When you are filing for a divorce, it is essential to have all your financial documents in order. Let’s look at some of the most important financial documents and records you need when filing for divorce.
Proof of Property Ownership
When filing for a divorce, it is important to have proof of ownership of any property held jointly or individually. This includes any homes, vehicles, boats, or other real estate properties to which either spouse owns or holds the title. If possible, try to get your hands on any deeds or titles that prove ownership of a particular item. In addition, if either party made any home improvements during the marriage, these should also be documented. Home improvement costs are often included in an equitable distribution upon divorce.
Proof of Assets and Debts
Another critical financial document when filing for divorce is proof of asset and debt ownership. This includes bank statements and other financial documentation showing what each spouse owns and owes at the time of separation or divorce. Additionally, you should collect documents related to retirement accounts such as 401(k)s and IRAs, as well as stocks, bonds, mutual funds, savings accounts, etc., which will be used when determining whether spousal support is necessary.
Tax returns are also necessary when filing for a divorce as they can provide an overview of each person’s income over several years and deductions taken from their income (such as alimony payments). Tax returns will also be helpful when calculating child support payments since courts typically use tax returns to determine each parent’s income level before making such calculations. If you cannot locate your previous year tax returns, they can usually be obtained from the local IRS office or online through their website.
Attorneys That Can Help You Stay Organized
It is imperative that divorcing people have all their financial paperwork in place before beginning the process – this includes proof of property ownership, records related to assets and debts, and tax returns from previous years, if applicable. Having all this information available will ensure that both parties can move through the legal proceedings quickly while minimizing delays caused by missing paperwork or incomplete information. The team at Horton & Associates, LLC can help you stay organized during this hectic time.