Marital property and debt should be discussed with your attorney at the onset of your case. Your attorney should be made aware of all of your assets and debts and if possible, where these assets and debts came from. With a few exceptions, property and debt acquired or incurred during the marriage is marital and will be divided by the court in a dissolution proceeding. Likewise, with a few exceptions, property and debt acquired or incurred prior to the marriage is separate and will remain the with the spouse that incurred or acquired them. For more information on marital and separate property, see the Divorce Guide on our website.
You can help your attorney determine identify marital and separate assets and debts by providing your attorney with statements. The most up to date statement for bank accounts, 401(k)s and other retirement funds will create the best picture of your marital or separate property. Current statements from credit card companies and mortgage companies should also be provided to your attorney.
If you possess any documentation regarding your loans or assets that could help track the money used to purchase such fund assets or pay debt, you should also make your attorney aware of such documents and provide he or she with a copy. While your case is pending, you should provide your attorney with updated statements. Especially in this volatile market, keeping your attorney updated will make sure that he or she has the most accurate information.
