The Law Office of Lauren S. Cohen, LLC logo

Over 40 Years Of Experience At Your Side

Phone: 607-821-0100 | Toll Free: 866-539-2596

Modest consultation fee for Divorce and Family Law

Phone: 607-821-0100

Toll Free: 866-539-2596

Modest consultation fee for Divorce and Family Law

PLEASE NOTE: To protect your safety in response to the threats of COVID-19, we are offering our clients the ability to meet with us via telephone or through video conferencing. Please call our office to discuss your options.

Compassionate, Caring And Professional Services
For Over 40 Years.

Compassionate, Caring And Professional Services
For Over 40 Years.

Compassionate, Caring And Professional Services
For Over 40 Years.

Compassionate, Caring And Professional Services
For Over 40 Years.

Compassionate, Caring And Professional Services
For Over 40 Years.

Compassionate, Caring And Professional Services
For Over 40 Years.

Compassionate, Caring And Professional Services

Key financial documents to use in a divorce

| May 29, 2019 | Divorce |

During the divorce process, an individual will want to have access to as much information as possible. A person could use a New York state tax return to gather data about his or her household’s net worth. A federal tax return may also yield clues about how much a household is worth and whether a spouse may be hiding or obscuring assets. In most cases, returns from the past three years will be most relevant in a divorce proceeding.

Anything gleaned from a tax return can be used to create a statement of net worth. This will include the value of any assets a person holds directly, and it can also include the value of assets of which an individual may have an interest. For instance, an individual may be entitled to a portion of a retirement account held in his or her spouse’s name only.

The value of the assets will be reduced by the amount of any sole or joint debts a person has accrued. As part of the divorce process, it may be a good idea to conduct a lifestyle assessment. This can help show how a person’s income and expenses will change and what adjustments may need to be made to account for them. A variety of online tools can help determine a person’s income and expenses, both now and into the future.

It is possible for a person of either gender to obtain financial support in a divorce. Typically, a judge will look at the income, expenses and work history of both parties. Those who may be able to find work after a divorce may be entitled to limited support until that happens. An attorney may help a person organize financial records for use in settlement talks or a divorce trial.