or will be settled easily. Even if this is the case, you will never be hurt by properly filling out your statement of income and expenses. You can make the situation much easier on yourself by compiling all of your personal financial statements prior to filling out your statement so that you are as educated on your financial information as possible.