If you’ve started working on your Asset and Debt Statement for a Hawaii divorce, you already know it’s one of the most important — and most tedious — documents in the entire process. The Family Court relies heavily on this statement to understand what you own, what you owe, and how property should be divided. Small errors can create big problems later, from delayed hearings to disputes that could have been avoided entirely.
Here are the mistakes I see most often, and how to steer clear of them.
- Leaving Out Assets You Don’t Think “Count”
Many people assume the Asset and Debt Statement is only for major assets — the house, retirement accounts, vehicles. In reality, the court wants a complete picture. That includes smaller items like frequent flyer miles or points programs with cash value, timeshares or fractional ownership interests, cryptocurrency holdings, business equipment or inventory, and personal property of significant value like jewelry, art, or collectibles.
Also, you must include ALL assets owned on the date the Asset and Debt Statement is signed, whether owned separately or jointly, and whether you brought them into the marriage or acquired them during the marriage.
Leaving something out — even unintentionally — can raise questions about full disclosure later in the case. When in doubt, list it.
- Guessing at Values Instead of Verifying Them
It’s tempting to estimate what your house, vehicle, or retirement account is worth. But guesses can work against you, especially if the other party’s numbers don’t match yours. Where possible, use a recent statement for retirement, investment, or bank accounts; get a professional opinion of value for real estate if it hasn’t been appraised recently; and check current market value, not purchase price, for vehicles.
Consistent, documented values reduce the chances of disputes and follow-up discovery requests.
3. Forgetting To List Debts
The Asset and Debt Statement isn’t only about what you own — it’s equally about what you owe. People sometimes focus so heavily on assets that they under-report debts, including credit card balances, personal loans from family members, outstanding medical bills, tax liabilities, and business debts if you own or co-own a business.
An incomplete debt picture can distort the overall division of the marital estate, sometimes in ways that hurt the person who left something off.
4. Not Updating the Statement When Circumstances Change
Divorce cases can take months. If your financial picture changes significantly during that time — a new job, a paid-off loan, a sold asset — your statement may need to be updated. Submitting a statement that’s already out of date by the time of a hearing can create confusion or the appearance of inconsistency, even when nothing improper occurred.
5. Trying to Handle It Alone When the Estate Is Complicated
A straightforward statement — a couple of bank accounts, a car, no real estate — is often manageable to complete on your own or with general guidance. But if your situation includes a business, significant retirement assets, real estate in multiple states, or property acquired before the marriage, the stakes of getting it right go up considerably. In those cases, it’s worth having an attorney review the statement before it’s filed, even if you’re handling other parts of your case yourself.
Getting It Right the First Time
A thorough, accurate Asset and Debt Statement does more than satisfy a court requirement — it protects you. It reduces the chances of disputes, follow-up discovery, or the other side questioning your credibility over avoidable mistakes. If you’re in the middle of preparing yours and want a second set of eyes before you file, that’s exactly the kind of focused help I can offer.
Judy S. Howard, Esq. is a Hawaii family law attorney based in Waimea, focusing on divorce and pre- and postnuptial agreements. She is also a Certified Divorce Real Estate Expert (CDRE), helping divorcing couples navigate real estate decisions with clarity and neutrality. The information provided in this blog post is for general informational purposes only and does not constitute legal advice. Reading this post does not create an attorney-client relationship between you and Judy S. Howard. Laws vary by jurisdiction and change over time, and the application of law to any particular situation requires individual legal analysis. If you need legal advice, please consult a licensed attorney directly.