The Importance of Accuracy on Your Financial Statement | Family Law in Maryland | Andalman & Flynn Law Firm
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BE HONEST! The Importance of Accuracy on Your Financial Statement

Aug 30, 2016 | Family Law

One of the most difficult and frustrating aspects of any family law case is the completion of the Maryland long-form financial statement, which is required by Maryland courts whenever spousal support is requested. We always ask that clients review the previous twelve months of bank and credit card statements to obtain an average cost spent on various expenses in order to properly document those expenses, but on occasion clients ask why accuracy is so important. Just recently, an opposing party learned the hard way of why accuracy is paramount.

For assistance with matters regarding family law, contact the family law attorneys at Andalman & Flynn for assistance in Montgomery County, Maryland.

Why Does Your Financial Statement Need to Be Accurate?

While judges understand the variation people experience in their day-to-day finances, those same judges want a clear picture of each party’s finances to determine levels of support to be paid/received. If they feel as though one party has inflated their expenses to receive a higher level of support or avoid paying a higher level of support, they have the ability to completely alter a party’s financial statement if they determine an attempt to inflate such expenses. In our case, a judge marked up the party’s financial statement and decreased monthly expenses by almost $3,000 in order to justify the support level ordered to be paid to our client. Needless to say, you do not want a judge feeling as though you are being dishonest with the court.

While financial statements can be arduous and time-consuming, it is extremely important to be honest and accurate when documenting expenses. Remember to always have supporting documentation that lends credence to the expenses you list on your statement. If not, judges tend to be very unforgiving in their rulings.

Family Law Attorneys in Montgomery County, Maryland

At the law firm of Andalman & Flynn, we always impress upon our clients the idea that divorce is as much a new beginning as it is an ending. Hiring the right family law attorney to represent your best interests in your divorce is essential to ensuring you will have the freedom, happiness, and financial independence you deserve in your new life.

If you need representation for your family law case in Maryland or would like assistance completing your financial form, please contact our family law attorneys or call 301-563-6685 to set up an initial consultation.

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