PRE- and POST-MARITAL (NUPTIAL) AGREEMENTSĪLL DOCUMENTS RELATING TO PREVIOUS DIVORCE SETTLEMENTS (including property ownership documents) RECORDS REGARDING MONTHLY LIVING EXPENSES (i.e., monthly billing statements, grocery receipts, etc.) These financial assets generally include bank (your checking and savings), investment accounts, stocks and bonds, mutual funds, and cash. make sure that is taken into account when the value of the assets is calculated. What Kind of Assets Are Divided in a Divorce Money: You and your spouse likely have some financial assets. BAN TACS Accountants Pty Ltd Divorce Booklet. RECORDS REGARDING ANY OTHER RECEIVED INCOME (i.e., investment property, rental/lease agreements, stock dividends, profit sharing plans, pension benefit payments, etc.) Consult state law or your divorce lawyer to determine which assets you should be looking for. Net worth - balance sheet or list of assets and liabilitiesĬash flow or income and expense statement Gavin Halligan Jane Michalakes Heather White Alexandra Dietzgen. Our Team About Our Firm What to Expect Contact Us Careers. PAYROLL STUBS and FEDERAL W-2 FORMS (past five years)īUSINESS TAX RETURNS (Corporate, partnership, or sole proprietorship) Learn commons ways people try to hide assets and the steps you can take to attempt to find hidden assets. If your spouse proves uncooperative in the compilation of such documentation, you may need to enlist the assistance of an attorney-at-law in order to thoroughly protect any and all rights you may have to any asset or property that your spouse may be attempting to withhold for their individual purposes. It is recommended that next to each item, note who has actual possession and where it is physically located. Contingent upon your particular situation, not all of the items to be listed will be required.
You should also prepare a list of all personal property, including that acquired prior to and during the marriage.
A great place to start is to immediately contact a local divorce attorney to get the proper guidance.To follow is a list of all relevant documents that you will want to collect and maintain for use in comprehending and preparing for the impending distribution of marital assets and property. Alimony, custody, child support, division of assets and retirement benefits accumulated during the marriage, visitation rights, and other legal matters all must be handled carefully. Simplified Dissolution of Marriage Parenting Plans Custody and Visitation (Time Sharing) Child Support Property Division Alimony Attorney Fees and Costs. The number of legal issues surrounding a divorce can be overwhelming. 63 1444 North Farnsworth Avenue, Suite 307, Aurora, IL 60505 Yorkville Office By Appointment. _ Other business interests Need Help Dividing Marital Property? Contact an Attorney Do you suspect your spouse has hidden assets from you in your divorce Contact a skilled divorce attorney at the Law Office of Matthew M. The following checklist can help you keep your bearings so that you and your attorney can work together to formulate a property settlement that is in your best interests.
In actuality, all of your marital property must be divided, and in the heat of a disputed divorce it may be easy for some important details to fall through the cracks. When dividing marital property, it's easy to get caught up in who gets the big stuff - the cars, the house, the boat. The divided obligations for taking care of debts after a divorce will depend on several factors, including each party's income. This may include debt on shared credit card accounts, mortgages, and outstanding bills for goods or services purchased during marriage, to give some examples. In addition to the division of property and assets in a divorce, the two parties may be required to divide debt and other liabilities as well. In states that don't recognize community property (such as Florida and Illinois), the judge weighs arguments on both sides and applies formulas in order to determine an equitable distribution of assets. Some states (including California and Texas) recognize the legal theory of " community property," in which all property acquired during the marriage is divided equally - although the divorcing parties may agree to divide items as they see fit. Items that are purchased or otherwise acquired by a married couple are collectively referred to as " marital property." All other, non-marital property is called " separate property."ĭividing marital property can be difficult and stressful, so it makes sense to learn about the marital property laws in your state and properly prepare. This is a non-issue when couples are happily married and sharing resources, but can become a big headache after a divorce filing. Married couples usually commingle their assets and purchase goods together, so the lines of ownership are blurred.
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