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Gather financial paperwork before divorce

| Jul 25, 2014 | Property Division |

Individuals in Florida who are facing divorce may wish to begin the process by evaluating their financial situation. One of the first steps in doing so is gathering documents related to assets as it is important to understand the complete picture before moving forward.

It is likely that an individual will have to look into a number of places for the necessary documents. Employers may have work-related documents, and attorneys and any financial professionals such as accountants and financial advisors should also be consulted. Even the mail should be checked for key items such as mailings from credit card companies, banks, insurance companies and others that may contain vital information.

Individuals need to have knowledge of both spouses’ bank accounts regardless of whether they are individual or joint accounts; financial records relating to the home, vehicles and other property should be taken into consideration as well. In addition, it may be a wise decision to list of all the valuables owned.

Documents on pension and retirement plans are also important as are all papers about mutual funds, stocks and other investments. If the couple owns real estate or any businesses, those records should be assembled as well. Tax returns from the past two years need to be gathered in order to ensure accuracy and timeliness.

Individuals should copy all documents, date them and put them somewhere safe before they move forward with divorce plans. Thorough preparation may greatly improve the outcome of a divorce, and an attorney may be able to provide better counsel based on that information. A coherent understanding of finances reduces the chance that the other spouse might successfully conceal any assets.

Source: Ahwatukee Foothills News, “Facing divorce? Organize your finances now“, Kim DeVoss , July 23, 2014

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