Data published by the American Psychological Association shows that as many as 50% of married couples end up getting divorced. This motivates many financial planners to tell their female clients to get their money matters in order as soon as their spouses threaten to divorce them.
There are three primary documents that women should gather together when a divorce filing is on their horizon. They’ll all aid you in completing your financial affidavits for the court. It’s on these documents that you’ll both have to list your income, assets, liabilities and expenses.
Net worth statements
You generally highlight your assets and liabilities on your net worth statement. If you’re having difficulty remembering all of your debts, then you may want to pull your credit report to help you fill in the blanks. You should take time to identify joint accounts that you may want to close once your divorce is finalized as well.
If you keep your valuables in a safe deposit box, then you’ll want to make an accounting of them. If you have collectibles that are difficult to value, then you may need to have them appraised. You’ll also want to list savings, investment and retirement accounts on this statement.
Your tax return can help you show income that you and your ex generated. It can provide insight as to whether your spouse is hiding assets from you as well.
Although consumers should keep tax documents on hand for three years, many don’t. You can file a request for them with the Internal Revenue Service (IRS). Once you receive them, you may find out about hidden assets of which you were previously unaware.
It’s through completing a lifestyle analysis that you and your attorney can gain a better perspective about your expenses. It’s important that you list your recurring and one-time payments on this document and that you’re realistic about how much things cost. You can also track your spending through bank statements. There are also computer applications to help you do this.
Time is critical when a divorce is pending. Knowing what information to compile and where to look for it is key. A property division attorney can guide you through the process and help you preserve as much of your finances as possible in the wake of your Florida divorce.