Financially Preparing for Divorce – And for Life After Divorce

Financially Preparing for Divorce – And for Life After Divorce

Financially Preparing for Divorce – And for Life After DivorceGoing through a divorce is a challenge, even under the most amicable circumstances. People often worry about their lives after the divorce so much, that they have a difficult time getting through the paperwork and steps involves in the process itself. That documentation, however, is important – especially when it comes to your finances.

While divorce mediation takes a more refined approach to dissolving a marriage, it still requires the full disclosure of all financial information from both parties for the process to work effectively. Some of the information may be easy to obtain on your own (such as how much money is currently in your checking or savings account, which you can request from the bank or print out from online). Other information, however, may prove more challenging to access without help.

This is a list of the documentation we typically ask our clients to provide to us, when applicable to you and your situation. If you cannot access this information on your own, that is okay; we can help you go through the proper channels to obtain what we need, and offer counsel about how to access the information we cannot obtain on your behalf.

  • Copies of pay stubs for the past six months
  • List of assets in your bank accounts, mutual funds, stocks, investments, real estate, vehicles, businesses
  • Bank account balances
  • Retirement fund balances, stock options, employment benefits and the value at the time of the marriage
  • Information about any pending lawsuits in which you or your spouse are listed as plaintiffs
  • Approximate value of any personal property
  • List of your debts
  • Mortgage payment information
  • Home equity loan balances and monthly payment
  • Any other loans including student loans, car loans, personal loans
  • Any pending lawsuits in which you or your spouse are listed as defendants
  • Declaration sheet for all disability policies
  • Copies of any pre-nuptial agreements
  • Copies of wills executed during the marriage
  • Declaration sheet for life insurance policies held by both parties and the cash value of life insurance policies
  • Any actual or potential stock options

Planning for future living expenses and budget

Financial planning can be a frustrating experience. If you and your spouse have children, you may feel additional anxiety about planning for their futures, as well. To help our clients ease their anxiety, we may solicit the help of a professional financial planner or CPA (depending on the clients’ unique circumstances) to help them understand what their assets truly are, what their living expenses are estimated to be, how much child support and/or spousal support could cost, and how to live within a budget that allows for these expenses, plus daily living expenses.

At Divorce Mediation Associates, Ltd., we are dedicated to supporting couples as they work towards mutually agreeable divorce solutions. We intend for you to feel empowered as you resolve your divorce constructively and in a positive way. You are invited to contact with your questions about divorce mediation. Learn how our divorce mediators could be the right choice for your family by calling us at 703-665-7592 or completing our contact form now.

By |October 24th, 2017|Divorce|0 Comments

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