When couples divorce in New York, part of the procedure usually entails completion of a Statement of Net Worth. This document is often referred to as a financial affidavit. Though this paperwork may look like "just another set of forms," it is actually a critically important element of your divorce process.

Why should you pay careful attention to your Statement of Net Worth? Because, the information it contains will likely affect nearly every aspect of your divorce settlement.

When filling out your statement, you will be asked to report your income, assets, liabilities and expenses. It is imperative that you not guess or estimate when reporting this information.

Most importantly, you will be asked to swear under oath that the information you have entered on these forms is correct. Providing incorrect, misleading or incomplete information may be considered perjury.

Nearly as critically, the information you report will affect the terms of your divorce settlement. Everything, from asset division to spousal and child support, will be calculated in accordance with the information reported on this paperwork. If you are unsure of something and estimate incorrectly, it could affect the entire financial outcome of the settlement.

If you are at all confused or unsure about how to fill out this paperwork, it is important to ask an experienced professional for help. Failing to do so may result in perjury or an inaccurate or inadequate divorce settlement.

If the complex nature of this paperwork seems daunting, do not fret. A solution exists which can help you report your financial situation with confidence. Check back later this week as we discuss the process of "Lifestyle Analysis."

Source: Forbes, "Why a Lifestyle Analysis Is So Critically Important For Divorcing Women," Jeff Landers, Feb. 12, 2012