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CROSSCOR Valuations & Forensics Inc.

Divorce Checklist

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Divorce Checklist

LA & OC Business Valuation and Cash Flow for Support

Income tax returns are always the starting point in your divorce case, which involves a business owned and operated by one spouse during marriage.  QuickBooks is critical for analyzing the transaction detail.  Check and deposit slip images are used to test the integrity of QuickBooks.  An electronic copy of QuickBooks is always superior to a paper copy.  Paper is inefficient and costly.  The major concerns in divorce litigation are unreported income and personal expenses paid for and deducted by the business.  The list is about 80% of what we require to get a meaningful understanding of the profits, cash flow and value of the business.

  • Income Tax Returns:
    • Complete, including all schedules, forms, statements and amendments
    • IRS Form 1099
    • Three to five full years before Date of Separation
  • Historical Financial Statements:
    • Balance Sheets
    •  Income Statements or Profit and Loss (P&L) Statements
    • Three to five full years plus the partial year as of the last full month
    • If Pereira Van Camp (then three to five years plus partial year before Date of Marriage)
  • Bank Records:
    • Statements
    • Checks deposited (front and back)
    • Deposit slips (front and back)
    • Checks written (front and back)
    • All the debit card numbers
    • Three to five full years plus the partial years as of the last full month
  • Credit Cards:
    • Statements
    • All the credit card numbers
    • Three to five full years plus the partial years as of the last full month
  • QuickBooks (QB):
    • Electronic copy saved a portable file (.QBM)
    • User and pass code
  • General Ledger Detail:
    • If electronic QB is not produced
    • Saved as Excel by year
  • Accounts Receivable Ledger:
    • If electronic QB is not produced
    • Saved as Excel by year
  • Fixed Asset Ledger:
    • If electronic QB is not produced
    • Saved as Excel by year
  • Accounts Payable Ledger:
    • If electronic QB is not produced
    • Saved as Excel by year

LA & OC Child and Spousal Support and Marital Balance Sheet

Income tax returns are also the starting point in your family law case if you are a wage earner.  Unlike a business, the cash flow of a wage earner is straightforward.  However, like a business, a wage earner can divert or dissipate community income and property during the marriage. The list is most of what we require to get a meaningful understanding of the community’s income. It is also helpful in understanding the community and separate property assets and debts.

  • Income:
    • Income tax returns
    • W2 statements
    • IRS Form 1099
    • Stock in lieu of salary
    • Fringe benefits (auto allowance, bonus, club membership, travel rewards, etc.)
    • All filed Income and Expense Declarations (I&E or FL-150)
  • Assets:
    • Cash
      • Bank statements
      • Checking accounts
      • Saving accounts
      • Date of Separation
    • Real estate
      • Mortgage statements
      • Date of Marriage
      • Date of Separation
      • Date of Trial
      • Moore-Marsden
      • Appraisals
    • Investments and Pensions
      • Brokerage and investment statements
      • Defined benefit or pension plan documents
      • 401(K) and other defined contribution plan
      • Date of Separation
      • Date of Trial
      • QDRO
    • Perks or Extraordinary Benefits
      • Stock options (vested and unvested)
      • Deferred compensation
      • Accrued vacation (if there is a cash value)
    • Personal Property
  • Debts:
    • Credit report
    • Credit card statements
    • Mortgage statements
    • Other financing (auto, boat, timeshare, etc.)
  • All Schedules of Assets and Debts (FL-142)

Divorce Checklist