Spend Money Carefully During a Divorce
You’re considering getting divorced, or you are in the process of getting divorced. You finally have the opportunity to buy anything you want without being accountable to anyone….right? Wrong.
It may seem like you have the freedom to go on a spending spree and not be accountable for your purchases. You may even think if you spend marital assets that will be less money to split with your ex. Although the court doesn’t expect you to pinch every penny from the moment to choose to proceed with the divorce, they do expect you to be responsible and refrain from making large, unnecessary purchases with marital assets.
The court needs to be able to see a full accounting of your marital assets. So if you have made a large purchase, be prepared to explain your position. If the court feels you were out of line in your purchases, they may require you to pay the other party.
You will be required to submit supporting financial documents to the court for its review. This may include: bank statements, bills, pay stubs, tax documents, and anything else the court may require.
It’s important to note that the court doesn’t just request these documents for the month the divorce is filed. In many cases they want a full year accounting for some records. They may also want specific time periods so it can review the couple’s financial position and standard of living while together, at the time of separation, and throughout the divorce process.
Additionally, the opposing party may request additional documentation going back for years.
So proceed with caution! Divorces can be complicated, especially when finances and assets come into play. At Burton Law, we’re familiar with the guidelines of the court and can help you through the often overwhelming financial disclosures accompanying your case.