As your marriage ends, there is no wrong way to feel. However, you do need to remain cautious about staying focused during the entire process. Particularly during the beginning of the process, you might miss out on critical items that can ensure future financial stability. One of the most significant things you can do is prepare; especially when meeting with a divorce, you should always have these essential documents in order.
- Tax Returns: Make sure to have a minimum of three years’ worth of your tax returns. They can provide a wealth of information that could impact your divorce settlement.
- Lifestyle Analysis: Complete a detailed analysis of one-time and continuous expenses, including any anticipated expenses you may encounter down the road, including medical and education costs. Make sure to consider inflation.
- Net-worth Statement: Finally, you will be filing an affidavit for the court that provides a clear picture of the financial status of the marriage, including earnings and income, assets and liabilities, and current and projected expenses. One way to get an overview of present costs is to run your credit report, which will help you get a snapshot of liabilities and joint obligations. You should also consider any assets you have, including items in your safety deposit box, artwork, antiques, etc. This statement will serve to elucidate spending priorities in the context of all other financial information, including retirement accounts and other investments.
What About Hidden Assets?
In some cases, spouses may have done things to hide assets, including hidden bank accounts, substantial payments by an unknown source, or unusual payments to utility or phone companies. Sometimes, spending patterns do not match up to reported earnings, indicating that there may be secret income sources. If they have been trying to keep the facts from the court, it may result in severe points against credibility, which may give you the benefit of the doubt.
Shaffer Family Law Can Advocate for You
When you have a trusted attorney working on your behalf, everything will go more smoothly. If you are looking for experience and dependability in a divorce lawyer, give Shaffer Family Law in Chandler a call today at (480) 470-3030.