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Financial information to gather before divorce

| Mar 18, 2021 | Firm News |

Getting divorced marks a period in your life where significant changes occur. Although you may never have envisioned getting divorced when you got married, this is a common experience for many.

According to the American Psychological Association, between 40 and 50% of couples in the U.S. eventually get divorced. If you and your spouse have decided to end your marriage, there are many forms of financial information you should gather as you prepare for official proceedings.

Paycheck stubs

Gather paycheck stubs from all sources of your employment from the prior year. You should also collect copies of your spouse’s paycheck stubs from the same period of time to showcase deductions as well as year-to-date earnings.

Business expense statements

If you or your spouse run your own business, gather all documentation related to your business expenses before divorce proceedings begin. This documentation may include financial statements, payment receipts, profit and loss statements and check registers.

Tax returns

You should locate and make copies of your tax returns, both joint and individual. You should try to find copies of these returns for at least the last three years for both your state and federal taxes.

As you prepare for your divorce, you should also gather any other documentation that will establish your net worth and the net worth of your spouse. For example, if either you or your spouse work for cash payments, you should make copies of any check ledgers that show expenses you or your spouse incurred throughout your marriage.