To prevent any loss of property, begin taking inventory of everything that is owned between you and your spouse, and all debt. Gather all financial information as to everything you own or owe together, and individually. Providing this documentation in court will help to cut down speculation, and possible denial of financial responsibility on either side. It is very important during a divorce proceeding to verify and substantiate any and all claims.
It is also crucial to list all debt that you believe belongs solely to your spouse, and to provide all necessary documentation in order to verify and validate your claims, to prevent any confusion or future legal troubles resulting from unpaid or unsatisfied debt.
It is also wise to include all assets that you owned before you were married in order to prevent them from being divided upon the divorce. Items to be included in your financial asset inventory also include:
- Checking, Savings, Medical, and Money Market Accounts (including stocks, mutual funds, bonds and certificates of deposits)
- Real estate (including vacation homes)
- 401(k)s, IRAs, SEP IRAs and Profit Sharing (including any deferred compensation packages)
- Vehicles, Cars, Recreation Vehicles, Boats, etc.
- Personal Property (such as jewelry or other valuables, including household furniture)
- Expected Tax Refunds (if any)
We can assist you through this process, and provide a detailed list of items to include in your financial inventory.
Some of the financial debt inventory should include:
- Open Home Equity Credit Lines
- Loans (Vehicle, Student, or otherwise)
- Credit Card Debt
- Any joint or individual obligations to pay money owed
Jeff Hughes, J.D.