#2. Gather Your Financial Documents
This is the second installment of “Divorce. What You Need to Think About from a Financial Perspective”, which can be downloaded for FREE from makara-assoc.com.
You should have your financial documents in order prior to beginning the divorce process. Before you even go into the first appointment with your attorney, you should have a clear understanding of where you and your spouse stand financially. It is best to bring in your accountant or a professional to assist you in this step.
Both parties in a divorce will be required to complete a financial affidavit to determine your income and expenses. If you have your financial documents in order prior to completing this, it will save you a great deal of time and headache.
Here is a list of financial documents you will need to have in order:
- Occupation / name and address of employer
- Paycheck stubs for the past 6–12 months
- Tax returns, including W-2s, 1099s, and all attachments for the last three years Statements for all checking, savings, or other financial institution accounts for the last six months, including account numbers
- All insurance policies owned by either spouse, including the insurance company, policy number, policyholder, annual premium, and amount of the benefit
- Statement and/or plan description of any of the following in which either spouse has an interest:
- Profit-sharing
- Keogh
- Credit union accounts, certificates of deposit, brokerage accounts Annuities, pension, retirement plans, individual retirement accounts (IRAs) Deferred compensation
- Stock options
- Documentation relating to any safe deposit boxes held by either spouse
- Stocks or bonds owned by either spouse, including purchase date and purchase price
- Net worth or other financial statements created in the past 3–5 years for the purpose of obtaining a loan
- Prenuptial or postnuptial agreement
- Wills or trusts prepared for or on behalf of either spouse, or in which either spouse is a beneficiary
- Any inheritance or future interest in which either spouse has an interest
- Education costs for children, including: tuition, room and board, books, fees
- Any assets belonging to children
- Work-related child care expenses for all children
- Any written agreement relating to spousal or child support, custody, or marital property
- Deed, address, tax number, and legal description of any real property owned by either spouse
- Mortgage documents, tax assessments, real estate appraisals or tax bills for real property owned by either spouse
To read more about divorce planning click the eBook on the right to download it FREE from our website. If you have further questions about what documents you should bring please feel free to contact me online or call (239) 384-9688 in Naples and (239) 768-5008 in Fort Myers.
-Mark
