Divorce Preparations
Preparation: Anyone facing a possible divorce should begin making some preparations. The first step (when time allows) is to gain information on every significant asset and debt. You may find that once a divorce becomes inevitable or is filed, documents go missing and file cabinet cleared. Lacking that financial information is especially dangerous if the other spouse has managed most of the money, finances and records.
Access to Information: This seems to always lead to another issue...What about assets and debts that are only in the other spouse's name or control. If you are collecting financial information, can you "break in" to your spouse's safe, file cabinet or bank account? That is always a difficult question and you should only do something like that after speaking with an attorney - particularly if your name is not on the account. However, the fact that the property is only in the other spouse's name is not nearly as important as whether it is a marital asset. You can not "break in" to something you already own or owe (a credit card). Example: Husband deposits paycheck into joint bank account and then transfers funds to a separate account only in his name. The separate account holds marital property that the wife has an interest even though she has no access.
Checklist: Below is a checklist of items generally sought by a divorce attorney in the early stages of a case. Note that this is a very basic list. The more assets, sources of income or liabilities you have, the more information is needed.
Access to Information: This seems to always lead to another issue...What about assets and debts that are only in the other spouse's name or control. If you are collecting financial information, can you "break in" to your spouse's safe, file cabinet or bank account? That is always a difficult question and you should only do something like that after speaking with an attorney - particularly if your name is not on the account. However, the fact that the property is only in the other spouse's name is not nearly as important as whether it is a marital asset. You can not "break in" to something you already own or owe (a credit card). Example: Husband deposits paycheck into joint bank account and then transfers funds to a separate account only in his name. The separate account holds marital property that the wife has an interest even though she has no access.
Checklist: Below is a checklist of items generally sought by a divorce attorney in the early stages of a case. Note that this is a very basic list. The more assets, sources of income or liabilities you have, the more information is needed.
- Federal and State Income Tax Returns (personal and business),
- Proof income: W-2’s, 1099’s, and pay stubs (year-end and current),
- Social Security Statements (you can order online at: https://www.ssa.gov/myaccount/),
- Bank and Credit Card Statements,
- Pension/401(k)/Investment Account Statements (current and balance at date of marriage),
- Stock certificates and info on options, bonds, mutual funds, annuities or any other financial asset,
- Real estate documents including, recent mortgage/home equity line statements, deeds, lien information, closing statements, appraisals or market studies,
- Car, boat, motorcycle titles and any loan information,
- Life insurance policies,
- Information on any debts or asset held by either party even if you think it is not marital property or only in the name of the other party,
- If one spouse may seek alimony (maintenance), then a copy of resumes for both parties or an education and job history for both.
How far back do you go? That really depends on the circumstances. Current and most recent information is always needed. Past information for 2-3 years is generally requested in contested cases. Whenever possible, you should get specific information on assets and debt balances close to the date of marriage; information on large gifts or inheritances; information on contributions to or from non-marital assets; and finally information on balances around the date of any separation.