What financial documents should you have prior to divorce?

What financial documents should you have prior to divorce?

| Jun 21, 2021 | blog, Divorce

Getting a divorce may go a lot smoother when you prepare as much as you can prior to filing. One way to prepare is to gather critical financial documents and organize them for accessibility.

Separating your finances and transitioning back to independence will take time. Getting started with your organization may expedite the process of reaching a settlement so you can move on with your life.

Income and investments

Depending on the length of your marriage, your standard of living and whether or not both of you work, you could have considerable shared income and investments. These may include banking accounts, retirement benefits, pension plans and residual income from real estate holdings.

You can acquire documents that reflect the worth and frequency of your income and investments. According to U.S. News, if you do not know enough about your finances, you may lose money that you could potentially gain in a settlement. Having a general awareness of where your money comes in and where it goes out can help you protect your future.

Assets and debts

Sharing financial responsibilities with another person often means sharing debt. This could include a home mortgage, business expenses and family vehicles. Obtaining documents that show which debts you still owe and their related payment history may help the divorce process go more smoothly. Similarly, having documents that list your shared assets may also speed things up.

With all applicable financial documents in order, you can focus your effort on other tasks. When you know your financial situation, you can verify that your settlement is both fair and representative of your contribution to the relationship.