The attorneys at GillespieShields practice family, employment, civil, criminal, and immigration law.
Do I Have to Disclose Financial Information in Divorce Mediation?
When you go into divorce mediation, to the best of your ability, full financial disclosure is imperative. In fact, full financial disclosure is encouraged of both spouses in the mediation process. So, the short answer to question in the title of this blog is “yes, you do”.
In fact the more prepared you are to provide the necessary paperwork to document your financial status the smoother mediation will go. If you feel your spouse. Let’s talk about what we mean when we say “full financial disclosure.”
Full Financial Disclosure
Since divorce is primarily a means of fair distribution of assets, it is important to get the full picture of what all is to be dispersed. Assets are typically categorized in three areas:
- Marital Assets
This is anything acquired during the course of marriage
- Separate Assets
This would include any property obtained before the marriage or after separation. Inheritances and gifts also fall into this category
- Co-mingled Assets
This would be a sort of mix of the two above categories. For example if retirement accounts, savings, or investments are together.
Some spouses feel they don’t need to report anything from the Separate Assets category either because they don’t understand the process or they are afraid those assets would be “up for grabs” if fully disclosed. This is where Jane Austen’s words about disclosure are perspicacious and insightful.
Paperwork You Will Need
When preparing to go into mediation here’s a quick list of financial documents needed for divorce:
- Credit reports
- Tax Returns
- Pay stubs (3-4 most recent)
- Stock options, safety deposit boxes, tax shelters, patents, trademarks, etc.
- Bank Account Statements
- Investment Account Info
- Itemized list of personal items owned (vehicles, boats, jewelry, art)
- Insurance Policy Information
- Liabilities such as credit cards, mortgages, student loans, auto loans
- Prenuptial agreements
A Team You Can Trust
When working with the family law firm of GillespieShields, you can trust that we will take the time to understand the individual challenges you face, develop a comprehensive solution and work strategically to achieve your goals. With over 33 years of practice experience, we know how to best apply our skills and knowledge to achieve the best possible outcome.
As you start to pursue divorce mediation, contact our friendly team online or call 602-870- 9700 anytime. We can help walk you through the process and help you both reach the best possible outcome in this transition.
The information contained on this site is not, nor is it intended to be, legal advice. You should consult an attorney for legal advice concerning your individual situation. We welcome you to contact us via phone, electronic mail, or through this website. However, contacting us does not create an attorney-client relationship. Please do not send us confidential information until such time as an attorney-client relationship is established.