High-asset divorces involve significant financial considerations. To ensure a fair division of assets, it’s crucial to gather all relevant documentation. It helps in understanding the full financial picture and making informed decisions.
Financial statements and tax returns
Gather your most recent financial statements, including bank accounts, investment portfolios, and retirement accounts. Additionally, collect tax returns from the past three to five years. These returns show your income history and can uncover hidden assets or income sources.
Property deeds and appraisals
If you own property, locate the deeds and any recent appraisals. These documents verify ownership and current market value. This includes primary residences, vacation homes, and rental properties.
Business records
If either spouse owns a business, gather all business-related documents. Don’t forget the balance sheets, profit and loss statements, and business tax returns. Make sure to include partnership agreements or shareholder information if applicable.
Loan and debt documentation
Collect all documents related to loans and debts. Gather mortgage statements, car loans, and credit card statements. Understanding your debt obligations helps in determining the net value of your assets. It also clarifies who is responsible for each debt post-divorce.
Retirement and pension information
Gather information about retirement accounts and pensions. Don’t forget 401(k) statements, IRA accounts, and pension plan details. Ensure you know the current balances and any terms related to these accounts.
Personal property inventory
Create an inventory of valuable personal property. Include items like jewelry, artwork, and collectibles. Documenting these assets helps ensure the court considers them during the division process. Include purchase receipts or appraisals to verify their value.
Ensuring a thorough preparation
Preparing for a high-asset divorce involves gathering comprehensive documentation. By being thorough and organized, you can help ensure a smoother process during this challenging time.