Divorce comes with various tasks to complete to start the next chapter of your life. Did you add gathering essential documents to your to-do list?
American Bar Association breaks down financial paperwork spouses need to dissolve their marriage. Get organized, so you may get on with the legal process and the next phase of your life.
The discovery process
During divorce’s discovery process, you build a framework for your financial health. The court divides assets, assigns child support and spousal support, and assigns liabilities.
To stay on the right side of the law, spouses must share all their assets and income. Withholding knowledge is not the same as not knowing what information to provide. Sometimes, spouses do not know some employer fringe benefits qualify as marital income.
The financial documents
Prepare to share your Arkansas and federal income tax returns for the last three years. You need intangible personal property tax returns and trust/partnership tax returns. Gather third-party financial statements, loan applications, checking account statements and credit card account statements.
If you own a business, you must provide specific company paperwork. Collect accounting paperwork, company stock transactions, written offers for company stock and buy-sell contracts.
The forensic accountant
Either you or your soon-to-be former spouse may hire a forensic accountant. The financial professionals study how each spouse uses marital funds, your lifestyle and your ability to pay spousal support. If you suspect your spouse of hiding assets, work with a forensic accountant to uncover them.
Check all the boxes when gathering financial information for your divorce. That way, you take care of your post-divorce monetary needs.