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Tips To Get Your Finances In Order Before A Divorce

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There are many concerns individuals face when they are getting a divorce.  A large concern for many is the financial component of a divorce.  US News recently published an article entitled “How to Get Your Finances in Order Before a Divorce” which details some important steps you can do to alleviate some of the financial burden associated with a divorce.


A big fee many individuals going through a divorce will have to pay is for discovery.  People can save money on legal fees and court costs if they require less “discovery” work, by gathering important financial documents before meeting with their attorneys.  Some of the documents that you will most likely need include: federal/state/gift/intangible personal property tax returns, W-2 Forms, pay stubs, loan applications, deeds, lease agreements, bank account statements (including checking, savings, and credit cards), retirement plans, and life insurance policies.


Navigating through these documents may seem daunting to those individuals who are not so financially savvy, however if you encounter problems you can certainly contact your attorney.  Your attorney will help go through these documents and offer advice on how to collect them.  Your lawyer can also offer assistance an any information or documents you may be having trouble accessing, such as accounts that are only in your spouse’s name or accounts you may not have the passwords too.  Do not hesitate to call your attorney in that situation.


US News suggests considering hiring an appraiser if you have valuable possessions like art, jewelry, cars, and homes.  Additionally, if you have children, attempt to calculate monthly costs for things like food, clothing, and shelter.  US News also suggests checking your credit report to make sure that your spouse has not missed any payments on any joint accounts, or opened credit card accounts in your name.


It may take a good deal of time and energy in order to obtain these documents, check your credit report, and calculate monthly expenditures, but it could save you some money and stress in the future.


If you want to speak to a knowledgeable and experienced attorney on issues like these or any other family or matrimony related issues, please contact the Law Offices of Jay D. Raxenberg!

Toll Free: (888) 543-4867

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