Parties seeking a divorce in Massachusetts are entitled to full financial disclosure from one another. This obligation is fulfilled primarily through the Massachusetts Financial Statement, a sworn affidavit that must be signed under the pains and penalties of perjury. Both spouses are generally required to complete and exchange their respective Financial Statements to provide a clear and truthful account of their financial circumstances.

In Massachusetts, there are two versions of the Financial Statement: The Short Form (for those earning less than $75,000 annually) and the Long Form (for those earning $75,000 or more annually). These forms include key details such as the docket number, demographic and employment information, as well as data about minor children. The forms itemize weekly expenses (not monthly), including costs related to housing, food, transportation, insurance, childcare, and taxes. They also require disclosure of weekly income from all sources—such as wages, self-employment, disability, investments, pensions, and government benefits.

Additionally, the Financial Statement requires parties to list their assets and liabilities in detail. This includes real estate, bank accounts, retirement plans, business interests, loans, credit card debts, and any other financial obligations. The form may also include information about recent transfers of assets, expected legal or professional fees, and ongoing support needs or obligations.

These statements are exchanged either voluntarily through attorneys, or as part of court-mandated discovery during litigation or mediation. In contested cases, Massachusetts Probate and Family Court rules require the filing and exchange of Financial Statements before temporary orders hearings, pretrial conferences, or settlement discussions. The court may also issue additional discovery orders, including the production of three years’ worth of tax returns, pay stubs, bank statements, retirement account records, and other documentation necessary to verify the information provided.

Failure to submit an accurate and timely Financial Statement can result in judicial sanctions, delayed proceedings, or adverse rulings. The court may also order appraisals or expert valuations to determine the value of significant assets such as real estate, closely held businesses, retirement accounts, or professional degrees. Complete and honest disclosure is essential to ensuring a fair and equitable division of assets, liabilities, and support responsibilities in a Massachusetts divorce.