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Financial documents, assets require attention during divorce

A couple's goal when they walk down the aisle in Alabama is not only to get married but also to stay married. Unfortunately, this is not always possible due to irreconcilable differences that may crop up. However, a few tips can help those going through divorce to protect themselves financially during this type of family law proceeding.

Knowing one's debts and assets is essential. For this reason, accessing CPAs, financial advisers and accounts as soon as possible is critical. The documents that may be helpful to copy include work-related documents, such as those for pensions, IRAs, 401(k)s, 1099s and W-2s. Other important documents to gather and copy include year-end financial statements, investment statements and personal bank statements.

Another important step during a divorce proceeding is separating non-marital assets. These are assets that belong to one rather than both spouses and thus are not subject to property division during a divorce. Examples of these assets include inherited property, gifts made to one person, or items that one spouse bought before the marriage and brought into the marital union.

If two married individuals in Alabama are willing to work hard to achieve a settlement without further court intrusion, they may be able to do this through divorce negotiation or other options, such as collaborative divorce or mediation. The benefit of these alternatives to traditional litigation is that they are generally much more amicable and less stressful. This is especially helpful for spouses who have children and thus will have to co-parent in the future.

Source: dmagazine.com, "A Successful Divorce? It's Possible.", Michael Wysocki, Sept. 1, 2017

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