Divorce Tips --Record Your Assets

            Too often is seems that the spouse who controls the finances in the marriage keeps vital information from their spouse.  When it comes time to divorce, that spouse often engages in scare and pressure tactics to get their spouse agree to divorce terms that typically are not fair or tries to get the spouse to agree to terms without having all the information.  NEVER STIPULATE TO A DIVORCE UNLESS YOU KNOW WHAT ALL THE ASSETS ARE. 

            A complete picture of the assets and income of both spouses is absolutely necessary and required to litigate a divorce case.  Under Utah laws and rules each spouse can conduct discovery and require the other spouse to disclose all financial records.  These records can be obtained for the months prior to the divorce if you are concerned that your spouse has been depleting the martial assets and hiding the money.  Both parties will also be required to file a Financial Declaration and verification of income with the Court.    

            While each divorce is different, you should consider the following as a list of typical documents needed in a divorce case.  You will want to gather these documents as soon as possible even before the divorce is filed.  Another benefit of gathering these documents is that possession of these documents will help in preventing your spouse from dissipating or secreting any assets.  When documenting the assets, not only do you want a list of the asset but also take pictures so that if they claim the asset does not exist, you can show the court that it does.  Videotaping also has the same benefit. 

1. Income Tax Returns.  Completed personal, corporate, partnership, joint venture, or other income tax returns, state and federal, including W-2, 1099, and K-1 forms, in your possession or control from the start of the marriage.
2. Income Information.  Current income information, including payroll stubs and all other evidence of income since the filing of your last tax return.
3. Personal Property Tax Returns.  Filed in this state or anywhere else from the start of the marriage.
4. Banking Information.  All monthly bank statements, passbooks, check registers, deposit slips, canceled checks, and bank charge notices on personal and business accounts, certificates of deposit, and money market and retirement accounts from banks, savings and loan institutions, credit unions, or other institutions in which you or your spouse has an interest.
5. Financial Statements.  Submitted to banks, lending institutions, or any other persons or entities, which were prepared by you or your spouse at any time during the last five (5) years.
6. Loan Applications.  Any Loan Applications made within the last five (5) years.
7. Brokerage Statements.  Monthly statements from all accounts of securities and/or commodities dealers or mutual funds maintained by you or your spouse during the marriage, and held individually, jointly, or as a trustee or guardian.
8. Stocks, Bonds and Mutual Funds.  Certificates, if available, of accounts owned by either spouse during the marriage or pre-owned by you.
9. Stock Options.  All records pertaining to stock options held in any corporation or other entity, exercised or not exercised.
10. Pension, Profit Sharing, Deferred Compensation Agreement, and Retirement Plans.  Or any other kind of plan owned by you or by any corporation in which you or your spouse has been a participant during the marriage, including annual statements.
11. Wills and Trust Agreements.  Executed by you or in which you have a present or contingent interest or in which you are a beneficiary, trustee, executor, or guardian and from which benefits have been received, are being received, or will be received and which are or were in existence during the past five (5) years, including inter vivos trusts.  All records of declaration of trust and minute books for all trusts to which you are a party, including the certificates, if any, showing such interest and copies of all statements, receipts, disbursements, investments, and other transactions.
12. Life Insurance or Certificate of Life Insurance Policies.  Now in existence, insuring your life or the life of your spouse, and statements of the cash value, if available.
13. General Insurance.  Copies of insurance policies, including, but not limited to, annuities, health, accident, casualty, motor vehicles of any kind, property liability, including contents, and insurance owned by the parties during the past five (5) years of the marriage.
14. Outstanding Debts. Documents reflecting all debts owed to you or by you, secured or unsecured, including personal loans, credit card statements, and lawsuits pending or previously filed in any court.
15. Business Records or Ledgers.  In your possession and control that is either personal or business-related, together with all accounts and journals.
16. Real Property.  Any deeds of property in which you or your spouse has an interest together with evidence of all contributions, in cash or otherwise, made by you or on your behalf, toward the acquisition of such real estate during the marriage or thereafter.
17. Sale and Option Agreements.  On any real estate owned by you either individually, through another person or entity, jointly, or as a trustee or guardian.
18. Personal Property.  Documents, invoices, contracts, insurance policies, and appraisals on all personal property, including furniture, fixtures, furnishings, equipment, antiques, and any type of collections, owned by you individually, jointly, as trustee or guardian, or through any other person or entity during the term of the marriage.
19. Firearm.  Registrations issued or pending receipt of governmental registration documents, owned, possessed, or controlled by you during the last five (5) years.
20. Motor Vehicles.  All financing agreements and titles to all motor vehicles owned by you, individually or jointly, at any time during the last five (5) years, including airplanes, boats, automobiles, or any other type of motor vehicles.
21. Corporate Interests.  All records showing any kind of personal interest in any corporation (foreign or domestic) or any other entities not evidenced by certificate or other instrument.
22. Partnership and Joint Venture Agreements.  To which you have been a party during the marriage.
23. Employment Records.  During the term of the marriage, showing evidence of wages, salaries, bonuses, commissions, raises, promotions, expense accounts, and other benefits or deductions of any kind.  All records showing any fringe benefits available to you or your spouse from any business entity including, without limitation, auto, travel, entertainment, educational, and personal living expenses.
24. Employment Contracts.  Under which you or your spouse have performed services during the past three (3) years, including a list of description of any oral contracts.
25. Charge Account.  Statements for the past three (3) years.
26. Membership Cards.  Documents identifying participation rights in any country clubs, key clubs, private clubs, associations, or fraternal group organizations during the past three (3) years of the marriage, together with all monthly statements.
27. Judgments and Pleadings.  In which you have been a party to, either as Plaintiff or Defendant, during the marriage.
28. Medical.  Bills, prescriptions, evaluation reports, or diagnoses for psychiatric treatment received during the last five (5) years.
29. Appraisals.  Any asset owned by you for the past five (5) years.
30. Safe Deposit Boxes.  A list of contents as well as the people authorized to enter.  You may even consider removing contents or taking pictures of the contents. 

 For more information contact Attorney Drew at andrew@gillilandlaw.com or visit www.attorneydrew.com