Financial Checklist for Individuals Contemplating Divorce and Separation

Regardless of the type of divorce procedure you decide to use, it is crucial to identify your marital property. The marital property is defined from the South Carolina Equitable Apportionment Statute and normally comprises all debts and assets acquired by either party during the marriage, irrespective of title. As you can imagine, there are numerous exceptions to this rule, therefore go over this matter carefully with your lawyer. For starters, however, you ought to begin to gather the following information, regardless of how it was obtained or who got it, as long as it was accessed during the marriage. Collect information on an asset used during the marriage, no matter if it had been obtained.

A good illustration of an ? asset? Would become your residence, a vehicle, a boat, a precious piece of art, a retirement accounts, or even an investment account. An asset is anything that is worth money! Don?t worry about loans to the assets (like your mortgage or a car loan), since you’ll be listing all of these debts individually. The outcome will be your own ? Internet? marital estate.

Here is a brief checklist to help guide you with this procedure. It is by no means a comprehensive list, so anticipate that your lawyer will need additional info, but it is a good starting place.

? Income tax returns for the past five Decades

? Retirement account statements; just one by the date of marriage, one current.

? Estimated valuation of all property acquired during the marriage

? Estimated worth of the marital residence, if possessed

? Statements from present investment balances

? Statements from school savings accounts for small children

? Estimated (Blue Book) value of all automobiles

? Itemization of all precious artwork, jewelry, etc. . quote of values

? Copies of all trusts

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? Recent statements from whole life and annuity policies

? Copies of all corporate newspapers; Sub S Corp?s, LLC?s etc..

Debts

? Current credit card statements

? Current mortgage accounts (1st, 2nd, 3rd, etc? . )

? Automobile loans

? Promissory notes

? Student loans

? Secured loans

? Other debts and obligations (unsecured)

In complex cases, a financial professional is helpful to assist in establishing the value of the marital estate. In the simpler cases, you and your attorney can establish the values utilizing and Excell or Numbers spreadsheet, or simply a pen and paper!

The bottom line is that you would like to detect everything that was obtained during the marriage, or used as marital property during the marriage no matter how it was obtained.

HOT TIP: you’ll also want to have this information quite well organized to your attorney or financial professional. You pay these people by the hour, therefore the less time that they will need to spend organizing your financial issues, the less money you’ll pay for this support!

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