Or, if you are on the receiving end of a complaint for divorce, there is no decision to be made, as it has already been made by your spouse. Either way, once the complaint for divorce is filed, you will find yourself taking a ride on an emotional rollercoaster and chances are, the ride will not be pleasant. What you need to do is protect yourself by getting informed about your assets and your overall financial situation.
When I meet with potential clients for the first time, whether it is a husband or a wife, I am often surprised by their lack of knowledge regarding their assets, liabilities and overall financial picture. It is of vital importance that, before filing for divorce, you are aware of everything that you and your spouse have acquired during your marriage—assets and debts alike. Despite the fact that full disclosure of assets is required of both parties, more often than not, one party tries to hide an asset. Additionally, it does not matter whose name appears on the asset or debt. If it was acquired during the marriage, it is fair game and will be equitably divided.
During a first consultation with an individual who has made the decision to get divorced and is ready to get on the rollercoaster, if it appears that they are uncertain of their finances or unaware of their assets,
I advise them to refrain from filing for divorce until they can answer certain basic questions like:
1) How much money does your spouse earn on a yearly basis?
2) Are there any retirement accounts or pensions?
3) Does your spouse’s employer pay for any perks like a company car?
4) Do you own any real estate besides the marital home?
5) What is your total debt, including credit cards, mortgage, personal loans, etc?
If the answer to any of these questions is “I’m not sure,” I advise the potential client to do some serious exploring and come back when they can answer most everything about their finances. Yes, it boils down to some investigating but it is necessary for your protection.
Some basic things a spouse contemplating divorce should do prior to filing for divorce are:
1) Make copies of your joint tax returns for at least five years.
2) Copy all bank statements and any and all documentation for stock accounts, IRAs, pension plans and any investments that you can find. Go directly to the bank if you are on the account and request copies of all bank statements, checks, deposit slips, for at least three years.
3) Make copies of your spouse’s pay stubs for at least the past eight weeks.
4) Copy all your monthly bills over the past three months: mortgage statements, utilities, credit card statements, insurances, everything.
5) Copy deeds to any property owned jointly or if it is owned in your spouse’s name individually.
6) If there is a business involved, copy as many documents pertaining to the business such as tax returns and ledgers.
The above is just an example of documents that will become essential in your divorce.
Marla Marinucci is a member of the law firm of April & Maudsley, P.A., Marmora, NJ, which is about to celebrate its 26th year anniversary. Her sole area of practice is family law. She received a B.A. in French from Rutgers Camden, and received her law degree from Rutgers Camden School of Law. Her professional associations include Cape May County Bar Association; Co-Coordinator for the Cape May County Mock Trial Competition; Shore Memorial Leaders Alliance; MESP Panelist; Special Civil Part Panelist; Greater Atlantic City Jaycees; and the Family Law Section of the NJSBA.