Divorce is never easy but being prepared can make the process run much more smoothly. One of the key elements of the divorce process is the division of your marital property.
The state of Georgia operates on the basis of equitable distribution when it comes to dividing marital assets. Essentially, this means that the court will divide assets in a fair manner. To do this, the family court will need an accurate view of the financial circumstances of each spouse, and this is where documents come in.
What financial documents does the family court require during a divorce? Here are the top three things you need to disclose:
1. Asset records
The family court will need to see an itemized list of assets owned by each spouse or that are owned jointly. For example, evidence of who owns the family home, vehicles and other pieces of real estate.
2. Debt records
As well as assets, marital debts are also divided equitably during a divorce. If you have joint debts then it’s important that the family court see evidence of this so that they can come to an equitable ruling and distribute debt obligations fairly. At the same time, you should not be made to pay debts for which you are not liable.
3. Income records
The income of each spouse will also play a key role when settling financial matters related to divorce. Pay stubs, tax returns and business reports should all be disclosed to facilitate the process of equitable distribution.
Equitable distribution means that both spouses should leave the marriage with a fair settlement. The process of property distribution can be complex, which is why it’s pivotal to have legal guidance behind you every step of the way.