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Gathering financial documentation in a divorce

On Behalf of | May 29, 2019 | Family Law |

People in Georgia need to take steps to protect their investments and other finances if they are getting a divorce. In order to do this, they need to have complete documentation of those finances, including assets, debts, income and expenses.

They will need a number of documents to prepare, including tax returns, credit card statements and bank statements. Tax returns can be used to verify income. People who own shares in a business should get information about that as well, including whether any personal expenses were paid by the business. Along with the financial statements, online tools are available that can help pull information from accounts. People should be as thorough and as accurate as possible in identifying all expenses and projecting them into the future since this will be important in negotiating property division.

A net worth statement lists all assets and liabilities. Both spouses will be required to submit financial records to the court. This can mean locating any retirement accounts, collectibles and assets stored in safety deposit boxes. A credit report may help alert people to any shared accounts or debts. Financial professionals can assist people in making sense of their finances heading into a divorce if necessary.

After a divorce, people can find themselves struggling financially, so it is important that people understand their rights when it comes to property division. People should try to avoid letting their emotions guide them in this stage of the divorce. Anger and guilt can both lead to poor decision-making. An attorney may be able to assist people in negotiating property division, and if negotiations are unsuccessful, they can go to court. Georgia is an equitable division state. This means that marital property will not necessarily be divided 50/50, but a judge will attempt to make a fair decision.


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