Financials 101: What You Need to Know When Getting a Divorce

The last thing on most people’s minds when they are going through a divorce is their financials. The emotional distress, anxieties over one’s changing living situation, and custody of their child are at the forefront of many people’s worries, and for good reason.

However, when it comes to the divorce process legally, the majority of divorces are spent dividing the marital assets between parties. This is particularly true in Massachusetts, which is not a 50/50 state.

Instead, marital assets are divided equitably, not equally. This can make divorce negotiations a little more tricky, because there’s room for negotiations and assets do not have to be split exactly.

So, what financial documents do you need to organize to prepare for your divorce?

• Federal and State Tax Returns for the past 3 years

• 4 most recent paystubs from your employer

• documentation regarding the cost and nature of available health insurance coverage

• Bank statements from all bank accounts for the past 3 years

• Statements for any securities, bonds, 401k or other investment accounts, etc. from the past three years

• Copies of any loan or mortgage applications made within the last three years

Depending on the specific facts and complexities of your divorce, you may be required to procure even more financial documents, but this is a list of financial documents every person going through a divorce will need to compile and send to their attorney.

If you’re feeling overwhelmed while preparing yourself for a divorce, we’re here to help. Schedule a free consultation today by filling out the form below, or by clicking this link here. We’ve got you!