Without careful planning and proper guidance, a divorce can be not only emotionally draining, but financially devastating. Here are the top 7 financial tips in divorce:
Safekeeping Records. Compile records from the past three years including bank accounts, retirement accounts, investment accounts, credit card accounts, life insurance policies, health insurance policies, vehicles, loans, titles, trusts, tax returns and, frankly, records pertaining to any and all assets and liabilities.
Determine the Asset Values. Begin a detailed list of all of your assets and determine the fair market value of those assets, including the value of your home, vehicle, cash value of insurance policies, bank account values, investment or retirement account values and the like.
Determine your Debt. Begin a detailed list of all of your debt, including student loans, credit cards, personal loans, mortgages and vehicle loans so that you know where you stand in regards to your liabilities, both individually and as a married couple.
Call your Financial Advisor and Accountant. Discuss your current financial state along with what the future plan would be in the event of a divorce. Being advised and prepared by a financial professional is a key in planning for the present and future.
Document personal property. Begin a list of all personal property that is jointly owned, such as wedding gifts and items purchased together throughout the marriage. Also begin a list of all personal property that you brought into the marriage or gifts that you received during the course of the marriage.
Document Routine Expenditures. Begin keeping detailed records of your day-to-day expenses such as household (i.e. groceries, utilities and the like), out of pocket medical, grooming, clubs/donations, children-related, dining out and more. This will give you a realistic picture of what your monthly budget is and needs to be going forward.
Legal Fees and Costs. Review the monthly invoice provided by your legal counsel to keep track of the work that is being done on your behalf. This will allow you to better prepare yourself and your case for each step of the divorce process.
You can find Jennifer R. Ward, Founder of WARD FAMILY LAW, LLC at www.wardfamilylawchicago.com or you can follow her on Facebook @WardFamilyLaw, Instagram @divorcerer, Google Plus @Wardfamilylawchicago and Twitter @WardFamLawIL
I am writing a review because I think a lot of times people make the same mistake that I did at the beginning of my case. I had a wonderful talk with Jennifer before my case started and I was very comfortable with her demeanor and her explanations of the Chicago Divorce process. I decided to go with another lawyer because the retainer was a little lower. Big mistake. I didn’t really like the lawyer when we spoke but I was more focused on the money instead of the big picture. I felt like there was no communication during my…
My Husband, now ex, and I wanted a friendly, fast divorce. We had nothing to fight about and nothing really to divide. We thought that would make it easy but when we saw all the paperwork we knew that we needed help. It takes one piece of paper to get married and 100 pieces of paper to get divorced in Chicago!! Ward Family Law made the divorce a smooth process for us and got it done faster than we thought. If you want to be friends with your ex but still want the divorce then look no further and call…
I had a very complicated divorce with a lot of family-owned businesses and assets. Jennifer and her team of professionals help navigate the formal discovery and litigation process with great knowledge, strategy, and patience with all our questions. My family was very concerned about the impact and outcome and we are all pleased with the results. From the appraisers to the business valuators, Jennifer utilized the right people at the right time to shore up our case for the best settlement position at pre-trial. We were happy with the Judge's recommendations, we believe, based on all her hard work and…
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Attorney Advertising. This information is designed for general information only. The information presented should not be construed to be formal legal advice nor the formation of a lawyer/client relationship. Past results and testimonials are not a guarantee, warranty, or prediction of the outcome of your case, and should not be construed as such. Past results cannot guarantee future performance. Any result in a single case is not meant to create an expectation of similar results in future matters because each case involves many different factors, therefore, results will differ on a case-by-case basis.