Documents women investors may need before a divorce

On Behalf of | May 29, 2019 | Divorce

Many newlyweds in Oklahoma have visions of spending a lifetime together. Unfortunately, this isn’t always the case. If a marriage does come to an end, however, women investors with assets to protect are often advised to focus on their finances to make the transition back to single life less problematic. One way this goal can be accomplished is by having the right documents in place before beginning the divorce process.

The first document women investors are often advised to review before settlement discussions begin is their tax returns. The general recommendation is to have the three most recent returns plus supporting documentation, such as W-2s and 1099 forms. IRS Form 4506 can be used to request tax information. It’s equally important for women investors to acquire documents that show any expenses paid through their company, so such information can be used to determine future benefits.

A woman’s anticipated expenses can be determined with a lifestyle analysis. One way this information can be gathered is with an online expense tracker that looks at bank- and credit-related accounts. It’s also possible for this process to be completed with a review of three years’ worth of financial statements to verify spending patterns. Lastly, a woman investor is more likely to be better prepared to negotiate a divorce if she has a net-worth statement. This is the document that tallies current assets and liabilities, so a financially astute woman untying the knot can confirm if the listed total is accurate.

An attorney from a Tulsa, Oklahoma, divorce law firm may also recommend that a woman with personal and professional financial assets to protect also gathers information related to investment, banking and savings accounts. A lawyer might consult with an accountant as well if there is a need to identify assets tied up in employer-sponsored retirement plans or assign a value to collectibles or other hard-to-value assets.