What Do You Mean I Have Homework Before Filing For a Divorce?
Homework? Yes, you read that correctly. Divorce involves a significant amount of paperwork. One of the first “homework assignments” you will get upon retaining an attorney to file for divorce is to gather a significant amount of financial and other documents. The documents you must provide your attorney — and likely must submit to the other party during the discovery process — should be downloaded, retrieved from your bank or accountant, retrieved from storage, or retrieved from where they are electronically stored as early as possible in the process. Your divorce attorney will need to review this paperwork and documentation to get a good financial picture of your marriage and best advise you regarding your case and your path forward.
Before any mediation, contested hearing, or divorce trial, the documents you will need to be prepare and collect are as follows:
Income and Work Documents
Both your attorney and the opposing party’s attorney will want to get a full picture of your current income as well as your income history. You will need to collect or gather your federal, state, and local income tax returns. Typically, three to five years’ worth of tax returns are required. Because divorcing couples often file a joint income tax return, attorneys will need to distinguish between multiple sources of income on a married filing jointly tax return. Both spouses will also need to present their W-2s, 1099s, and any other forms or attachments used to prepare a tax return.
In addition to tax returns and the related documents, each party will also need to produce their pay stubs and bank statements. The time period for which pay stubs and bank statements will be needed can vary - anywhere from one (1) year to five (5) years, or sometimes longer depending on the length of the marriage. Other work-related documents can include employment contracts, benefits statements (such as those showing the cost of health, dental, and vision insurance), and paperwork showing stock options, pensions, 401(k)s or other retirement benefits.
Banking, Savings, and Investment Documents
In a divorce, all marital property, regardless of its source, must be identified, addressed, and divided. Regardless of whether you are mediating your divorce or a judge determines the outcome, you must make full financial disclosure. Your “divorce homework” also includes collecting the following documents needed to show your assets:
- Statements for checking and savings accounts
- Statements for investment, mutual funds, and brokerage accounts
- Certificates of deposit
- Retirement account statements (including Traditional IRAs, Roth IRAs, 401(k)s and 403(b)s)
- Pension statements
- Statements for cryptocurrency accounts
- Business formation and organizational documents
- Profit/loss statements for businesses
- Balance sheets for businesses
- Inventory listings for businesses
The above-listed documents can typically be requested/needed for anywhere from one (1) year to five (5) years. Download your full monthly statements from the website or app of your electronic banking brokerage, investment, or retirement account provider, or contact your provider to obtain them.
Real Estate and Property Documents
Property division is often one of the most contentious issues in divorce. Your financial disclosures must also include documents relating to the marital residence, as well as any other real estate you and your spouse own, jointly or individually. This can include a vacation home, investment property, or other properties. As to documents pertaining to real estate or the marital home, you will likely need the following:
- Tax statements for all property owned
- Appraisals
- Comparative Market Analyses (CMAs), completed by a realtor
- Mortgage statements
- Loan applications
- Property deeds
- Utility bills
- Homeowners insurance policies
You should also gather car registrations for all vehicles owned by you and your spouse, as well as car loans and insurance policies. Be sure to provide your attorney specifics on the make, model, and mileage on your vehicle so an estimated value can be determined using common sources, such as Kelly Blue Book or NADA Guides. Even your personal property is subject to division. Make a list of all property owned by either you or your spouse both before the marriage, during the marriage and after separation.
Budgeting, Bills, and Expenses
Not only is property divided in divorce, but debt incurred during the marriage must also be allocated between you and your spouse. So your attorney has a true, full picture of your financial picture and can develop a accurate overall picture and assessment of your net marital estate, you will also need to gather the following documents:
- Credit card statements
- PayPal, Zelle, and Venmo statements
- Medical bills
- Student loan bills
- Bills related to your children
- Any loans (i.e., home equity loans, lines of credit, business loans, personal loans, home improvement loans, debt consolidation loans, etc)
If you will be requesting spousal support, you must compile a monthly budget that outlines your expenses. Include anything that you have a consistent monthly, weekly, or yearly expense for, including the cost of groceries, entertainment, dining out, home maintenance and/or repair, doctor visits, childcare, education/student loans, mortgages/rent, and any expenses related to supporting your children. Your attorney will provide you with a form to put together your budget.
Prenuptial or Postnuptial Agreements
In the event you and your spouse entered into a valid prenuptial agreement before you were married — or a postnuptial agreement after your marriage — the document is crucial and necessary for determining issues like property division, debt allocation, and spousal support. This document can streamline the divorce process and minimize conflict regarding asset and debt distribution. Your lawyer can review the document, evaluate whether it is enforceable, and take the necessary steps to protect your financial interests based on the prenuptial or postnuptial agreement.
Custody Documents
If child custody is an issue in your divorce case, collect any documents you believe are relevant to support your position. This can include medical records, educational records, text messages, emails, audio/video, and any information from social media. You should also have copies of your children’s birth certificates, Social Security cards, school records, and any previous court orders that were issued related to custody. Your attorney can give you more specific, particular guidance as to documents related to custody you need to gather for your “divorce homework.”
Contact an Experienced North Dakota Divorce Attorney
The paperwork associated with ending a marriage can be overwhelming. While there are a considerable number of documents you need to gather, an experienced attorney can best guide you ras to what is needed in your specific case. At Fremstad Law, we assist clients with a wide array of divorce and family law matters and are committed to guiding them every step of the way.
If you are facing divorce, we welcome you to contact us online or by calling (701) 478-7620 to learn how we can assist you.
