Written by: Estate Assist
When it comes to divorces, it is best if both partners let civility reign. Confrontational attitudes and malice never result in a good ending, so avoid it at all costs. Most couples know that assets and liabilities must be split, but seldom consider the implications of failing to share important personal and financial documents, and they struggle to decide which ones to keep private. Document sharing is even more important if there are kids in common. Couples who are considering a divorce can benefit greatly from putting a plan together that enables them to easily share documents and information without having to meet face-to-face each time one or the other needs access to information. Not only do couples need to learn how to share documents, but they also need to know which documents must be shared and for how long, and often need to take into account the privacy and sensibilities of their new spouse. If you are divorcing or have divorced recently, then take note of the following tips, and get your affairs in order. Having the right documents accessible to you and your ex-spouse can make life a thousand times easier and reduce the possibility of being stressed due to having to confront each other every time a need arises.
Share Tax-Related Documents
When you divorce, you will need to engage in financial transactions that will demand proof of income for prior years. In many cases, you will also be required to prove that you qualified for certain tax credits in order to have access to specific programs. Both you and your ex-spouse can benefit greatly from having access to the last five years of tax documentation. This includes your actual tax return and copies of any supporting documents associated with the return.
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Share Documents That Demonstrate Assigned Liabilities
Your divorce decree will include terms of financial responsibility for certain liabilities. When liabilities are assigned, it is the responsibility of both parties to contact the lender and provide them a copy of the terms. In some instances, if a spouse acted as a co-signer, then there is no way out of the financial responsibility. If the liable spouse does not take a separate loan to pay the monies in full, then you are on the hook. Keep track of the payments and, if need be, step up and make a payment to avoid latency. As long as you are a co-signer, your credit will be affected by how the debt is paid.
Share Divorce Papers
Both of you will need every document associated with the divorce proceedings. Make certain both parties have access to hard copies of the divorce decree as well as supporting documents, and upload a digital copy for reference.
Share Financial Documents to Prove Solvency
When you begin building your credit as a single person, you will be asked to provide evidence of prior financial dealings and sources of income. Make certain both parties have access to documents that prove financial solvency.
Share Health Records for Your Children
Emotionally healthy joint parenting is all about the ability to maintain open and functional communication. If you and your ex are raising little ones together, then make a concerted effort to have shared access to their health records, medical history, and vaccinations. Having this information handy can be life saving in the event of an emergency, and it always makes visits to the doctor, school, and activity enrollment easier for everyone. Keep in mind that health records must be updated frequently and reflect the most recent changes to the health of your child. Work as a team to make certain both of you are aware of any changes to your child’s health, and any medications he or she may be taking.
Share Guardianship Documents
Make it a point to have the most updated versions of guardianship documents and any terms associated with custody. Also, discuss how you plan to take care of the kids in case of an emergency, such as a parent becoming incapacitated. Having a documented plan B is a healthy approach to joint parenting, and it is helpful in reducing the stress and anxiety often experienced by children of divorced households.
Now that we have tackled some of the documents and information you might need to share with your ex spouse, in hard-copy version as well as digital files, let’s talk about the items that need to be separated. Above all things, be swift in clearly separating your financial affairs, including removing your ex from bank accounts that once had a joint status. Additionally, each should keep the original and copies of documents that prove ownership, such as deeds and titles for the property that the divorce decree lists as individual ownership. While you are at it, be amicable and split photos and heirlooms in a way that allows both you and your ex to keep the memories that matter the most to each of you.
The initial steps of sharing important documents include making hard copies for you and your ex. Once each of you has paper files, it would be wise for both to keep the documents safely stored in the cloud. If your divorce is on friendly terms, then you can both share a digital safe deposit box , allowing for easy access to each document for reference, or when needing to print a hard copy. By having a shared environment for document storage that both of you might need, you reduce friction and set the stage for a more cooperative and healthy long-term relationship. This is especially important if you have kids in common and have decided to work together toward providing an emotionally healthy family dynamic for your little ones.