This Week’s Blog by Jaime S. Dursht
Ask any top divorce attorney in Greenwich, New Canaan, Darien, Westport and beyond, what practical steps should be taken to prepare for the divorce process, and the answer will be to locate and organize your financial records.
Which Financial Records are the Most Important?
At a minimum your past 3 years of individual tax returns; past 2 years of bank statements, credit card statements and retirement accounts; the last year of pay stubs; and any life insurance and medical insurance policies. In every marital dissolution action, this is mandatory disclosure so it helps to have it organized ahead of time.
What if I Do Not Have Access to Accounts?
Most accounts can be readily accessed online if the account is in your name or jointly with your spouse. If you are unsure, call the financial institutions and find out how to establish online access or how best to obtain statements. Many are surprised to learn that lack of accessibility is simply a lack of familiarity that is easily overcome. If the account is in your spouse’s sole name, then it is his/her obligation to provide it.
Is There a Time Frame or a Due Date?
The time frame is generally within the first 30 days from when the action filed, when many attorneys formally request production. Officially, the due date is 60 calendar days from the date of the written request.
Do I Need to Print Paper Copies?
No. Electronic copies are preferred, but if you do have paper copies, consider scanning them to avoid the possibility of incurring a fee for law firm staff to do it.
Are There Additional Documents that will be Required?
Yes. It is common practice for attorneys to request an exhaustive list of any kind of document relating to an interest held in any type of asset or source of income. For example, appraisals, trusts, deferred compensation, business interests, inheritances, educational savings, safe deposit box contents, and employment contracts.
What Happens if a Party Does Not Comply?
Unfortunately, it is not uncommon for a party to object to discovery requests, for example, on the grounds that the particular request is “overbroad, unduly burdensome, and not reasonably calculated to the discovery of admissible evidence.” When there is disagreement over discovery, there is the possibility that court involvement will be necessary to resolve the issue.
When it comes to the discovery process, we encourage our clients to maintain an open and cooperative approach to avoid disagreements that often cause delays and end up being costly for both sides. So if there is anything practical you can do to prepare yourself, it is to organize your files, and familiarize yourself as best you can with your financial records.
With offices in Westport and Greenwich, the attorneys at Broder & Orland LLC are extremely knowledgeable and experienced with the process of discovery and how to resolve the various issues that arise throughout each case.