You probably never thought that you'd be celebrating your 50th birthday by filing for divorce. Unfortunately, that's the reality you're facing right now. Before you fill out the marital assets paperwork, you need to understand the financial concerns you might be facing by filing for divorce later in life. If you and your spouse amassed a considerable amount of wealth during your marriage, you're going to have to divide all of that.
If you weren't the one who was responsible for maintaining the financial records during your marriage, you might not be aware of the entire bulk of the marital assets. That can make it difficult for you to know what you should ask for in the divorce. To ensure that you get your fair share of the marital assets, here are three things you should do before you file for divorce.
Document Your Assets
If you live in a community property state – such as California – the marital assets will be divided between you and your spouse. To ensure that the assets are divided properly, you'll need to document everything you and your spouse own. This should include all real and personal property, as well as investment accounts and life insurance policies. It's also important that you document any retirement that your spouse may have earned. You may be entitled to a portion of the retirement proceeds.
Get Copies of Tax Records
If you're concerned that your spouse might try to hide their earnings so that they can decrease the amount of spousal support they'll owe, it's important that you obtain copies of your tax returns. Your tax records will show exactly how much money you and your spouse earned each year. If you didn't work, your tax records will provide documentation that you were dependent on your spouse for full support. If you did work, but your spouse earned more than you, the tax records will help determine how much support you should receive.
Reconcile Your Bank Statements
If you and your spouse have joint bank accounts, don't withdraw money from them. If you do, the judge may order you to return it, especially if your spouse reports the withdrawals to the courts. Instead, reconcile your bank accounts before you file for divorce. Obtain statements from the bank that detail how much money is in each bank account at the time you filed for divorce.
Your attorney will be able to use that information to track banking activity. If your spouse tries to empty out the accounts and close them, your attorney will be able to obtain a court-order requiring your spouse to leave the accounts alone until the property can be divided according to the divorce settlement.
If you're facing divorce after 50, be sure to protect your financial future. The information provided here will help you protect the assets you worked hard to obtain. Be sure to have a good lawyer, such as from Kalasnik Law Office, to have the process go as smoothly as possible.
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