Once you decide to get a divorce, the work of organizing your finances should begin in earnest. Both the organized and disorganized alike will be required to gather up financial documents. The paperwork plays an important part in your settlement or in the court's determination of equitable distribution, child support and alimony. You and your spouse will need to produce bank statements, tax returns, deeds, mortgage information, life insurance and health insurance policies, proof of income, as well as credit and social security reports and retirement account information. Your lawyer will provide you a list of documents to gather up. The more information you have on hand the better and the sooner the better!
Ask questions and be sure to prepare a good post-divorce budget for yourself. The financial affidavit can be an excellent tool for getting a grip on spending. If you have school age children estimate their extra-curricular needs and expenses. Child support may not be adequate to cover all their needs especially as they get older. The marital settlement agreement provides the opportunity to assign responsibilities for those costs. Post- divorce cut backs can be painful. The recovery period as the house divides may last for months or years. Stay positive! You and your spouse will benefit from having a clear financial picture. Keep in mind that finances can be emotionally charged and divorcing spouses are often sensitive about their pocketbooks, leading to prolonged litigation and additional attorney's fees. The more businesslike and efficient you can be, the better. You can set the tone for how the divorce will proceed by taking responsibility for getting your financial picture into focus early in the process which makes for a smoother transition to unmarried life.
I provide customized solutions for divorcing couples in Volusia and Flagler Counties. Call today for a consultation with me and you will come away armed with the information you need. (386) 257-1222
Posted on May 12, 2017