In all divorces, one of the many issues that require resolution is the division of property and debt. However, before any decision, regarding who gets what after the divorce, understanding what both spouses own together is essential. Without this information, a proper settlement can’t be made.
The following is a vital set of information that every spouse should be aware of when getting into a divorce procedure:
When getting documents for a divorce, the financial account statements are the best place to start. In addition to that, the following documents would also be of use:
- All records of property owned by the individual.
- Vehicle documents.
- Stock investment account statements.
It should be understood that although dividing assets is essential, dividing debts is equally as vital. Courts can split the debts regardless of whose name is on the debt notice.
• Income information.
Income can differ according to the sources. Information should be gathered regarding the following:
- Salaries and wages.
- Pay for severance.
- Disability, welfare, compensation.
- Retirement income.
- Child support.
- Trust funds.
When marital estates are divided, judges usually consider each spouses expense. For the divorce procedure, compiling a summary of all monthly expenses with average costs can be done to identify average expenses per month. For calculating expenses, the following can be included:
- Children expenses.
- Rent or mortgages.
- Utilities, cell phone, home care.
- Vehicle expenses.
- Vacation and entertainment.
- Club memberships.
- Debts or loans (e.g., student loan)
All the information on finances is connected to the divorce proceedings. If additional learning is required by an individual regarding the divorce process and necessary financial disclosure, seeking a competent divorce lawyer Orlando FL would help in this aspect.
Erin Morse Law Firm is a Florida based Family Law firm. With a competent set of staff members, the Law Office of Erin Morse guarantees a skilled, experienced, and determined lawyer for each client, diverting their case to the right path.