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.
Once of the first things your attorney is going to want to know is what condition your finances are in. It will be up to you to get all the pertinent documentation available showing your income, expenses, and assets. You are going to need copies of deeds for real estate owned, savings and checking account statements, and mortgage paperwork.
You should make copies of tax returns along with the current year's W-2 and 1099. If you are currently receiving social security, pension payments, unemployment benefits, or child support from a prior relationship, you need to provide your attorney with copies of the paperwork. One of your worksheets should be devoted to your expenses. Car and house payments, food, childcare, insurance, entertainment, utilities, and medical expenses you can't claim on your insurance can go here.
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 business interests are going to be transferred, you don't want to do anything that will forfeit tax benefits. A lot of women make the mistake of accepting a quick settlement in order to get the process over as quickly as possible. What ends up happening in many of these instances is an unfair dispersal of assets that makes life post-divorce much more difficult than necessary.
After the dissolution of the marriage is finalized, it is up to you to get your affairs in order. Financial worksheets can be very beneficial for keeping track of your credit score and managing liabilities and assets. You must restructure your will and take your ex-spouse off your insurance as beneficiary. All the tangible assets received by you in the divorce 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 stressful, traumatic experiences. It's important to protect yourself and your financial future during the process. The more practical and organized you are the easier it is going to be to get on with your new life.
Once of the first things your attorney is going to want to know is what condition your finances are in. It will be up to you to get all the pertinent documentation available showing your income, expenses, and assets. You are going to need copies of deeds for real estate owned, savings and checking account statements, and mortgage paperwork.
You should make copies of tax returns along with the current year's W-2 and 1099. If you are currently receiving social security, pension payments, unemployment benefits, or child support from a prior relationship, you need to provide your attorney with copies of the paperwork. One of your worksheets should be devoted to your expenses. Car and house payments, food, childcare, insurance, entertainment, utilities, and medical expenses you can't claim on your insurance can go here.
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 business interests are going to be transferred, you don't want to do anything that will forfeit tax benefits. A lot of women make the mistake of accepting a quick settlement in order to get the process over as quickly as possible. What ends up happening in many of these instances is an unfair dispersal of assets that makes life post-divorce much more difficult than necessary.
After the dissolution of the marriage is finalized, it is up to you to get your affairs in order. Financial worksheets can be very beneficial for keeping track of your credit score and managing liabilities and assets. You must restructure your will and take your ex-spouse off your insurance as beneficiary. All the tangible assets received by you in the divorce 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 stressful, traumatic experiences. It's important to protect yourself and your financial future during the process. The more practical and organized you are the easier it is going to be to get on with your new life.
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