Divorce involves a lot of paperwork. Unfortunately, some of the documents you need most can become harder to find once you and your spouse are living separately, accounts are being changed, or access to shared information becomes limited.
You do not need to secretly empty filing cabinets or download every document your spouse has ever touched. But having copies of important records that you already have lawful access to can make it much easier to understand your finances, answer questions from your lawyer, and prepare for the divorce process.
Here are some of the documents worth gathering early.
Income and Employment Records
Start with documents that show what you and your spouse earn. Depending on your circumstances, these might include:
- Recent pay stubs
- Tax returns
- W-2s, 1099s, or similar income records
- Employment contracts
- Bonus or commission information
- Records of self-employment or business income
Several years of records may be useful because income can fluctuate, particularly when one spouse owns a business or receives bonuses and commissions.
Bank and Investment Statements
Save recent statements for checking accounts, savings accounts, investment accounts, and other financial accounts you know about. These records can help establish what existed around the time of separation and provide a clearer picture of your household finances.
Do not forget less obvious assets such as certificates of deposit, brokerage accounts, cryptocurrency accounts, or online investment platforms.
Retirement Accounts
Retirement savings can represent a significant portion of a couple’s wealth.
Gather statements for 401(k)s, pensions, IRAs, and other retirement accounts. If possible, keep older statements as well. The date certain contributions were made can become important when determining how an account may be treated during divorce.
Mortgage and Property Records
If you own a home or other real estate, save copies of your mortgage statements, deeds, property tax records, purchase documents, and information about major improvements.
You may also want records showing the home’s approximate current value, particularly if you are considering whether one spouse could keep it.
Debts
Assets are only half of the financial picture.
Gather statements for credit cards, personal loans, car loans, lines of credit, mortgages, and other significant debts. Pay attention to whose name is attached to each account.
Obtaining a copy of your own credit report can also help you identify accounts associated with your name that you may have forgotten about.
Insurance Policies
Keep copies of health, life, auto, homeowners, and other insurance policies. Life insurance can be particularly important because it may involve beneficiaries, cash value, or obligations connected with child or spousal support.
Estate Planning Documents
Locate copies of wills, trusts, powers of attorney, healthcare directives, and beneficiary designations.
Divorce can affect an estate plan in ways people do not always anticipate, so these documents may need to be reviewed during or after the process.
Create Your Own Secure File
Once you have gathered your records, store them somewhere you can reliably access. That might mean a secure cloud account, an encrypted drive, or physical copies kept somewhere safe.
Do not alter, destroy, hide, or improperly access records. If you are unsure whether you are entitled to obtain a particular document or access an account, ask your attorney first.
Divorce already comes with enough uncertainty. Having a clear record of your financial life can make one part of the process considerably easier to navigate.
