You may know roughly what comes into your household each month. You may know which bills get paid and where you keep the mortgage documents. But if your spouse has always handled the bank accounts, investments and major financial decisions, you may not know the full picture.
That can become a serious concern when divorce enters the conversation. Questions that once seemed like someone else’s responsibility can suddenly become your own: What accounts exist? How much debt does the family have? What property does the marriage include? Where does the household income go?
You do not need to have all the answers before a divorce begins. But gaining access to the information behind those answers can help you make more informed decisions about what comes next.
Start by gathering financial information
A clear picture of your finances can help you make informed decisions during divorce. Even if your spouse typically handled the money, you may have a right to obtain information about marital assets, debts, income and other financial matters.
Start by gathering records you can lawfully access. Keep copies in a secure location and avoid altering or removing original documents. If you cannot access certain records, tell your attorney rather than trying to obtain them through questionable means.
Documents that may help clarify your financial picture
The specific records you need will depend on your circumstances. However, the following documents may provide useful information about your household finances:
- Recent bank and investment account statements
- Pay stubs, tax returns and other income records
- Mortgage, loan and credit card statements
- Retirement account statements and benefit information
- Records relating to real estate or other significant property
- Insurance policies and statements for valuable assets
These records can help identify what you own, what you owe and how money has moved during the marriage. They may also help your attorney determine what additional information you should request.
Know what you are dealing with before moving forward
Divorce can change your relationship with money as much as it changes your relationship with your spouse. If you have spent years letting your spouse manage the finances, learning what exists, what is owed and what may need attention can be an important first step.
You do not need to figure out the entire financial picture by yourself. A qualified family law attorney can help you identify the information that matters, understand your legal options and plan for the financial decisions ahead.