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.
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 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 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 the divorce is finalized, you will be responsible for your own finances and keeping track of things like your credit score and monthly payments. Setting up worksheets for income and expenses can be extremely helpful, especially if you relied on your partner to handle the finances when you were married. Practical matters like changing your will and putting the house, car, and other tangible assets in your name have to be done.
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 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 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 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 the divorce is finalized, you will be responsible for your own finances and keeping track of things like your credit score and monthly payments. Setting up worksheets for income and expenses can be extremely helpful, especially if you relied on your partner to handle the finances when you were married. Practical matters like changing your will and putting the house, car, and other tangible assets in your name have to be done.
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 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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