Blog

Financial Checklist for Alabama Divorce

Financial Checklist for Alabama Divorce 

If you are going through a divorce in Alabama, preparation and knowledge about your situation is important for the results of your case. It is worthwhile to take the time to organize and document the aspects of your life and finances the court should know about when making decisions regarding asset distribution. While some of these listings may seem obvious, many more are easily overlooked. The following is a useful, but incomplete, listing of finances to be knowledgeable of before meeting with your attorney.

SOME GENERAL AREAS TO THINK ABOUT

 

1) Liquid assets of course include cash accounts, but also include stocks and bonds as well as safe deposit boxes.

2) Properties include real estate, vehicles, and personal properties.

3) Business related assets can be complicated and should be discussed with an attorney, but factors to consider include professional costs, whether it was a sole proprietor or a partnership, a family-owned business or a professional corporation. It is also useful to have all available business documents.

4) Liabilities you or your spouse are responsible for can include debts from loans, credit cards, utilities, household expenses, current or back taxes, and professional debts.

5) Insurance can also be a complex factor in divorce. Know what type(s) of insurance you and your spouse have arranged, whether it is homeowners/rentes, umbrella, automobile, medical or dental

6) Information about You and Your Spouse is very important in deciding the outcome of asset distribution in Alabama divorce cases. The court needs to know about you and your partners history of marriage and children, whether there are children or pets of this marriage, you and your spouse’s employment, pension, and income.

Again this is not to be taken as a complete list, but just a starting point for you to understand and prepare for your case. It is always best to discuss specifics with an attorney. When you become our client, you will receive a three-ring binder to help you organize all the materials as well as a more comprehensive list of what you’ll need to start gathering.

Contact us to schedule an appointment for consultation in our Birmingham office today.