Financial Information to Collect in Preparing for Divorce

/in /by

Choosing a non-adversarial divorce method like Collaborative Divorce or Divorce Mediation is a good idea for many reasons.  One reason is that it will save you time and money. You can further keep costs down by being organized and gathering the financial information you will need to collect in the divorce process.  Don’t worry if you are not able to collect all of the information right away.  Your collaborative attorney or mediator will guide you through the process.

Documents you will need for your divorce:

         TAX RETURNS filed within last 3 years

Include IRS Forms W-2, 1099 and K-1 for last 3 years

.   PAY STUBS for your most recent pay period, if typical

Make a note of your pay period is.  Is it every other week? Twice per month?

        BANK STATEMENTS – most recent for each account

a.       Also note any cash located elsewhere

b.      Note who owns each account.  Is the account joint or in the name of one spouse or the other?

        BROKERAGE STATEMENTS for most recent period

a.       What is the current value

b.      Note who owns the account. Is it joint or in the name of one spouse or the other?

        CREDIT CARD STATEMENTS for most recent period if there is a balance not paid in full monthly.

a.       If you pay the full balance each month the current balance is not important.

b.      Who is the named borrower on the card? Is the other spouse an authorized user?

        STATEMENTS FROM PENSION, PROFIT SHARING, RETIREMENT PLANS, 401Ks

a.       Benefits statement describing plan

b.      Most recent statement of amount vested

         DEEDS TO ALL REAL ESTATE OWNED

a.       Note who owns the property

b.      Do you have a recent appraisal?

        MORTGAGE STATEMENTS including home equity loans or other secondary mortgages

a.       How much is owed?

b.      What is the monthly payment of principal and interest?

c.       Does the bank escrow for real estate taxes? For homeowner’s insurance? What portion of each monthly payment is for each of these?

d.      Who is the borrower? One spouse or both?

         INSURANCE-Health

a.       What insurance company provides the insurance?

b.      Who is covered by the plan?

c.       What is the monthly premium?

d.      What is the annual deductible?

e.      Do you also have an HSA account? How much do you contribute to it each year?

        INSURANCE-Life

a.       What company provides the insurance?

b.      Is it term life or whole life insurance?

                                                              i.      If whole life, what is the cash value of the policy?

c.       Who is the insured?

d.      Who is the beneficiary?

e.      What is the death benefit?

f.        What is the annual premium?

        BUSINESS INTERESTS OWNED BY EITHER SPOUSE

a.       Most recent financial statements (balance sheet; profit and loss)

b.      Is the business a corporation? Partnership? Sole proprietorship?

c.       Is the business owned with a person other than one of the spouses?

d.      Is there a buy-sell agreement or other restriction on transfer?