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
Jennifer is a strategic thinker with a remarkable ability to anticipate and address potential challenges. Her attention to detail and thorough preparation were evident in every aspect of my paternity case. This meticulous approach translated into a successful resolution of establishing the father-child relationship and financial responsibility that comes with that. I felt well-represented both inside and outside the zoom courtroom.
I was referred to the firm for their expertise in handling complex business divisions during divorce proceedings. As someone entangled in a high-stakes divorce involving substantial business assets, I can attest to their unparalleled skill, strategic acumen, and unwavering commitment to securing the best possible outcome for their clients. From the business valuation to the creative distribution, thank you.
If you own a business or an interest in a business or stock options (or anything of real value related to a business) then you need to make sure that your divorce attorney knows what they’re doing. My first attorney had no idea and so I had to start over finding the right team that had extensive family law and divorce experience that I needed in Chicago. Their deep understanding of corporate structures, financial statements, and tax implications showcased a level of competence that instilled confidence throughout the entire process. They collaborated seamlessly with financial experts, forensic accountants, and other…
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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.