Why You Need A Before, During, And After The Divorce Financial Planning Worksheet
by Stephanie King
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 <a href="www.nsdivorcesolutions.com/our-services">divorce financial planning worksheet</a>.
Once of the first things your attorney is going to want to know is what condition your finances are in. It will be up to you to get all the pertinent documentation available showing your income, expenses, and assets. You are going to need copies of deeds for real estate owned, savings and checking account statements, and mortgage paperwork.
You will need your 1099s and W-2s as well as tax returns for previous years. If you are old enough to receive social security, you need that documentation. Pension payments and child support you are currently receiving as the result of a previous relationship must be included. You should have an expenses worksheet detailing every monthly obligation you have, like house and car payments, utility bills, insurance, entertainment, and all medical expenses your insurance doesn't cover.
It may take several meetings between your attorney and yourself and your spouse and his attorney in order to iron out the details regarding joint assets. Everything must be itemized so everyone understands what's at stake. Included in this will be any retirement plans.
If business interests are going to be transferred, you don't want to do anything that will forfeit tax benefits. A lot of women make the mistake of accepting a quick settlement in order to get the process over as quickly as possible. What ends up happening in many of these instances is an unfair dispersal of assets that makes life post-divorce much more difficult than necessary.
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.
Experts advise newly single individuals to open new checking and savings accounts. They say closing all old accounts is a good idea, even the ones that were in your name only. Spouses often have account numbers that make it possible to access the old accounts and create mischief. You should have a meeting with your tax advisor to discuss minimizing any tax liability asset transfers may cause.
Divorces are stressful, traumatic experiences. It's important to protect yourself and your financial future during the process. The more practical and organized you are the easier it is going to be to get on with your new life.
When you are searching for information about a <a href="http://www.nsdivorcesolutions.com/our-services">divorce financial planning worksheet</a>, come to our web pages online today. More details are available at http://www.nsdivorcesolutions.com/our-services now.
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