Financial Documents and Divorce

To file for divorce, a spouse does not need any financial documents, but at some point during a divorce, a couple must make a financial disclosure before the divorce can be finalized. This normally means a thorough description of income, expenses and assets and liabilities.

Normally, financial documents are recorded in financial statements. These are court forms detailing finances. To do so, both spouses need a variety of documents, including recent tax returns, pay stubs, bank statements, insurance policies, title documents, property deeds and expense receipts.

When the decision to divorce has been made, a party should gather every piece of information about what they own and what they owe, both as a couple and individually.
On the asset side this includes, but is not necessarily limited to, the following: checking and savings accounts, mutual funds and money market accounts; real estate records, including the marital home and second homes and unimproved land; personal property, such as automobiles, furnishings, collections (art, stamp, coin); stocks, bonds, annuities, retirement plans, including pensions and profit sharing; accrued vacation time, medical savings accounts; other valuable personal property, life insurance and season tickets. On the debt side, this includes, but is not necessarily limited to, records of credit cards, vehicle loans, mortgages and home equity loans, promissory notes, student loans and other debt.

Divorcing spouses need all the financial information that they would have used, if instead of divorcing, they were going to a financial planner to plan their golden years.

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