Having the proper documents and facts when deciding on a divorce can save you thousands of dollars in cash as well as potential heartbreak during custody matters. We discuss below what we suggest that you have in hand as well as a second set safely held by a safe deposit box, or trusted family member. Do not take chances.. make extra copies and have everything in order.
Here are the things you must have:
1. Statement of Income (ALL) Not only will your income statements be needed but those of your spouse will be needed to have on hand. Have the last two years tax returns even if filed together. If a business is involved, all the statements are needed.
2. Bank Account Statements Nothing more important than having all the bank account statements upfront. This takes any of the suspicion away as everything is in black and white. If you can get all the statements from the beginning of the marriage then great!
3. Credit Cards – All Statements Often spouses might hide a card or two with sometimes huge balances. Avoid this and get a hold of all credit card statements from the past month to ensure what is what.
4. 401k & Pension Statements Thousands of dollars could be locked up in this area so do not overlook it on both sides. The other spouse will not forget so you should not as well. Contact the company who holds the 401k or pension and find out the specifics.
5. Real Estate Documents Single biggest asset you have is a home (most times) and you would want to make sure the documents relating to any homes, apartments, condos, land or other real estate are accounted for. Any taxes or monies paid on such real estate should also be documented. Anything related to mortgages, liens or tax burdens should also be in hand.
Even though this documentation process will be time intensive, lawyers know it is well worth it to be prepared for any challenges, rulings and court dates you may have. Not being fully prepared is a sure way to end up on the short end of a ruling.
By: Joseph Knuden