Frequently, spouses underestimate the complexity of divorce proceedings and the likelihood of intense conflict. While they may aspire to cooperate to divorce as amicably as possible, there is never any guarantee of their spouse taking the same approach. Hoping for the best while preparing for the worst helps people avoid being at a disadvantage. To achieve that goal, people generally want to collect adequate documentation to reduce the likelihood of misconduct during the divorce process.
What types of records help people push for a fair property division outcome in high-conflict scenarios or cases where spouses engage in misconduct, such as hiding assets?
Household financial records
There are a variety of official documents that can provide insight into financial circumstances while preparing for divorce. Bank statements, credit card statements and tax returns may all be important documents to collect. People who have their own copies of these documents don’t depend on their spouses for disclosures. Additionally, they can then use the documents they already have to identify discrepancies in the information provided by their spouse during property division negotiations.
Records of personal assets
Some people hide property by diverting some of their income from shared bank accounts. Others hide physical assets or underreport their value. Before discussing divorce with the spouse, creating an inventory of assets can be beneficial. People can create lists of every piece of furniture, work of art and other valuable assets by conducting a home walk-through.
People in unusual and complex financial circumstances may need to take additional steps. Discussing personal concerns with a family law attorney before initiating divorce proceedings can help people prepare.