Financial Information Needed for Divorce/Mediation?
Bank accounts. Whether you or your spouse have joint or separate bank accounts (checking, savings, or both), you need to know where the accounts are and approximately how much is in each account. Make copies of monthly statements as they come in the mail, or if the accounts are online print copies of your statements.
Life insurance policies. You will need to provide verification of all personally purchased life insurance policies and information concerning any life insurance policies provided as a benefit of employment for either you or your spouse, including whether the policy has a cash surrender value and the amount. You can contact your insurance provider to request verification.
Real property. Make copies of your monthly mortgage statement and home equity line statement, if applicable.
Financial records on recreational property. Cottages, boats, motor homes, time-shares and the like are all part of your asset base. If you own them outright, make note of that. If you have a mortgage or loan outstanding, you will need to know how much equity you have in the property and the amount of the outstanding indebtedness. Recent account statements should be provided.
Financial Information You Will Need for Divorce or Mediation
List of automobiles and motorcycles. You will need to provide an estimated fair market value and verification of the outstanding indebtedness, if any.
Antiques/collectibles/valuable jewelry/precious metals/important furniture. Make a list of everything of value that you own. You will not have these items assessed/appraised at this point; you just want a record of what there is and where it is located.
Retirement accounts. Retirement accounts may not send statements monthly, especially if they are inactive. But they do send them quarterly or semi-annually. Retirement accounts include but are not limited to 401(k)’s, IRA’s (Individual Retirement Accounts), rollover IRA’s, SEP-IRA’s and 403(b) accounts. Make copies of all statements.
Stock and mutual fund investments. You and your spouse may have invested jointly or separately. It makes no difference. You will need to make a copy of all recent stock and mutual fund account statements.
Company and military savings and pension plans. If one of you works for a company with savings and/or pension plans, you need to get a record of what type of plan it is and how much has accumulated. You can request these records from the company’s human resources department. If it is your spouse’s account and his/her company will not honor your request, just make note of the fact that a plan exists. Make or get copies of any military pensions you or your spouse might have. You want to amass these pension records now, so that you do not forget about them later when you are in negotiation.
Investment real estate. Investment real estate may or may not throw off income during the year. (In some cases, it might even generate a loss.) You still need to make note of what you and your spouse own and makes copies of any documents that tell you how much the investment earns or loses annually.
Business interests. The same financial recordkeeping vigilance needs to be given to a business that either of you owns or has invested in. Gather and make copies of any documents that provide financial details of the business.
Trust funds. While these may be excluded from divorce negotiations, they will be discussed and addressed. Keep a copy of the trust documents if they are in your possession or make note that they exist.
Personal loans. Often personal loans are overlooked in divorce negotiations. However, they can represent a substantial asset (assuming they are repaid). Make note of any outstanding loans made by you or your spouse.
Money you owe. You or your spouse may have joint or separate credit card or margin debt, student, personal or auto loans, lines of credit or tax liability. Make a list of all money you or your spouse owe and provide verification of the debt.
Tax returns. You will need to provide copies of your federal and state income tax returns for the previous 2 years. This should include a copy of all schedules, attachments, 1099’s and W-2 forms from all sources of income.
Credit Report. You are entitled to one (1) free copy of your credit report each year. You can obtain a free copy of your credit report by visiting the www.annualcreditreport.com website.