When going through the complex process of divorce, it is essential to be ready with the necessary financial documents. Failing to gather these can lead to delays, disputes and even unfair settlements.
As you consider divorce, you may wonder what financial documents you need to help ensure a smoother process. What financial information should you collect, and how can it impact your divorce proceedings?
Income and employment documents
Gather documents related to your income, including pay stubs, W-2 forms and tax returns. This is critical in helping determine spousal support and child support payments. Additionally, collect documents related to your employment, such as contracts, bonuses and benefits.
List of assets and debts
Make a list of all your assets, including real estate, vehicles and personal property. Also, gather documents related to all your debts, such as credit card statements and mortgages. This can help determine property division and debt allocation.
Expense papers
In addition, collect documents related to your expenses, including utility bills, insurance premiums and other financial obligations. Examples of other relevant expense papers include credit card statements, loan payments and receipts for major purchases or costs. This can also help determine payments for spousal support and child support.
Business files
If you or your spouse own a business, gather files pertaining to business income, expenses and valuations. Further, collect files related to investments, such as stock portfolios. Also, include documents related to business loans, partnerships or other financial agreements.
Working toward achieving a fair settlement
By collecting financial documents, you can be more equipped to go through the divorce process and work toward achieving a fair settlement. However, the legal process can be daunting.
By seeking the advice of a legal advocate, you may study your options and make informed decisions. Additionally, having legal guidance may help you better protect your rights and interests as you go through the complexities of divorce and face the challenges that lie ahead.