The first rule of divorce is “document, document, document”. What is the second rule of divorce? If you guessed “document, document, document”, you would be correct.
It is absolutely critical that you maintain and retain good financial records for many reasons. One of the most important reasons would be for use in a divorce action. Your divorce team, including your attorney and financial planner, require reliable and accurate financial information in order to advise you and protect your interests.
Many people are now storing electronic versions of historic and recent financial records in a secure location to provide to their attorney and financial planner in the event of their divorce.
These financial records can include such documents as income tax returns, retirement plan statements, paystubs, real estate deeds, auto titles, credit card and debt statements, Social Security benefits and earnings records, life insurance policies, investment accounts (including stocks, bonds, mutual funds, etc.), checking and savings account statements, etc.
This insight into the law is provided by Michael S. Bailey, Esq. of the law firm of Bailey & Gunderson Co., L.P.A., with offices in Norwood and Western Hills. Phone: (513) 631-0022.
