Divorce Preparation Checklist
Divorce Checklist
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By Nancy Fagan, Relationship Resolution Center
January is referred to as “Divorce Month” in legal circles because there is a surge in divorce filings this time of year. Many legal experts believe it’s because people hold out until after the holidays to start the process. Even as January comes to a close, the spike in divorce filings continues through March.
When a couple is faced with an impending divorce, it’s common for partners to fight for what they believe belongs to them. When it’s one partner’s word against the other, the outcome is not always fair. To avoid this situation, it’s imperative to have copies of original documentation to show the truth.
When it comes to money, divorce has a way of bringing greed and possessiveness out in people. To keep things fair and get what is rightfully yours, it’s essential to show proof of every aspect of your wealth from the day you were married. In fact, to help determine what each partner will walk away with, make sure to gather documentation for paperwork going back one year before your marriage up to now. This will help your financial advisor have the paper trail just in case things get ugly later on.
Financially Take Control Before Announcing Divorce
If you are thinking about divorce, the first step you want to do is to check your credit. A TRW report will give you an updated account of your finances. If you discover unexpected credit card accounts, installment loans (leases, auto payments), or other debt you were not aware of. It’s better to find out now rather than later.
If your name shows up on a credit card that you never knew about, contact the company and request proof of your signature. Demand to have your name taken off the card if your spouse fraudulently signed your name.
Documents to Gather
(BOOK EXCERPT) Collecting copies of your financial documents isn’t always easy. It can depend on who manages the household finances, who is the primary holder is on accounts, what access you have to your finances, and if the two of you have separate accounts.
Below you will find a starter-list of documents to make copies of. Take your time and go through the list and cross off the items that do not apply. Gathering the items will take a while, so make sure to check off items as you complete the list to help you keep track.
Once you have copies of your documents, it should create a clearer understanding of where you stand financially.
Tax Returns
Tax returns for the last five years (federal, state, and local)
Tax returns for the year before the date of your marriage
Tax returns the first year of your marriage
Work
Pay stubs and W-2 forms for the last five years (for both partners)
Employment contracts (for one year prior to marriage up to present day)
Records of profit sharing plans, pension benefit payments, 401k plan, IRAs, SERP
Bonuses (hiring, year-end, holiday, performance, sales incentive)
Cafeteria plans
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If you have decided you want to move forward with a divorce, you need to get prepared by getting your documents in order. By doing this, you will make strategic choices rather than emotional choices when the official divorce process starts.
Related:
Nancy Fagan, Founder of Relationship Resolution Center
Nancy Fagan is the founder of the Relationship Resolution Center, an online counseling, mediation, and coaching business. She holds a Master's Degree in Clinical Psychology and is the former owner of the largest divorce mediation firm in San Diego. She is a 3-time published author and has appeared on countless television, radio shows, and quoted in national magazines since 1997.