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Why financial documents are so important when preparing for a divorce

There are many things it is important for a person to have when getting ready for a divorce. This includes accurate information regarding income and assets. This can provide key insights on:

  • How much property was acquired during the marriage
  • The value of such assets
  • The potential tax impacts (and other financial effects) such property could have
  • How consistent owning such property would be with one’s overall goals
  • Whether any red flags are present that a spouse is hiding income or assets

These can be very important factors to take into account when developing strategies for protecting one’s interests when navigating divorce issues such as alimony and asset division.

This is among the reasons why not gathering the right paperwork can be such a costly mistake when preparing for a divorce. It can leave a person without the information they need to property safeguard their rights and goals in a divorce.

What paperwork can it be important to collect when getting ready for a divorce? A few examples include:

  • Account information and balances
  • Documents covering what was paid for major assets
  • Social Security statements
  • Receipts for home improvements
  • Asset records
  • Documents regarding earnings (such as tax returns)

What if a person runs into difficulties in getting such paperwork? What if he or she suspects that a spouse may have destroyed or hidden financial documents that could be relevant to important divorce issues? Skilled attorneys can help individuals preparing for a divorce with addressing difficulties in getting the information they need, including challenges stemming from possible deceptive conduct by one’s spouse.

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