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Information to gather before divorce proceedings

| Jun 14, 2018 | Uncategorized |

Whether a couple was together for a few years or several decades, both parties will most likely want to make the divorce process as smooth as possible. During this time, it is critical to keep communication lines open and to take care of your own emotional well-being.

Another way to ensure a smoother process is to bring together all essential documentation willingly and without incident. It is vital to never hide assets, as your ex’s legal team can easily discover these items. By remaining open and honest, you can complete the legal separation process much faster than most couples.

Required documents

You need to bring essential documents together so that the court can determine a reasonable amount of alimony and child support. You also need to provide proof of income, which can include pay stubs, tax returns and employment insurance statements. For self-employed individuals, they can provide financial statements from a bank. 

You will also need to provide proof of assets, which can include business valuations, life insurance statements, pension valuations, appraisals and bank statements. Additionally, you will need to provide proof of any debts you have accumulated over the years. Depending on how the debt originated, you may be solely responsible for paying it off, or the other spouse will share some of the liability. You should also give your lawyer outstanding income tax liabilities, vehicle loans, credit card statements and mortgages. 

Both parties need to bring together all these documents. A neutral party can look over these documents to determine a fair amount for people to pay in alimony and other expenses. Hiring such a financial expert can be extremely affordable, and it ensures no favoritism is present. If the other spouse has been reluctant to provide all this information, then you should be the bigger person and take the first steps. It is an excellent way to show good faith.