Make a clear copy of all tax returns, loan applications, wills, trusts, financial statements, banking information, brokerage statements, loan documents, credit card statements, deeds to real property, car registration, insurance inventories, and insurance policies.
Also, copy records that you can use to trace your separate property, such as an inheritance or gift from your family.
Each year, nearly 2.8 million men and women go through the emotional and financial trauma of divorce.
During divorce, many women are concerned about financial survival—and with good reason.
Lucy Stone changed her position on the issue over time.
Against Stanton, she sought to remove the formal advocacy of divorce from any proposed women's platform.
Remember: there’s nothing like new knowledge and a fulfilling career to bolster your self-esteem. Engage a forensic accountant if you think there might be hidden assets. Hire a divorce financial professional to help determine the best settlement options for you.
Also, try to get a lump-sum whenever possible so you control the cash. If the divorce lasts for years and you lose all of your money? After divorce, you will probably need to figure out a way to support yourself and your children.
Inventory safe deposit boxes; track down bank and brokerage accounts; review pay stubs, retirement plans, and insurance policies. Don’t ignore the hidden tax costs of divorce in making these decisions.
If your spouse’s business generates a lot of cash, engage a forensic accountant to look for telltale signs of additional income. Should you take the brokerage account or the retirement plan? Your situation may require some calculation by an accountant to determine if you are really getting the best deal. During divorce, ignorance is certainly not bliss—instead, it can be very, very expensive. Doing as much as you can by yourself will help you recover more quickly from the divorce because you will have a healthy sense of control over the process, be focused on practical things, and be working with your ex to get things done.
In all but one state, and even in that state in most cases, a divorce must be certified by a court of law to become effective.
The terms of the divorce are usually determined by the court, though they may take into account prenuptial or postnuptial agreements, or simply ratify terms that the spouses may have agreed to privately.