When thinking about divorce, most people are overwhelmed by the fear of the unknown. So many different parts of life are changing. Two incomes at a single address will now be spread over two locations. To replace your fear with facts, you must bring your financial reality into focus. Understanding the numbers driving your life enables Divorce Analytics to create better strategies and bring more stability into your life as well as meet your divorce goals. Additionally, having an orderly divorce is more cost-effective as attorneys have the documented facts needed to properly advocate for you. Similar to applying for a mortgage, we will need a variety of data ranging from your assets and liabilities to marriage details.
Let’s start with your personal assets.
Start by downloading our Asset Inventory Worksheet and record all of the following:
- Cash. How does your family keep cash? In a safe deposit box? Under the mattress?
- Checking Accounts. Personal, joint, business, and trust accounts and their value.
- Savings Accounts. Check for accounts set up for special purposes like semi/annual expenses, holidays, and accounts funded by payroll deductions.
- Retirement Accounts. IRAs, ROTHs, 401(k)s, 403(b)s, 457 plans, defined contribution, and pension plans. Check for any forgotten plans from previous employers.
- Personal Investment Accounts. Any non-retirement account including mutual funds, stocks and bonds, annuities, life insurance cash value, and certificates of deposit.
- Real Estate. Locate your mortgage documents for personal-use and rental properties.
- Employer Incentive Programs. Check out career assets ranging from country club fees, banked vacation and sick days, stock options, and other deferred compensation.
After you have complied an asset list, start collecting statements. Many types of investments only send out their statements once a year. If you have trouble locating any documents or have questions about all the information your divorce requires, email Victoria@mywealthanalytics.com or call 402.430.3092.
Please note: This is general knowledge and is not tax/ legal/ or financial advice. Work with your professional team to find out what is best for you.