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.
When you first sit down with your attorney, the question of finances will come up. You will be asked to gather as much documentation as possible to show all your assets, expenses, and income. This will include all the real estate owned, stocks, mortgage details, and six months of bank checking and saving account statements.
You will need your 1099s and W-2s as well as tax returns for previous years. If you are old enough to receive social security, you need that documentation. Pension payments and child support you are currently receiving as the result of a previous relationship must be included. You should have an expenses worksheet detailing every monthly obligation you have, like house and car payments, utility bills, insurance, entertainment, and all medical expenses your insurance doesn't cover.
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 not pleasant. You want to protect yourself and your future and be fair at the same time. The more organized and realistic you are about your finances, the easier it will be to start your new life.
When you first sit down with your attorney, the question of finances will come up. You will be asked to gather as much documentation as possible to show all your assets, expenses, and income. This will include all the real estate owned, stocks, mortgage details, and six months of bank checking and saving account statements.
You will need your 1099s and W-2s as well as tax returns for previous years. If you are old enough to receive social security, you need that documentation. Pension payments and child support you are currently receiving as the result of a previous relationship must be included. You should have an expenses worksheet detailing every monthly obligation you have, like house and car payments, utility bills, insurance, entertainment, and all medical expenses your insurance doesn't cover.
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 not pleasant. You want to protect yourself and your future and be fair at the same time. The more organized and realistic you are about your finances, the easier it will be to start your new life.
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