Things to financially think about before a divorce
While you may be mentally and emotionally ready for a divorce, thinking about the financial and legal side of things is essential. Below we will detail the important things to think about when preparing for a divorce.
Do you have a copy of your last tax return?
How do you file your taxes? Do you file them jointly or married filing separately? Having a copy of your most recent tax return is important for the court to determine your income and could impact your settlement and/or alimony payment structure.
Do you know how your house is titled?
Just because you and your spouse are both contributing to your mortgage payment, it doesn’t mean you are both titled owners of the home or both listed on the mortgage. Are you and your spouse both listed on the title of the home? Who will live in the home when your separation process starts? Will you sell the home when your divorce is final? These are important questions to answer before you start the process of legally separating. Further, it is important to look at the date the home was purchased, where the funds came from that were utilized for the down payment, and whether major updates were made to the home.
Do you have a copy of your most recent financial statements?
Having a simple spreadsheet listing what you own together and the value of each item will help your attorney assess your standing and advocate for your right to these items. Things to consider: Bank accounts, retirement contributions, stocks and bonds, debt — make sure to list everything that you pay for and own together.
Other things to think about
Are there any other marital assets that are not in your name? Perhaps your spouse has been contributing to a retirement fund on your behalf. Have you purchased any physical property or real estate with joint ownership but you are not on the title? Whether you were married or not when an asset was acquired, put it on your list!
While it can make sense to get your assets in order before you meet with an attorney, an initial appointment can help you understand what steps to take next. The Law Office of Sara A. Turner can help you navigate what can be an overwhelming and confusing process. Click here to make an appointment today.