Tips for Collecting Financial Information Before Divorce
As you prepare to file for divorce, it is important to collect certain pieces of financial information you will need throughout the process. This includes several key documents and an inventory of the items you own.
One of the most pressing issues you must resolve during your divorce is the division of your marital assets and debts. Before you can determine who receives or is responsible for what, you must know how much your assets are worth.
The following is a brief overview of the assets and debts you should be aware of before your divorce:
- Any records of property you own, such as mortgage paperwork, loan documents, insurance documents and appraisals
- Vehicle documents, such as loan statements or titles
- Account statements for stocks, bonds, investment accounts and CDs
- Current mortgage, car or credit card debt information
- Personal loans, promissory notes, loans against your retirement accounts and any other debts you’ve accrued during your marriage
What income information should you gather?
You should also be prepared to provide information on your income, which can affect the amount of child support or alimony you pay or receive and the division of assets process. This may include the following:
- Salary and wages earned
- Severance pay received
- Compensation like disability, unemployment, workers’ compensation, Social Security or other benefits
- Alimony or child support from a prior marriage
- Rental income
- Capital gains or trust income
- Payouts from retirement accounts
For more information on getting your financial information in order before you begin your divorce, work with a knowledgeable Nassau County family law attorney at Bryan L. Salamone & Associates.