When a marriage ends in divorce there are numerous financial issues to resolve before an equitable property settlement can be reached, and it is critical that each spouse have a complete understanding of the financial status of the household. A marriage is an economic partnership which means assets and earnings acquired during the marriage are generally considered marital property regardless of the name on the title. The exceptions would be if you received an inheritance or gift while married and kept it in individual name. If, however, you received the inheritance or gift and commingled the asset with your spouse you may have made a presumptive gift to the marriage.

1. Who, what, where, when and why? 
Remember your English teacher drilling that into your head as a student? We should all be able to answer those questions about our financial assets and liabilities but it is especially important for a divorcing spouse. Let's start with 'who' -- whose name is on each of your assets including your home, bank accounts, investments, retirement accounts, and insurance policies? And don't forget about debts including credit cards, car and other personal loans, and mortgages. Just because an asset or debt is titled in single name doesn't mean it's not marital. For example, an Individual Retirement Account (IRA) by definition can only be titled in one individual's name but if it was funded during the course of the marriage it is considered jointly owned for the purpose of the property settlement.

2. What do you own and owe?
What assets and debt have you acquired over the course of the marriage? Start by looking at statements that arrive in your mailbox but keep in mind that some statements are typically produced quarterly, such as employer sponsored retirement accounts, and others may be sent electronically to your spouse's email address. Get a free copy of your credit report at annualcreditreport.com to see what debt is associated with your name. This is especially important at the date of separation since debts incurred post separation may not be considered marital. 

3. Where are these financial assets held?
Are there multiple financial institutions including banks, insurance companies, and investment advisors? Call and get copies if you don't have access to the statements. Note, however, that even if it's a marital asset or debt you will not be permitted a copy if your name is not on the account. Regardless, you and your spouse are required to provide full disclosure of all financial assets, liabilities, income and expenses to the court so you will eventually get the information.