What Is The Formula For Calculating Required Minimum Distribution Rhode Island Divorce – The Confusing DR-6 Financial Form

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Rhode Island Divorce – The Confusing DR-6 Financial Form

If you are in a Rhode Island Divorce proceeding you will be notified on a form known as the DR-6. This form requires you to provide various financial details. It must be included in any new divorce proceeding in the Rhode Island Family Courts and many people find it to be one of the most annoying tasks of their divorce.

The DR-6 form you MUST file when you file your Rhode Island Divorce Complaint is a Statement of Assets and Financial Liabilities. It is usually a single page with a front and back that must be completed. The front side of the form contains your assets and income and the back side of the form contains your expenses and liabilities. It is generally understood that you only put your specific information on this form.

For example, on the front side of the form, under income you will put your income if you are employed or any income you receive personally. You couldn’t compromise your salary and your partner. In a Rhodes divorce it is important that the family court judge has an idea of ​​what your marital income is and what assets you have or want to be interested in now that your marriage has broken down. This helps the court by providing information that the judge may consider important to the equitable distribution of the marital estate between you and your husband.

The upper part of the first page of the DR-6 Financial Form / Statement of Assets and Liabilities is covered by entering information from weekly, bi-weekly or monthly income in the various boxes located in the middle of the form. salary.

The rest of the front end of the DR-6 financial form requires information about health and life insurance, bank accounts and assets such as the value of your home or other property, tangible property, retirement accounts (ie 401k, 403b, IRA’s, Pension) and vehicles.

Except for the income portion of the front side of the DR-6 the rest of the form requires information that can be shared. For example, if you have a joint bank account with your spouse you can put down this account and the amount in the account because you both “own” that bank account as an asset. However, it would be wise to note on the form that it is a “joint” bank account. If you are rounding the value of anything, you may want to put the text “approx.” next to the number or “best approx.” to your best guess as to what you believe the value might be.

The reverse side of this form is necessary for your Rhode Island Divorce form is the costs and expenses information. This provides information on your current financial picture. In other words, specifically what you are paying now.

The reverse of the DR-6 form is often misunderstood for good reason. Many people fill out multiple columns because there are weekly, bi-weekly and monthly columns on the form. This happens even though the form indicates that you only need to select one column. One column should be selected and everything calculated based on that one column. So, you have to calculate everything up to monthly, weekly or bi-weekly. . . whatever works best for you.

The bottom of the form provides a final calculation box, showing the minimum amount you need to meet your obligations. This is something that often confuses clients because it seems to tell them to put in everything they are responsible for, OR everything that has their name as a liability, OR part of everything they say they are interested in. which has a charge on it. The fear is that the judge will order the client to pay for additional items that they did not include on their DR-6 form and will leave the client with no money to pay.

Divorce in Rhode Island is difficult enough without having to stress about a confusing form. This form is intended to be updated throughout the divorce process as often as necessary to keep the court up to date on the changing financial circumstances of each party. It is used by Rhode Island family court judges to help make recommendations about equitable distribution of assets and fair distribution of debts between parties. It is also used to determine income for child support purposes. This form can be very useful in determining whether the income and debt obligations between the parties support a possible decision by the court to have a deferred sale of the matrimonial home if there are minor children of the parties and income and assets. enough groups to maintain a home and groups living separately.

The DR-6 form can be, and often is, confusing. It’s not something customers should really stress about. Just take the time to present your current financial picture, give a best estimate where exact numbers are impossible and/or information is unavailable and make sure you notify your attorney and update the form if your financial picture changes.

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