If you are facing a divorce, it is very important to get knowledgeable about your finances as well as your spouse’s finances.
You need to find out what you own and what you owe individually or jointly with your spouse, including:
- Bank Accounts
- Retirement Accounts
- Real Estate
- Personal Property
- Motor Vehicles
Gather current statements for all those assets. Obtain current balances for any mortgages, home equity loans, automobile loans and credit cards that you own individually or jointly with your spouse. Locate your tax returns for the previous three years. The more information you have about your financial situation, the better.
If you own real estate, you should obtain the legal description of the property. You will find this on the deed. If you cannot locate the deed, your attorney or you can obtain it from the Recorder of Deeds for the county in which the property is located.
In a divorce or legal separation, the court will divide property equitably, but not necessarily equally, between the two spouses. Both spouses have to tell the court about their income, property and debt. You can protect yourself by knowing as much information as possible about your finances as well as your spouse’s finances.