The divorce process can often feel cumbersome for couples in Michigan. There are many logistics to work through, especially during a property division, and information that must be provided. This is the case whether a settlement is achieved via litigation or through the less-adversarial collaborative divorce approach. Before embarking upon a divorce or at the very beginning of the process, it can be helpful to know what types of data will be required and work to get it together up front.
For starters, collecting all information that provides details about the income of both spouses is important. This can include pay stubs, W-2s, 1099s or tax returns. The exact documentation required can vary based upon self-employment and other factors. Itemization of expenses, especially those related to any children will be required such as costs for tuition, childcare and extracurricular activities. Gathering information for the cost of health insurance and any other out-of-pocket medical expenses should be part of the preparation process.
From there, couples should be able to offer details about all assets and debts. The valuation of any retirement plans or other investments needs to be available. For homes or other real estate owned by a couple, tax statements and mortgage statements are among the basic information that will be requested. Whether or not down payment amounts were funded by separate or marital property will also come into play during the settlement process.
The lawyers at Quist Law Firm PLLC have extensive experience with divorce preparation and settlements and understand what information people must provide during the process.