Most couples go into their marriages believing they will last forever. Half of those couples will end up divorced. The shock of that realization can make clear thinking and constructive planning difficult. Experts says it's very important to set the trauma aside long enough to be practical about the future. If you don't, you could end up in bad financial straits. A good beginning is setting up a detailed divorce financial planning worksheet.
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 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.
Opening brand new savings and checking accounts is a good idea according to the experts. Even if you have one in your name only, your ex-spouse may have still have access to account numbers. He might be able to get your personal banking information this way and cause problems. You should meet early on with your tax advisor in order to minimize your tax liability.
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 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.
Opening brand new savings and checking accounts is a good idea according to the experts. Even if you have one in your name only, your ex-spouse may have still have access to account numbers. He might be able to get your personal banking information this way and cause problems. You should meet early on with your tax advisor in order to minimize your tax liability.
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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