California Divorce Mediation Checklist: What Documents Do You Need?
Couples who turn to divorce mediation to minimize the costs and emotional upset of divorce can increase their chances of success by being prepared with the proper documents. Divorce mediation requires that both parties provide all financial information for review – this info alone can be extensive when a couple has numerous assets and debts to consider. Many couples who have been through a divorce agree that the phase of the process that requires the most time and is the most stressful is cataloging asset and debt data.
Once all the necessary information has been provided, the divorce mediator takes over negotiations. An experienced divorce mediator can drastically reduce the amount of conflict, wasted time, and unnecessary expenses couples experience during divorce. To assist experienced California divorce mediators in managing smooth negotiations, make sure financial documentation is complete.
California Mediation Checklist: 4 Important Types of Documents
1. Assets: Both spouses should provide identifying info (name, date of birth, marriage date, income, employment status, phone number and address), details on dependents and children, bank statements, statements of any accounts belonging to the child (CDs, 529 plans, college funds, etc.), stocks, vehicle ownership, pending lawsuits, loan settlements, pension plans, any cash benefit plans, property appraisals, and business valuations for any joint business ventures.
2. Liabilities: Both spouses should provide information regarding any home equity loans, secured credit obtained using any personal property as collateral, auto loan statements, student loan statements (if applicable), private loan statements (written or verbal), credit card statements, and info on any civil cases with one or both parties listed as Defendant.
3. Income and Taxes: Pay stubs or another statement of income, copies of federal and state tax returns for the last three years with appropriate W-2 and 1099 forms, and corporate tax returns if there is a joint business venture, etc.
4. Insurance: Life insurance policy declaration sheets and written statements of payments made and disability policies.
If you are interested in divorce mediation or you need more information on how to prepare for divorce mediation, please get in touch with one of the experienced family law attorneys at The Maggio Law Firm.
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