Most couples who get married believe they will beat the odds and stay married forever. Unfortunately, half of them will be wrong. Divorces are hard on all the parties, and it can be difficult to think coherently enough to plan for the future. Experts say that unless this is done, real financial hardship may be down the road. You deserve your fair share of the marital assets. It helps to develop a divorce financial planning worksheet for the three stages of the dissolution process.
One of the first questions your attorney will ask you is how much you know about your finances. You will need to gather all the documentation you can find in order to prove the accuracy of assets, income, and expenses. This includes titles and deeds for real estate, stock certificates, mortgage papers, and several months worth of checking and savings account statements.
You need to gather your W-2 and 1099s along with tax returns for the previous year. The attorney will want to know about social security, unemployment benefits, pension payments and any child support you may be getting from a previous relationship. You will have to add every expense you have to your worksheet. This will include the house payment, car payment, childcare, utilities, insurance, entertainment, and any medical expenses not covered by your insurance.
There will be meetings between your spouse and his attorney and you and your attorney regarding joint assets. You should have everything itemized before you get into a meeting so you feel confident you have a clear grasp of the situation. You may not have thought of retirement plans, but they need to be discussed as well.
If you and your spouse own a business jointly, and the ownership is being transferred, a discussion about tax benefits will be necessary. Many wives make the mistake of taking the first settlement offer they get. When this happens, it usually means they won't get as much as they deserve or as they will need to maintain their lifestyle after the divorce is finalized.
Once you are free of the marriage, you need to be realistic and practical about your economic situation. Worksheets can be invaluable for tracking your credit score and managing your assets and liabilities. You will need to redo your will and change the beneficiaries on your insurance. Titles to the house, car, and any other tangible assets have to be put in your name.
Experts advise newly single individuals to open new checking and savings accounts. They say closing all old accounts is a good idea, even the ones that were in your name only. Spouses often have account numbers that make it possible to access the old accounts and create mischief. You should have a meeting with your tax advisor to discuss minimizing any tax liability asset transfers may cause.
Divorces are difficult. It's important to take care of yourself emotionally and financially. The more realistic and organized you are about your new situation, the more likely you are to get off to a good start in your new life.
One of the first questions your attorney will ask you is how much you know about your finances. You will need to gather all the documentation you can find in order to prove the accuracy of assets, income, and expenses. This includes titles and deeds for real estate, stock certificates, mortgage papers, and several months worth of checking and savings account statements.
You need to gather your W-2 and 1099s along with tax returns for the previous year. The attorney will want to know about social security, unemployment benefits, pension payments and any child support you may be getting from a previous relationship. You will have to add every expense you have to your worksheet. This will include the house payment, car payment, childcare, utilities, insurance, entertainment, and any medical expenses not covered by your insurance.
There will be meetings between your spouse and his attorney and you and your attorney regarding joint assets. You should have everything itemized before you get into a meeting so you feel confident you have a clear grasp of the situation. You may not have thought of retirement plans, but they need to be discussed as well.
If you and your spouse own a business jointly, and the ownership is being transferred, a discussion about tax benefits will be necessary. Many wives make the mistake of taking the first settlement offer they get. When this happens, it usually means they won't get as much as they deserve or as they will need to maintain their lifestyle after the divorce is finalized.
Once you are free of the marriage, you need to be realistic and practical about your economic situation. Worksheets can be invaluable for tracking your credit score and managing your assets and liabilities. You will need to redo your will and change the beneficiaries on your insurance. Titles to the house, car, and any other tangible assets have to be put in your name.
Experts advise newly single individuals to open new checking and savings accounts. They say closing all old accounts is a good idea, even the ones that were in your name only. Spouses often have account numbers that make it possible to access the old accounts and create mischief. You should have a meeting with your tax advisor to discuss minimizing any tax liability asset transfers may cause.
Divorces are difficult. It's important to take care of yourself emotionally and financially. The more realistic and organized you are about your new situation, the more likely you are to get off to a good start in your new life.
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