One of the first things you should do if you are thinking about divorce is to start collecting your financial records. Divorce may be a stressful and time-consuming procedure due to the need to divide assets and debts, determine custody, and determine issues like alimony and child support. You should present your divorce lawyer with the following materials so they have a thorough understanding of your financial status and may better negotiate on your behalf. 

Contracts Made Before or After a Marriage

Divorce courts seriously consider prenuptial and postnuptial agreements when deciding how to divide marital property. Many issues related to property division in a divorce may have already been decided if you and your spouse executed a lawful prenup or postnup during the marriage. 

Proof of Earnings and Related Paperwork

During a divorce proceeding, both parties must reveal all of their income, including any bonuses, tips, or overtime pay. The court needs to know how much money you make to make decisions about alimony, child support, and the split of assets.

A Detailed Inventory of Your Possessions

Divorce paperwork depends on several factors, including the couple’s financial condition, and is best discussed with an experienced divorce attorney. Make an inventory of all of your possessions, both material and immaterial, and determine whether they belong to you individually or to the couple.

Documentation Pertaining to one’s Financial Dealings

Knowing each party’s banking and credit card details might help give a complete picture of their financial situation. Evidence of concealed assets and financial infidelity during the marriage may also be uncovered.

Financial Records Relating to Spousal Debt

Debts incurred throughout the marriage also need to be split up when a couple decides to divorce. It is the responsibility of both partners to reveal any debts incurred during the marriage.

Loan Paperwork

If a mortgage was taken up during the marriage, it may be deemed a joint obligation. Divorce settlements can get complicated when assets like the family house must be divided. 

Titles and Loan Documents for Motor Vehicles

Car titles and registrations must also be transferred as part of a divorce settlement. Gather the financing, title, and registration paperwork for any car, SUV, boat, and other vehicle you or your spouse owns in preparation for the divorce.

Retirement Accounts and Pensions

During a divorce, retirement funds may be subject to equitable distribution. Get everything you can find on pensions, 401(k)s, 403(b)s, IRAs, employee stock options, and life insurance policies.

Records of Commercial Interest

If the company was founded during the marriage, the ownership stake is considered a marital asset. Even if your spouse has no involvement in the firm, any money made while you were married will be considered marital property.