Now that it's time to sit down with your divorce attorney, there is some vital information that you should have ready. While your financial documents are probably not the most pressing thing on your mind right now, they should be. Your financial documents will become an important part of the settlement process. Take a look at some of the items your attorney will need when they start negotiating your settlement.
Prior Tax Returns
Your tax returns are some of the most important papers you can have during a divorce. They are so important that some spouses try to hide those documents prior to a divorce. If you're having a difficult time obtaining tax returns from your spouse, don't panic. You can contact the IRS. They will provide you with copies of your past tax returns. Be sure to have copies of the past five year's returns. This will help your attorney determine the income that was coming into your home.
Real Estate Tax Forms
If you own real estate, you're going to need copies of your real estate tax forms. Those forms not only document how much you pay in property taxes, they also document the current value of your home. You'll need that information if your home is going to be sold as part of the divorce settlement. This will ensure that you receive your fair share of the proceeds from the sale.
Loan documents are another important part of the financial documentation that you'll need, especially if you entered into joint loans with your spouse. The loan documents will help your attorney determine the value of your loans. The loan papers will also help ensure that the division of debt is evenly distributed between you and your spouse.
Life Insurance Policies
You might not think that life insurance policies would be important in a divorce. However, many life insurance policies have a cash value attached to them. If you and your spouse have policies that you've been paying on, you may be able to cash those policies out. Your attorney will be able to determine if your life insurance policies have cash value.
There are many issues that you will need to deal with during your divorce. One of those issues is your financial well-being once the divorce is final. Use the information listed above to ensure that you provide your attorney with the information they'll need to secure your financial stability.
For more information, contact Marberry Law Firm, P.C. or a similar organization.
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