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Simple English definitions for legal terms
income-and-expense declaration
Read a random definition: pact
A quick definition of income-and-expense declaration:
Income-and-Expense Declaration: A paper that tells a judge how much money a parent makes, what they own, what they spend money on, and what they owe. This paper is used in court when deciding how much child support a parent should pay. It is also called a financial statement.
A more thorough explanation:
An income-and-expense declaration is a document used in family law cases, specifically in child-support litigation. It contains information about a parent's income, assets, expenses, and liabilities. This document is also known as a financial statement.
- John and Jane are going through a divorce, and they need to determine child support payments. As part of the process, they both fill out an income-and-expense declaration to provide information about their finances.
- Samantha is seeking child support from her ex-husband. She submits an income-and-expense declaration to the court to show her financial situation and request a fair amount of support.
These examples illustrate how an income-and-expense declaration is used in family law cases to provide financial information. It helps determine child support payments and ensures that both parties are aware of each other's financial situation.