Financial Preparation is Key When Going Through a Divorce

Written By Penny Di Giovanna

Divorce can significantly impact your overall financial well-being. Before moving forward, it's essential to carefully assess your financial situation. Key factors to consider include the division of assets, potential alimony or child support obligations, and your long-term financial stability. Addressing these financial aspects early in the process can help you make informed decisions and better prepare for the future.

Here is a basic checklist to get you started:

Gather Financial Documents:

  • Bank statements

  • Investment account statements

  • Retirement account statements (401(k), IRA, etc.)

  • Pay stubs and tax returns

  • Mortgage and loan documents

  • Credit card statements

  • Insurance policies (health, life, auto, home)

Inventory Assets and Debts:

  • List all marital and separate assets (real estate, vehicles, valuables)

  • List all debts (mortgages, loans, credit cards)

  • Obtain appraisals for significant assets if necessary

Assess Income and Expenses:

  • Create a detailed budget of current and post-divorce expenses

  • Identify sources of income (salary, bonuses, investments)

Consulting with divorce financial planning analysts, attorneys, and tax professionals can help you navigate the complexities of divorce.

Beyond Divorce Solutions is designed to be your financial guide during divorce providing clarity and confidence for our clients.

Penny Di Giovanna
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