According to the article, most experts recommend being transparent and upfront with your financial information. That way when determining how to split the finances equitably the parties can not spend extra money digging for information.
One of the big concerns during divorce is housing. Many couples own their homes jointly and the recent decline in property values makes the typical home much harder to sell. Not too long ago, buying a spouses share of the home was an option, but can now be problematic because of the banks have tightened up their lending requirements.
Healthcare has been a problem in recent years. With more of the cost of healthcare falling on the employee many people can no longer afford to buy into their company plans.
Whether considering divorce or not, you should pull your credit reports. This may let you know if your spouse has a credit account that you don’t know about. Something like this or identity theft could holdup refinancing a property as part of the divorce settlement.
A helpful tip is to be prepared for the worst by keeping up-to-date on the financials.
The article has a great list of data you should have on hand before your attorney asks for it:
1. Financial statements for both parties
2. 3 or more years of income tax returns for both parties
3. Details regarding investments
4. Employee benefit/retirement information
5. Information regarding your mortgage(s)
6. Most recent paycheck stubs
7. List of assets
8. List of debts
9. Bank account statements (joint and separate)
10. Credit card statements (joint and separate)
If there are any legal questions you may have, I encourage you to, please contact my San Jose Divorce Lawyers office. My San Jose Family Lawyer offices assists many people who are going through family law related issues. We have many Affordable San Jose Divorce Lawyer solutions for many different budgets. We help many individuals through this very chaotic period in their life. Proudly serving the following cities, Fremont, Milpitas, Los Gatos, Cupertino, Mountain View, and Santa Clara.