How to Fill Out a Statement of Household Expenses and Contributions

A Statement of Household Expenses and Contributions serves as a comprehensive financial snapshot of an individual’s or family’s economic situation. This detailed document itemizes all sources of income, regular expenditures, assets, and liabilities. Its primary purpose is to provide a clear, verifiable record of financial standing, frequently utilized in various legal proceedings. For example, it is often required in family law matters such as divorce or child support cases, bankruptcy filings, or probate proceedings to assess financial capacity and obligations.

The statement ensures transparency and provides a standardized format for financial disclosure to the court or other parties involved. It helps decision-makers understand the financial landscape of a household, enabling equitable determinations regarding asset division, support payments, or debt restructuring. Accurately completing this statement is a truly fundamental step in navigating these legal processes.

Gathering Your Financial Information

Before beginning to complete a Statement of Household Expenses and Contributions, it is necessary to compile a thorough collection of financial records. This preparatory step also ensures that all reported figures are accurate and verifiable. Begin by gathering documentation related to all sources of income, including recent pay stubs, W-2 forms, 1099 forms, and tax returns from the past one to three years, as these provide a comprehensive view of earnings.

Next, collect records for all regular expenses. For housing costs, obtain mortgage statements or rent agreements, along with property tax assessments and homeowner’s insurance policies. Utility bills, such as electricity, gas, water, and internet, should be gathered for at least the past 12 months to establish an average. Vehicle loan statements, auto insurance policies, and records of transportation costs like fuel and maintenance receipts are also important.

For other recurring household expenditures, assemble bank statements and credit card statements for the past 12 to 24 months. These documents are very helpful for identifying and quantifying variable expenses like groceries, dining out, personal care, entertainment, and clothing. Additionally, compile statements for any insurance policies beyond home and auto, such as health, life, or disability insurance. Loan documents for student loans, personal loans, or other debts, along with recent statements, are also important for detailing liabilities.

Finally, gather information on all assets, which include bank account statements for checking and savings accounts, investment account statements for stocks, bonds, or mutual funds, and retirement account statements like 401(k)s or IRAs. Documentation for real estate holdings, vehicle titles, and any other significant personal property should also be readily available. Having these documents organized and accessible streamlines the process of accurately completing the financial statement.

Step-by-Step Form Completion

With all financial documents carefully gathered, the next phase involves accurately transferring this data onto the Statement of Household Expenses and Contributions form. The form typically begins with sections dedicated to personal identification and household composition, requiring basic demographic details for all individuals residing in the household. Ensuring all names, addresses, and relationships are correctly entered establishes the foundation for the financial disclosures that follow.

The income section requires a precise accounting of all gross and net income from every source. This includes wages, salaries, bonuses, commissions, self-employment income, rental income, pensions, social security benefits, and any other regular receipts. For each income source, specify whether it is received weekly, bi-weekly, semi-monthly, or monthly, and then convert all figures to a consistent monthly total. For instance, if an individual earns $1,500 bi-weekly, the monthly income would be calculated as $1,500 multiplied by 26 pay periods per year, then divided by 12 months, resulting in approximately $3,250 per month.

Following income, the form generally moves to a detailed breakdown of expenses, often categorized into fixed and variable costs. Fixed expenses, such as rent or mortgage payments, property taxes, and insurance premiums, are typically straightforward to report as they remain consistent month-to-month. Enter the exact monthly amount for each of these items.

For variable expenses, which fluctuate, such as groceries, utilities, and transportation, it is important to calculate a reliable monthly average. This is achieved by totaling the expenses for each category over a 6 to 12-month period and then dividing by the number of months included in the calculation. For example, if total grocery spending for the past 12 months was $12,000, the monthly average would be $1,000.

Beyond basic living expenses, the statement will require reporting of specific recurring obligations, such as child care costs, medical expenses not covered by insurance, and educational expenses. Provide the monthly amount for each of these categories, often requiring supporting documentation like invoices or payment schedules. The form also allocates sections for detailing liabilities, including credit card balances, personal loans, student loans, and any other outstanding debts. For each liability, list the creditor, the current balance, the minimum monthly payment, and the interest rate.

The asset section requires a comprehensive listing of all owned property and financial instruments. This includes liquid assets like cash in checking and savings accounts, and investments such as stocks, bonds, and mutual funds. For real estate, provide the current fair market value and any outstanding mortgage balances. Vehicles should be listed with their make, model, year, and approximate current market value. For assets like retirement accounts (e.g., 401(k)s, IRAs), list the account type and the current balance, specifying if there are any penalties for early withdrawal.

Ensure that all fields are completed, even if the amount is zero, indicating that the category has been considered. This practice confirms that all financial aspects have been reviewed.

Finalizing and Submitting Your Statement

Once all sections of the Statement of Household Expenses and Contributions have been completed, a thorough review is important before submission. Carefully check every entry for accuracy, completeness, and consistency with your supporting financial documents. Verify that all calculations, especially averages for variable expenses and conversions of income to monthly figures, are correct. Any discrepancies or omissions could lead to delays or require additional clarification.

After verifying the accuracy of all financial data, the statement must typically be signed. Many jurisdictions require the statement to be signed under penalty of perjury, affirming the truthfulness of the information provided. Depending on the specific legal context or court requirements, notarization of your signature may also be necessary. A notary public will verify your identity and witness your signature, adding an extra layer of legal authentication to the document. It is advisable to confirm notarization requirements with the court clerk or your legal counsel.

Before submitting the original document, make several copies for your personal records and for any other parties involved in the proceeding, such as opposing counsel. This ensures you have a complete record of what was submitted and can refer to it if questions arise. The methods for submission vary by jurisdiction and court, but commonly include in-person filing at the court clerk’s office, mailing the document via certified mail with a return receipt requested, or electronic filing through an authorized online portal. Some courts may also require a filing fee, which typically ranges from $50 to $400, depending on the court and the type of case.

After submission, it is prudent to retain proof of filing, such as a stamped copy from the clerk’s office or a mailing receipt. While specific follow-up procedures vary, you might receive a confirmation of receipt, or the document may simply be added to your case file for review by the court or other parties. Be prepared for potential questions or requests for additional information if any details require clarification or further substantiation.