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.
[A sample Section 10 of a Short Form Financial Statement appears on screen.]
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.
[A finger graphic points to section a) Real Estate.]
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.
["1111 Stark Ave, Boston, MA 02218" is written in the "Location" form field.]
Under Title Held, write in the person or people whose names appear on the deed.
["Sam Snow and Marcy Smith" is written in the "Title held in the name of" form field.]
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.
["$500,000" is written in the "Fair Market Value" form field with "from Redfin" written below it.]
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.
["$400,000 is written in the "Mortgage" form field, and "$100,000" is written in the "Equity" form field.]
If this number is negative, make sure you have a minus sign in front of the number.
[A finger graphic points to section b) Motor Vehicles.]
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.
["$15,000" is written in the "Fair Market Value" form field with an arrow from it pointing above where "from Kelley Blue Book, Resale Value" is written. "$10,000" is written in the "Motor Vehicle Loan" form field, and "$5,000" is written in the "Equity" form field. $0 is written in the second "Equity" form field below the first.]
[A finger graphic points to section c) IRA, Keogh, Pension, Profit Sharing, Other Retirement Plans.]
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.
[N/A is written in the section c form fields, and $0 in all the value form fields.]
[A finger graphic points to section f) Savings & Checking Accounts, Money Markey Accounts, Certificates of Deposit-which are help individually, jointly, in the name of another person for your benefit, or held by you for the benefit of your minor child(ren).]
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.
["Bank of America Savings Account" is written in the section f form field, $3,246 in the value form field next to it, and $0 in the value form fields under $3,246.]
[A finger graphic points to section g) Other (e.g. stocks, bonds, collections).]
If you have other assets, you can list them here. This may include furniture, jewelry, an ATV, silver, stereo equipment, and tools.
["N/A" is written in the section g form field, and $0 in the value form fields.]
[A finger graphic points to section h) Total Assets (a through g).]
Total assets. Add all amounts on lines A through G and write the total amount on this line.
["$108,246" is written in the section h form field.]