Financial disclosure is where most divorces spend the most time and where most of the mistakes start. Gathering the right documents early saves weeks of follow-up. It also gives everyone on the team the same starting point.
Below are the 12 categories most disclosures need. Exact requirements and look-back periods depend on your state, your court and the complexity of the case. Ask your attorney or mediator what applies to you.
The core 12
1. Tax returns
Federal and state returns for recent years, with every schedule, W-2 and 1099. Tax returns show income and also point to accounts, businesses and property that might otherwise be missed.
2. Recent pay stubs
Year-to-date pay stubs show current income, deductions, retirement contributions and benefits. They often differ from last year's tax return.
3. Bank statements
Checking, savings and money market accounts, both joint and individual. Months of statements show cash flow and transfers between accounts, and recurring transactions can reveal accounts nobody mentioned.
4. Retirement account statements
401(k), 403(b), 457, IRA and Roth IRA statements, including accounts from former employers. Note the date of each statement, since balances change constantly.
5. Pension statements and plan documents
A pension benefit statement plus the plan's summary plan description. The plan rules affect how the pension can be divided, so they're needed as well as the dollar figure.
6. Investment and brokerage statements
Include cost basis records, not just market value. Two accounts with the same balance can carry very different tax bills.
7. Real estate records
Deeds, mortgage statements, home equity lines and a recent valuation for every property. Purchase and refinance records help when ownership has to be traced.
8. Debt statements
Credit cards, car loans, student loans, personal loans and any money owed to family. Debts get divided too, and they're easy to undercount.
9. Insurance policies
Life insurance (especially policies with cash value), health coverage details and disability policies. Insurance often secures support obligations, so it matters beyond its value as an asset.
10. Business records
If either spouse owns a business, gather its tax returns, profit-and-loss statements, balance sheets and ownership documents. Business interests usually need a separate valuation.
11. Equity compensation documents
Grant agreements and vesting schedules for stock options, RSUs and similar awards. Vested and unvested awards may be treated differently, so the schedule matters as much as the number of shares.
12. Monthly expense records
A realistic record of household spending. Support discussions and post-divorce budgets depend on it, and estimates made from memory are usually low.
The 4 most often missed
- Old employer retirement plans. People change jobs and forget the account they left behind.
- Health savings accounts. They look like a benefit, not an asset, but they hold real money.
- Vesting schedules. The grant shows up in disclosure, but the schedule that determines what's divisible often doesn't.
- Cost basis. Without it, nobody can compare investments on an after-tax basis.
Make disclosure the easy part
The documents above are only useful if everyone on the team works from the same, current copy. VennBoard gives clients a clear checklist and one secure place to upload, so statements come in once and no one has to chase them again.
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This article is general information, not legal, tax or financial advice. Disclosure requirements vary by state and court.