Back to school season is a time when many people think about divorce. Whether you are simply looking for information or are ready to take the next steps in your life, chances are you are considering an initial meeting with a divorce lawyer to get information about your current situation. Many people want to know what type of information they need to have on hand to have a meaningful meeting with their lawyer. Understanding what type of information will be asked for and what will be necessary in a divorce case early on in the process can be helpful in a planning perspective. The following are documents that will almost always be necessary in a divorce situation.
Obtaining these documents during a contentious divorce can sometimes be difficult. Knowing what you may need ahead of time allows you to accumulate what you can in a less stressful environment, and one in which you are in control. It can also prevent documents from going missing. Sometimes a spouse can collect information around the house prior to announcing an intention to seek a divorce, or even consult with a lawyer. Taking pictures of documents can be helpful as well, such as checks from the other spouse in order to obtain account information.

Everyone in business must keep records. Keeping good records is very important to your business. Good records will help you do the following:

• Monitor the progress of your business
• Prepare your financial statements
• Identify sources of your income
• Keep track of your deductible expenses
• Keep track of your basis in property
• Prepare your tax returns
• Support items reported on your tax returns

Monitor the progress of your business

You need good records to monitor the progress of your business. Records can show whether your business is improving, which items are selling, or what changes you need to make. Good records can increase the likelihood of business success. 

Prepare your financial statements

You need good records to prepare accurate financial statements. These include income (profit and loss) statements and balance sheets. These statements can help you in dealing with your bank or creditors and help you manage your business. 

• An income statement shows the income and expenses of the business for a given period of time.
• A balance sheet shows the assets, liabilities, and your equity in the business on a given date. 

Identify sources of your income

You will receive money or property from many sources. Your records can identify the sources of your income. You need this information to separate business from nonbusiness receipts and taxable from nontaxable income. 

Keep track of your deductible expenses

Unless you record them when they occur, you may forget expenses when you prepare your tax return.

Keep track of your basis in property

Your basis is the amount of your investment in property for tax purposes. You will use the basis to figure the gain or loss on the sale, exchange, or other disposition of property, as well as deductions for depreciation, amortization, depletion, and casualty losses.

Prepare your tax return

You need good records to prepare your tax returns. These records must support the income, expenses, and credits you report. Generally, these are the same records you use to monitor your business and prepare your financial statement. 

Support items reported on your tax returns

You must keep your business records available at all times for inspection by the IRS. If the IRS examines any of your tax returns, you may be asked to explain the items reported. A complete set of records will speed up the examination.