No matter what type of divorce process you choose to use, it is important to identify your marital estate. marital property is defined by the South Carolina Constitution and the equitable distribution generally includes all assets and debts acquired by either party during the marriage, regardless of title. As you might guess, there are numerous exceptions to this rule, so discuss this issue carefully with your attorney. For a start, however, you should begin to gather the following information, regardless of how it was obtained or who has received, as long as it was obtained during the marriage. Gather information about the use of property during marriage, regardless of when you acquired it.
Example of "assets" will be your room, car, boat, valuable piece of artwork, retirement account or investment account. property is something that is worth the money! Do not worry about loans to assets (such as mortgage or car loan), it will be a list of all these debts separately. The result will be your "net" marital property.
Here is a short list that will help guide you with this process. It is by no means a comprehensive list, so you anticipate that your lawyer will need more information, but it is a good starting place.
Profit / Assets:
O tax returns for the previous five years
of the the pension account ,one of the days of marriage ,one current .
on the assessed valuation of all property acquired during marriage
The estimated value of the marital residence, if owned
A report from the current investment account
A Statement college savings accounts for minors
on the estimated (blue book) value of all cars
O Itemization of valuable artwork, jewelry, etc. with an estimate of the value
a copy of all trusts
a copy of all life insurance policies or annuities
on the recent statements from the life and annuity policies
a copy of all corporate operations; Sat S corps, LLC, etc.
debts
on the course of the credit card statements
A Current mortgage balance (1, 2, 3, etc. ...)
O Car Loans
A bill
About Student Loans
on secured loans
Other debts and liabilities (unsecured)
In more complex cases, the financial professional is useful to assist in establishing the value of marital property. In more simple cases, you and your lawyer can determine the value of benefits and Excel spreadsheets or numbers, or just a pencil and paper!
The bottom line is that you want to determine what was obtained during the marriage, or use it as marital property during marriage, regardless of how it was obtained.
HOT TIPS: You'll also want to have this information very well organized for your lawyer or financial expert. You pay these people by the hour, so the less time they need to spend organizing financial matters, the less money you'll pay for this service!
No comments:
Post a Comment