What Financial Documents Will I Need During a High Asset Divorce?

 Posted on February 27, 2019 in High Asset Divorce

Going through a divorce tends to be a tumultuous and stressful time in a family’s life, so it is not uncommon for couples who are going through this life change to focus primarily on the emotional aspects of the dissolution. This instinct is to be expected, and in many ways, is even encouraged as a means of helping children and relatives transition to post-divorce life. However, it is also important for the parties involved to focus on the significant legal implications of dissolving a marriage. For instance, whether or not a divorcing couple has children, they will need to divide their marital property equitably and may also need to grapple with whether one spouse will be required to pay alimony. Ensuring that these determinations are fair to all parties requires effort from both spouses, which includes the compiling and organizing of important financial documentation. This can be an arduous process, especially for couples with significant or unique assets, so if you and your spouse are planning on filing for divorce, you should contact an experienced high asset divorce attorney who can help you get your documentation in order.

Gathering Financial Information

Being prepared with necessary financial documentation and paperwork can go a long way towards ensuring that any property settlement agreement proposed in negotiations or by a court is fair and equitable. The exact documentation that divorcing parties will be asked to produce depends in large part on their specific circumstances. For instance, couples with children may need to provide different paperwork than would a couple who has significant assets and no children. However, there are certain documents that almost every divorcing couple will be asked to produce, including:

• Income tax returns, often going back as far as five years;
• Employment information, such as pay stubs and W-2s;
• Bank statements;
• Loan documentation;
• Pension plan documents;
• Investment and retirement account statements; and
• Credit card statements.

Divorcing couples may also be asked to produce documentation related to any wills or trusts that they previously created. Documents detailing all of a couple’s assets will be necessary, including appraisals and financial affidavits, as will documentation related to expenses. If, for instance, a couple uses a daycare service, they would need to provide evidence of receipts or invoices that demonstrate the cost of those services.

Schedule a Consultation with a Georgetown High Asset Divorce Attorney

One of the most difficult aspects of collecting divorce-related paperwork is finding documentation that demonstrates income, expenses, and asset ownership over a period of time. Evidence of recent transactions and statements, while helpful, is usually not enough to create a financial picture accurate enough to support a property settlement agreement. For help collecting this documentation and preparing for your own divorce, please call 512-610-6199 to speak with one of the dedicated Georgetown high asset divorce lawyers at Powers and Kerr, PLLC today.

Source:

https://www.forbes.com/sites/jefflanders/2012/05/09/the-five-key-points-divorcing-women-need-to-know-about-financial-affidavits/#6006620911ec