Your Divorce Worksheets: How to Figure Out Your Net Worth & Net Income

Once you have itemized every single thing you own with your spouse in the asset column, then indicate the spouse who owns it or if all is owned jointly you just tick down the JOINT column. Then indicate the VALUE of the asset in the last column.

How to Complete Your Divorce Worksheet: The Items You Need to Include

So figuring out your net worth is very important before you even see your divorce attorney and it is very easy to do even if you don’t have a math brain.

First, you create four columns on a piece of paper (or if you do it in Word you just create a table with four columns or just do an Excel spreadsheet). The first column would be for  ASSETS the next would be WIFE/HUSBAND and the next, JOINTLY OWNED and the last column would be VALUE. In the last column you put the estimated value of the asset. Easy, right? And then you list all the assets in your marriage. Assets can be tangible and intangible meaning it can be touched but sometimes it is intellectual or “untouchable.” Examples of assets include:

  • Bank accounts
  • Rental property owned by you or spouse
  • Vacation house
  • Patents
  • Jewelry
  • Safety Deposit Boxes
  • Websites that create income
  • Books and other authorship that produce income (Royalties)
  • Stocks
  • Bonds
  • Cars and other vehicles
  • Furniture
  • Artwork
  • Certificates of Deposits
  • REITs
  • Life Insurance policies
  • Profit Sharing Accounts
  • Businesses
  • Other assets

Once you have itemized every single thing you own with your spouse in the asset column, then indicate the spouse who owns it or  if all is owned jointly you just tick down the JOINT column. Then indicate the VALUE of the asset in the last column.

  • After that, you create another table – a similar one – for the LIABILITIES in your marriage.  The four columns would be LIABILITY, HUSBAND/WIFE, JOINTLY OWED, AMOUNT. Examples of liabilities include:
  • Home mortagages
  • all outstanding loans
  • business debts
  • home equity line of credit
  • Credit Cards
  • car loans
  • other liabilities

So you then add up all the assets and then add up all the liabilities and you subtract the liabilities from the assets and this is your networth. Hopefully that will be a positive number and not a negative one. It is an important number for your lawyer to know.

You should also figure out your NET INCOME before going to your lawyer and for this you also create a four column table. In the first column you put INCOME and this could be your salary from your job, royalty income, rental income, interest income, etc. Then there is a column for SPOUSE and there is a column for JOINT and one for AMOUNT. You would check which spouse earns which income and if it is joint you check the joint column, and indicate the amount in the AMOUNT column.

After, you would do the same for your EXPENSES each month. What are the things that are expenses? For example:

  • Food
  • Rent
  • Mortgage payments
  • Gas
  • Car payment
  • Insurance
  • Outings
  • Child care
  • other expenses

Subtract your expenses from the income. This is your net income. This number will be important for your lawyer to know.

Author: Marion TD Lewis

Divorce Coach Marion TD Lewis is a licensed attorney in New York and Georgia. She serves as legal counsel and international correspondent for Divorce Saloon International, Inc. As Editor in Chief of Divorce Saloon, she also writes a Q&A column on general divorce topics. Marion is the original founder of Divorce Saloon which she started in 2006 as a local NYC attorney blog. Divorce Saloon has since evolved and is the world's first Divorce Newspaper with contributions from divorce professionals around the world. contact Ms Lewis at contact@divorcesaloon.com if you are seeking a divorce coach. (Please note that Ms Lewis' advice column does not constitute legal advice and that no attorney/client relationship exists without a signed retainer between the attorney and said client.)