I’m Thinking of Getting Divorced – What Financial Documents Do I Need?
Gathering basic financial documents prior to filing for divorce can potentially simplify your case, reduce attorney’s fees, and put you ahead of the process so you are not starting at a disadvantage.
At minimum, you should compile the following documents for yourself and if available, for your spouse as well:
- Two years of tax returns, including all schedules and W-2 forms.
- Two years of tax returns for any businesses or other entity that generates its own tax return you or your spouse have an interest in.
- Pay stubs and documentation for all other income for the past six months.
- Six months of statements for all accounts, including bank, credit union, investment, brokerage, mutual fund, retirement, pension, mortgage, HELOC, credit card, auto loan, other debt, etc.
Having these documents prior to filing or at the beginning of a divorce is advantageous for the following reasons:
- Ensures you have as much transparency as possible into assets/debts and finances.
- Hopefully, will protect against your spouse attempting to conceal any assets.
- Helps your attorney understand your family’s financial picture.
- May expedite your ability to request certain financial relief from the court pending a divorce case, such as requests for spousal or child support, as the court will require the financial documents listed above.
- Allows you to think about how best to divide assets and debts and possible property settlement proposals.
In addition to gathering documents, you should start working on a financial budget, making a list of your monthly expenses, as this may take some time. The best way to do this is to look at your spending (via bank account and credit card statements) over the past 6 – 12 months to determine how much you spend for housing, utilities, cell phone, cable, internet, food, children, transportation, health care and auto insurance, personal expenses, life insurance, and debt payments on average each month. This information is relevant to almost all issues in a divorce case, including spousal and child support and an award of attorney’s fees.
While not absolutely necessary, compiling financial information early can benefit you and help to alleviate some of the stress and emotion that are inherent in divorce cases.
Please contact Beresford Booth’s Family Law Group at info@beresfordlaw.com or by phone at (425) 776-4100, for an initial consultation, if you are contemplating filing for divorce or need assistance with other family law matters.