A Credit Counselor Versus a Bankruptcy Attorney

When it comes to getting the most favorable child support and spousal support award in a divorce, it is crucial that you have accurate information regarding the income of your spouse. It isn't uncommon for one spouse to believe that the other is hiding income and assets. Rather than just assuming, there are ways that you can find out for sure, with and without the help of your divorce attorney:

1. Take Action Before You Separate

If at all possible, you should try to start compiling a file of documents that may support your case in court before you split. Make copies of any financial documents that you can find in the home and that you have legal access to, which includes your spouse's business. This could include bank statements, insurance policies, wills, trust, deeds, credit card statements, profit and loss statements, and ledgers.

2. Take Picture of Marital Home Assets

It isn't uncommon for a spouse to attempt to hide certain assets that were in the home in order to keep them for themselves or to reduce the amount of property that is valued. You can combat this by taking pictures of all the rooms in the home and ensuring that valuable assets are in those photographs. This is particularly important if you are leaving the home and your spouse is going to stay there during divorce proceedings.

3. Subpoena Bank Account Records

The bank should be asked for check images, statements, deposited items, and deposit slips. This is generally an easy task if there is one bank account, but things get a little trickier when there are multiple accounts. It requires following the money trial, which may require a financial expert or forensic accountant to sift through the bank records with fine tooth comb.

4. Subpoena Bank Loan Records

You should also get access to any records that the bank has regarding the request for a bank loan. When someone goes to the bank to get a loan, they must show the bank that they have the funds to repay the loan. This means that the financial statements that are given to the bank will sometimes look very different from the information that the IRS has on file. As a general rule, this process works in your favor – if there is money to be found – as you will receive the entire file from the bank, which includes the bank's analysis of the financial information and the application as a whole.

When you are considering divorce, it is important that you be armed with the necessary information to come out on top. A divorce lawyer like Harold Jarnicki Attorney At Law can help you understand your rights and what needs to be done in order to obtain the most favorable settlement in the end.