Personal Financial Statement

A Personal Financial Statement is a form that details your finances and can be used in various legal proceedings and also for seeking a loan from the bank.

 

Personal finances are, as implied, a personal matter. There are instances in life when you have to provide an honest overview of the current state of your financial situation.

If you've ever applied for a mortgage, you probably know your financial standing is one of the first things to come up.

A Personal Financial Statement is similar to any other financial statement, such as one prepared by a corporation. A personal statement's primary goal is to obtain a clear and unbiased assessment of an individual's financial health.

What Is a Personal Financial Statement?

A Personal Financial Statement explains in detail an individual's financial situation. However, it is also important to note that not all Personal Financial Statements are the same.

In most cases, a financial statement will contain the person's earnings. It may be used to calculate different earnings, such as child support payments. At the same time, it may not list expenses and liabilities.

However, for a bankruptcy application, a lot more information is usually required. Essentially, a person's financial statement gives a clear picture of their net worth, which is the difference in total assets and total liabilities. If the liabilities' value is higher than that of the assets, one would have a negative net worth.

Other Names for Personal Financial Statement

Depending on your state, a Personal Financial Statement may also be known as:

• Financial Affidavit

• Financial Statement Affidavit

• Financial Declaration

• Statement of Net Worth

• Case Information Statement

• Financial Affidavit for Support

• Family Law Financial Affidavit

• Confidential Financial Affidavit

• Affidavit of Financial Information

Who Needs a Personal Financial Statement?

You don't need to prepare a Personal Financial Statement for no reason. As you know, your financial circumstances will change over time.

If you are to prepare one, the statement is equivalent to your sworn testimony on paper, which can be used instead of an in-person testimony in court. A court may use your Personal Financial Statement to adjudicate cases involving divisions of assets, child support, and other family court matters.

Finally, a Personal Financial Statement may be required for loan applications or the leasing of commercial properties.

Why Use Swyftfilings for Your Personal Financial Statement?

Customized for you, by you

Create your own documents by answering our easy-to-understand questionnaires to get exactly what you need out of your Personal Financial Statement.

Right for your state

Each document on Swyftfilings is customized for your state.

How to Create a Personal Financial Statement with Swyftfilings?

It can be challenging to know exactly where to start with creating a Personal Financial Statement. The information contained will also depend on what you need it for in the first place.

For a non-professional to prepare a statement independently, it can be too easy to forget a crucial detail and omit something by accident. It wouldn't serve you any good to provide insufficient information on a financial statement.

Let Swyftfilings help with our extensive library of attorney-vetted legal forms. The process is fast and easy. All you have to do is fill out our easy-to-understand questionnaire. Once complete, simply download your form as a PDF or Word document from your secure online account.

What Information Will I Need to Create My Personal Financial Statement?

To create your document, please provide:

• Personal Information: Your name and address

• The Effective Date: The date that the document goes into effect

• Employment Information: Exact name of your employer and address

• Income: The amount of your base salary as supported by past pay stubs

• Other Sources of revenue: Which may include rental income, pension, government assistance

• Expenses: Grouped under categories of monthly expenses

• Assets: Personal assets like your house, car, bank account, and stocks

Personal Financial Statement Terms

• Affiant: The person who is creating the financial statement

• Liabilities: The affiant's debts and other financial obligations

• 401(k): The affiant's employer-sponsored retirement savings account

Personal Financial Statement Signing Requirements

Before signing your Personal Financial Statement, you might need to take it to the notary public. While notarization is not required by law, the institution asking for your financial statement might ask for it to be notarized.

Make sure you have all the supporting documents and verify the numbers. After signing the form (and getting it notarized), you're guaranteeing all the information provided is accurate.

What to Do with Your Personal Financial Statement?

When you create your Personal Financial Statement on Swyftfilings, you can download as many copies as you need.

After signing your Personal Financial Statement, the next step is to forward it to the court, bank, or whichever entity it's intended. You'd also have to provide a copy to your spouse or the legal representative in a divorce proceeding.

Depending on your state, a Personal Financial Statement may also be known as:

If you need to formalize agreements and ensure legal compliance, this document is an essential tool.

Create your own documents by answering our easy-to-understand questionnaires to get exactly what you need out of your Personal Financial Statement.

Laws vary by location. Each document on Swyft Forms is customized for your state.