Gathering And Discussing Details For Divorce - Part IV

In the midst of all this, you may not have thought about something as mundane as filing your income taxes. Discuss with your tax accountant these issues:

• The advantages to finalizing divorce before the end of the year
• The advantages to finalizing divorce after the end of the year
• Filing jointly versus filing individually
• Is it reasonable to expect you and your spouse are amiable to filing jointly if necessary?

Your lawyer and tax accountant will have their own checklists which will cover in great detail the variables in your state's divorce laws. This checklist is just meant to get you discussing the basic information with your spouse so you can start gathering the necessary documentation.

When the time comes to walk into the lawyer's office, you want to have as much paperwork ready to hand over as possible. This cuts down on the discussion in front of your lawyer, which will reduce your costs. Preparation will ease the process, and with such a volatile situation as divorce, the more you can avoid chaos, the better the final outcome will be.

Gathering And Discussing Details For Divorce - Part III

Be sure you discuss the following before arriving at the attorney's office:

• Will either spouse remain in home as part of the final settlement?
• Gather mortgage papers for calculating liability
• Gather estimates for repairs necessary
• Gather outstanding bills due for maintenance
• Gather any liens against property for any outstanding bills
• If principal residence is to be sold, have fair market value determined by appropriate agency
• Have real estate taxes ready; depending on state, this can be one year or several years
• Are there other real estate properties, rentals, vacation homes to divide?
• Discuss tax considerations of all property distributions with your tax accountant

The property division is usually the most tedious, but the decisions regarding child custody and child support often cause the most rancor. Because each family has unique situations, there are no hard and fast rules. Be sure to discuss your family's needs with your spouse before you arrive at the lawyer's office to save time and money. Here are several issues to consider regarding your family's support, now and in the future:

• Alimony
• Physical custody of children
• Legal custody of children
• Child support payments
• Visitation parameters
• Tax deduction for children
• Tax consequences of alimony and child support; discuss with tax accountant
• Health insurance plan changes to cover the children
• Health insurance COBRA paperwork
• Beneficiary changes and continued payments for other insurance plans
• Changes to wills and/or trusts

In a collaborative divorce, the financial specialist can help you address these issues.

Gathering And Discussing Details For Divorce - Part II

Here's a quick list of some additional information you may need, but your situation may require more detail:

• Current occupation of each spouse, including names and addresses of employers
• Prior years' income tax returns; depending on state this could be one year or several years
• Income of each spouse; may require a copy of current paycheck stub
• Expenses of each spouse; may require copies of bills for a month or more

Now comes the property. This can become very tedious. Start with the largest items, then the smaller items. 

Here's a short checklist to get you started:

• Jointly and separately held large assets; have deeds, mortgage papers, stock certificates, etc. ready
• Jointly and separately held vehicles, boats, etc.; have titles and any liens ready
• Jointly and separately held bank accounts; have several months statements copied and ready
• Household belongings; have a detailed list of items with value estimated tentatively divided in half
• If there is a liability attached to any asset, have papers available to support claims

Other assets might not come immediately to mind like physical property does. Here is a list to help you start thinking of some of the less tangible items that may play a part in the divorce settlement:

• Employee benefits each spouse is entitled to including retirement
• Life, health, and disability insurance policies owned by each spouse
• Annuities
• Property settlements
• Judgments in your favor
• Trusts
• Gifts 

Decisions regarding property, large and small, will be made using the information you provide. 

Gathering And Discussing Details For Divorce - Part I

When first discussing divorce, your head may be swimming with confusion. Not only are there the day-to-day decisions to be made about taking care of the children, the bills, and the simple logistics, but there are the legal concerns as well. How do you keep your head from exploding with all the stress of a divorce proceeding?

Start with a basic checklist. The following is an overview of items to consider as you move along in the legalities of divorce. Of course, your situation will determine what applies and you will always do best to check with your attorney and tax accountant through each step.

Let's begin with the very basic information. You'll need these items written clearly on a document and/or copies of documentation to present your lawyer:

• Your full name, date of birth, and social security number
• Your spouse's full name, date of birth, and social security number
• Any prior names of you and your spouse, including birth names and previous married names -- this includes all aliases
• Full names, birth dates, and social security numbers of all children; this includes any children that you and your spouse are legally responsible for from other marriages
• A copy of your marriage license showing the date and location
• A copy of any previous marriages, divorces, or annulments
• In some states you may need a certified copy of each spouse's birth certificate
• Proof of residency in state where filing petition for divorce; this may be a copy of your drivers license
• Current addresses and phone numbers for each spouse
• Names, addresses, and phone numbers for legal counsel of both spouses
• Who is paying the legal fees?
• If there was a prenuptial agreement, have it available

After establishing your identity, history, and residency with these items, the next most likely information your attorney will ask for is your financial papers, including information about wages. You'll want to gather as much information as you can before you walk into the lawyer's office. 

Suggested Reading: Planning and Organizing

Divorce and Money: How to Make the Best Financial Decisions During Divorce

Violet Woodhouse

Going through a divorce brings up feelings of hurt, anger, bewilderment, resentment, and sadness. Because of this, many people shut down when it comes time to face the facts about financial matters. This book offers detailed and practical advice on how to look at your finances with a clear mind through this difficult time. You'll learn what to look into regarding joint accounts, hidden assets, gifts, insurance, alimony, retirement benefits, and marital property. Everyone needs to learn the hard facts about their financial future after a divorce.

The Divorce Organizer & Planner

Violet Woodhouse

Going through a divorce brings up feelings of hurt, anger, bewilderment, resentment, and sadness. Because of this, many people shut down when it comes time to face the facts about financial matters. This book offers detailed and practical advice on how to look at your finances with a clear mind through this difficult time. You'll learn what to look into regarding joint accounts, hidden assets, gifts, insurance, alimony, retirement benefits, and marital property. Everyone needs to learn the hard facts about their financial future after a divorce.