I admit it no one wants to prepare for a divorce, but if you are the spouse considering divorce, you may need to do some pre-planning. I have people come to me who need help but either cannot pay their monthly expenses for one month, do not know what they have, or have no access to documents that are needed in a divorce. Here are a few things you should try to place in order if you have time to plan ahead:
- Separate Bank Account – Consider getting a separate bank account. If you are going to go through with a divorce, ultimately you will have your own bank account. For this stage, however, get this account so you can start setting some money aside for your basic living expenses and to hire an attorney. Having said this, do NOT deplete your joint bank account if you have one. You cannot take all of the money out of a joint bank account.
- Inventory – Inventory the contents of your home, your cars, your recreational vehicles, timeshares, insurance policies, second homes, etc. Essentially make sure you have a list of all of the assets you have. Click the Inventory and Appraisement link for an example of an Inventory that your attorney will ask you to fill out. Inventory and Appraisement.
- Copy – Make copies of financial documents which include, bank statements, stocks, bonds, CD’s, retirement accounts, etc. Make sure you know what you have at the time you plan to file for divorce. This makes it easier for your attorney to know if anyone depleted assets after the divorce was filed. Make copies of anything related to employment of your spouse and you. Make copies of the last 5 years tax returns. Make copies of any Wills or Trusts as well as any written agreements signed by you and/or your spouse
- Credit – Have at least one credit card in your name with you as the primary cardholder. Being the primary cardholder requires your call to cancel the card, meaning your spouse cannot do it.
- Debts – Make a list of ALL debts of you and your spouse.
It is important that this information be as accurate as possible at the time of filing for divorce so that if assets get “lost” or bank accounts get depleted you can show the Court that you knew this information just prior to filing for divorce.
If you have all of this information when you meet with your attorney he/she will be better able to advise you in how to proceed.
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