This video is intended only to provide general legal information about how to fill out a Short Form Financial Statement.
The information in this video is not intended to be relied upon as legal advice. For legal advice you should consult an attorney.
By continuing with this video, you are agreeing to the statement above.
Paragraph 10 – Assets
This section asks you to list your assets and calculate their value.
If you do not have an asset, indicate it by writing N/A under the Asset, and $0 for the value on the right side of the page. This is the only section in the Short Form Financial Statement where you should ever write N/A.
If you own a home or land (commonly referred to as real estate), whether with someone else, or by yourself, even if it out of state or in another country, you must list it in this section. For Location, you can write in the full address. Under Title Held, write in the person or people whose names appear on the deed. For Fair Market Value, it is very important to note how you came up with this number, whether it is a formally appraised value, an internet site like Redfin or Zillow, or another source. Next to Mortgage list the unpaid balance with the bank, and then subtract the Mortgage from the Fair Market Value, to come up with the Equity. If this number is negative, make sure you have a minus sign in front of the number.
If you own a car, you can look up the Fair Market Value by using a website site as Kelley Blue Book or Edmunds. Please note whether in your estimate you are using the value for a resale, trade in value, or an average of those. Write a note if you are using a site such as Kelley Blue Book or Edmunds.
Line f) If any of the following categories such as retirement funds, annuities, life insurance, savings and checking account apply to you, you can note their value here. If you are listing specific accounts, such as a bank savings account, you can list the name of the Bank, such as “Bank of America Savings Account” and the current balance. You do not need to list out the entire account number.
Line g) If you have other assets, you can list them here. This may include furniture, jewelry, an ATV, silver, stereo equipment, and tools.
Line h: Total assets. Add all amounts on lines A through G and write the total amount on this line.