Nobody goes into a marriage thinking it is going to end in the courtroom. Unfortunately that is an all too common occurrence. It can be difficult to think clearly and make coherent plans during such a traumatic time, but experts say it is important to think about the future in order to prevent financial hardship. In order to get your fair share in a settlement, you need to consider sitting down and creating a before, during and after the divorce financial planning worksheet.
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.
During the proceedings, you, your attorney, your spouse and his attorney will probably have to meet on several occasions to come to an equitable agreement concerning joint assets. It's important for you to have everything itemized so you clearly understand what is at stake. You need to discuss how to handle retirement plans.
If there are business interests being transferred, you will want to structure the transition in such a way that you don't forfeit tax benefits. Many women choose to accept the first settlement agreement they are offered. This is almost always a mistake. They end up leaving money on the table that they have a right to and would have been a big help to them down the road.
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.
It might be a good idea to set up new checking and savings accounts instead of keeping the old ones even if you are the only person on the account. Your ex-spouse may have account numbers that could cause confusion if he tried to get access to your personal information. You will have to meet with your tax advisor to sort out any tax liability caused by the transfer of assets.
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.
During the proceedings, you, your attorney, your spouse and his attorney will probably have to meet on several occasions to come to an equitable agreement concerning joint assets. It's important for you to have everything itemized so you clearly understand what is at stake. You need to discuss how to handle retirement plans.
If there are business interests being transferred, you will want to structure the transition in such a way that you don't forfeit tax benefits. Many women choose to accept the first settlement agreement they are offered. This is almost always a mistake. They end up leaving money on the table that they have a right to and would have been a big help to them down the road.
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.
It might be a good idea to set up new checking and savings accounts instead of keeping the old ones even if you are the only person on the account. Your ex-spouse may have account numbers that could cause confusion if he tried to get access to your personal information. You will have to meet with your tax advisor to sort out any tax liability caused by the transfer of assets.
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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