It should come as no surprise the financial side of divorce is often the one people fight hardest over. Gathering and submitting your financial documents for your divorce can take a significant amount of time and energy at a time when you already have so much on your plate. Nevertheless, having these documents ready at hand when you begin mediation can go a long way toward helping you divorce efficiently.
Whether you are mediating your divorce or taking it to court, you will need to compile a thorough record of your household finances. Coming to mediation prepared can make the process go smoother and be more efficient. Your finances are central to your divorce. Figuring out alimony and the division of your assets and debts will require a thorough review of your finances. You will also need information about your income and household expenses to fill out the Massachusetts child support guidelines worksheet. And, with any Massachusetts divorce, you and your spouse will have to submit financial statements to the Court.
Financials you will need to bring to mediation include:
- Three months of paystubs
- Three years of state and federal income tax returns (business and personal)
- Recent statements for bank, investment, and retirement accounts
- Recent statements for any liability (debt) accounts
- Recent statements for household bills and expenses
- Summaries for any employee benefits, such as stock options and stock purchase accounts
- Most recent detailed mortgage statement
- Appraisals for any assets, such as your home, if you have them
- Policy summaries for all insurance policies
- Inventory of all assets and personal items to be divided
- Credit reports for each spouse
- Social security statements for each spouse, if needed
The financial documents you bring to mediation should be current. Bring in year-end summaries if you can, and always make sure you have your most recent statement for all accounts. Consider working with an experienced Massachusetts divorce mediator if you think you need help with gathering your financials. A mediator can inform you of what you need to bring to mediation and why. A skilled mediator will take the time to prepare you in advance of your mediation so you can focus on making important decisions during the sessions.
If you have questions about the divorce process, Mediation Advantage Services can help you. Polly A. Tatum is experienced in divorce mediation and can help you successfully handle your divorce through guided and non-adversarial mediation. Based in historic Worcester with a satellite office in Northboro, MA, our firm serves all cities and towns throughout Massachusetts and Worcester County including, Auburn, Paxton, Leicester, Sutton, Grafton, Shrewsbury, Westboro, Northboro, Southboro, Holden, Sterling, Princeton, Worcester, Charlton, Millbury, Dudley, Spencer, Brookfield, Sudbury, Natick, Framingham, Hopkinton, Milford, Blackstone, Leominster, Fitchburg, Acton, Jefferson, Barre, Oakham, Cambridge, Newton, Marlboro, Lancaster, Bolton, and Hudson. Call our office at 508-795-1557, fill out our online form, or email us at email@example.com today to schedule your Complimentary Mediation Success Planning Session. You can also sign up for our eNewsletter or download our free e-book for more information regarding divorce in Massachusetts.