Divorce & Finances: What You Need to Know
Updated: Oct 21, 2020
There is no such thing as being over-prepared for a divorce. It is wise to begin gathering information about finances at the start. Your attorney will provide you with forms to complete and request documents from you. Often it feels like you have been given a huge homework assignment. Organizing information into a spreadsheet or a binder may help you keep track of the documents you have and the ones that are still outstanding.
In South Carolina, the parties to a divorce action are required to complete a sworn Financial Declaration disclosing a complete and accurate picture of their income, expenses, assets, and debts. Print a blank Financial Declaration and work towards gathering paystubs, tax returns, bank, credit card, and retirement account statements, etc. (https://sccourts.org/forms/pdf/SCCA430.pdf) in preparation. This form will help keep you focused on important information that your attorney will need to best advise you.
To calculate child support, estimate alimony, and propose an equitable distribution of assets and debts, your attorney will need to review all relevant financial documents. Your divorce attorney has tools to help reveal the financial status including the ability to submit discovery requests to your spouse, issue subpoenas to financial institutions, referring you to a forensic accountant, and the like. The more informed and prepared you are at the get-go the less of a hassle this process will be. A good divorce attorney can help guide you along the process and answer any questions you may have. Contact us today at (864)707.1111 to schedule a consultation to find out more about your finances and divorce.
-Brittany M. Gray, Esq.
Attorney at The Women’s Law Center