For divorcing couples whose relationship has deteriorated or become hostile, the prospect of sharing comprehensive information about their assets and liabilities can seem like an invasion of privacy. Yet before a divorce can be finalized, accurate financial statements disclosing information about all assets and liabilities for each spouse must be filed with the court and exchanged with each other.
Creating a financial landscape
Full disclosure is imperative; attempts to hide assets or failure to disclose them can lead to later discoveries and leave a spouse liable for damages and penalties. We recommend being prepared to provide financial documents such as the following to create a comprehensive financial landscape, identifying both your assets and liabilities.
- A list of your financial accounts–checking, savings, money market, investment, 401k, credit cards, retirement accounts, etc. Note the account numbers, the name of the financial institution, and the value as of the date of your separation and the current value.
- Account statements, deeds, copies of insurance policies, and other such supporting documentation.
- Tax returns for the past 2 years.
- Pay stubs or other proof of income.
- Information regarding business interests in which you are involved.
- List of personal property and effects of value and the date of acquisition–jewelry, tools, artwork, antiques, etc.
- Any other documents that are relevant to your financial situation.
Reyes LegalDoc Prep. & Sevices LLC makes Disclosing Assets easier by providing easy-to-complete workbooks, which we then use to create the legal documents.