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What is a Joint Financial Statement?
Joint Financial Statements can help save time when you're consulting with a professional such as an attorney, financial planner, estate planner, real estate agent, or broker. They can also be useful when you are starting a new business, preparing to buy real estate, getting divorced, or working on your estate plan. If you're planning to apply for a loan, lease, or a line of credit, having a financial statement prepared can help demonstrate creditworthiness and increase your odds at getting approved. Moreover, keeping track of all your assets and liabilities in a single financial snapshot can help when having conversations about money and the future.
Note: If you are single, a Personal Financial Statement may be more appropriate for your situation.
When to use a Joint Financial Statement:
- You're married and applying for a joint loan or line of credit.
- You're getting divorced and need to inventory all your financial assets and liabilities.
- You're making your estate plan and want to make sure your account for all your assets.
- You're meeting with an attorney, financial advisor, or other professional who needs your financial portfolio.
- You want to figure out what your assets and liabilities are.