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What If I Don’t Know the State of Our Finances?

Divorce

In some relationships, it is common for one person to be in charge of all of the marital finances and expenses. Often times, this results in the other spouse having little to no knowledge of what financial accounts exists, what debt exists, and sometimes even what their spouse’s income is.

When you are in this situation and are faced with a divorce, it can make the entire process more intimidating than it needs to be due to the lack of knowledge or understanding of what exists and what you might be entitled to. You may feel as if you don’t know what type of housing you should be looking at, or how you will be able to afford which monthly expenses. However, this is not without remedy.

One of the first steps in your divorce case will be the gathering and exchanging of voluminous financial documents. This part of the case is often referred to as the discovery phase.

Together with your lawyer, you will be able to see your spouse’s bank account statements, retirement account statements, investment account statements, debts, and all other financial information that may exist. If, based on a review of these documents or some other knowledge, there is a belief that documents or accounts are being concealed, there are legal remedies which can force disclosure of these accounts as well. You will eventually have a full and complete picture of the financial status of your marriage.

Only once all of this information has been exchanged, and you and your attorney have a full understanding of the marital assets and liabilities will it be proper to discuss financial settlement of your case. You will never be forced to make any decisions regarding asset division, alimony, or child support before have full knowledge of what exists, and you will never be left in the dark regarding the marital finances.

If you have questions about divorce, or wish to discuss your potential case and how Robert Sparks Attorneys can help, contact us to speak with a lawyer.

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