Financial Records and Divorce (Checklist)
At some point in their divorce, couples divide the marital estate, which are their assets and liabilities, and memorialize the arrangement in a marital settlement agreement. At a minimum, this agreement divides what the couple own and what they owe, jointly and as individuals, and establishes the terms and conditions of support, life and medial insurance, and the legal and physical custody of their children, visitation and support. To do this, the couple needs the financial records of their marriage. This means all the assets and all the liabilities regardless of whose name is on them. On the asset side, this includes, but is not necessarily limited to:
Useful Online Tools
Resources & Tools
DATE OF SEPARATION – Depending upon the laws of the state of residence, the Date of Separation – called the DOS – has a profound impact on the eventual division and distribution of property and debt, including credit, pension benefits, and other marital assets. As of the DOS, the separated spouses are now in limbo legally and financially and remain so until the actual Date of Divorce. A great deal of money may be at stake. For example, one spouse may share responsibility for any debts incurred by the other; the value of a retirement plan or other marital asset, such as residential property, may fluctuate, often by thousands of dollars.
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Established in 1996
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