A practice of saving paperwork for one year after the relevant statute of limitations for a lawsuit expires is common, but some kinds of paperwork needs to be retained much longer such as
vital statistics records (e.g. birth certificates, marriage certificates and divorce decrees) that can prove citizenship and marital status,
documents showing the purchase price of property that may later be sold until it is sold (for tax purposes),
documents that prove ownership of property that is still owned,
documents that prove final payment of debts, many
documents related to a divorce, and many
documents related to
estate planning.