Going through a divorce is no joke. It brings a lot of emotional and financial challenges, especially if substantial assets are involved.
Having the proper documents ready can reduce stress and help ensure fair and accurate asset division. Below are five crucial documents you’ll need for a high-asset divorce in North Carolina.
State and federal tax returns
Your tax returns tell your financial story throughout your married years. Collect the past three to five years of personal and business returns—more if you can. It’s better to include all schedules and attachments.
In North Carolina, where equitable distribution laws apply, these documents help ensure fair division of marital property.
Real estate deeds
North Carolina property values vary significantly from the mountains to the coast. Gather deeds for all properties, whether it’s your Charlotte residence or a vacation home in the Outer Banks.
If you can, get up-to-date appraisals on the value of each property. Prepare these, as well as documentation of any mortgages or liens.
Investment and retirement records
Retirement savings are often a significant portion of people’s wealth. This is especially true for high-ranking executives with executive compensation packages. Collect documents for your:
- Individual retirement accounts
- Brokerage accounts
- 401(k)s and pension plans
- Stock options or mutual funds
If you have unvested stock options, include these as well.
Financial account statements
Organize statements from all your checking and savings accounts, including credit card and active loan statements. Your financial statements show your spending patterns, general lifestyle and financial obligations. Ideally, prepare up to two years’ worth of records for a complete financial overview.
Business valuation reports
If you’re a business owner, a professional valuation is essential. This document shows your company’s market value by analyzing revenue, assets and growth potential. An accurate valuation helps achieve a fair distribution under state law.
Moving forward with your finances intact
While these documents create a strong foundation for fair high-asset divorce proceedings, they’re just the beginning. A North Carolina divorce attorney can help identify other documents you may need. Additionally, they can guide you through the state’s legal requirements and protect your interests.