When considering divorce, one of the easiest things you can do for yourself is to keep your financial house in order and the way to do it is to get organized.
Having your financial information stored and processed in a systematic manner will go a long way in helping maintain your finances.
As a divorce attorney/mediator, I often advise my clients to consider the importance of getting in touch with their finances in preparation for a big life transition like divorce. You need to know your financial picture. It helps to know what you have and the location of all your assets.
I recommend clients consider the following:
1.
Check your Credit History
- Take a look at your credit reports and review your credit history. Don’t assume your credit is good. Check with credit reporting bureaus and review their reports. This can be done without charge. It is a good idea to do this annually.
2. Organize your Financial Documents
- Organize in files, and clearly label all your financial documents. Color code your files and get super organized. Create a master list with account numbers, contacts, balances, payments, debts and loans. Document safe deposit boxes, get copies of titles for real estate and titles for automobiles.
Locate and review the following:
- Checking Accounts
- Savings Accounts
- Money Market Accounts
- Certificates of Deposit (CDs)
- Savings Bonds
- Stock Certificates
- Mutual Funds
- Other Bonds
- Brokerage Accounts
- Retirement Documents:
- Pension Plans
- IRA
- 401(k)
- Keogh
- SEP
- Social Security Benefits
3. Organize all the other important documents
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A) If you are married:
- Have copies of your prenuptial agreements / marriage certificates.
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B) Estate Planning Documents:
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This includes copies of:
- Trusts
- Wills
- Power of Attorney
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This includes copies of:
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C) If you are still working:
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Organize work related items:
- Tax Returns
- Pay Stubs
- Benefit Statements
- Stock Options
- Pensions/401(k)s/403(b)s
- Bonuses
- Health Insurance
- Disability Insurance
- Life Insurance
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Organize work related items:
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D) Do you know what and where your debts are? And the interest rate?
- Credit Card Bills
- Personal Loans
- Mortgage Documents
- Automobile Loans
- Other Loans
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E) Do you know what insurance policies you have?
- Auto
- Life
- Umbrella
- Homeowner’s
- Health
- Disability
- Long-Term Care
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F) Are you aware of and have documentation for other valuables in your life?
- Jewelry
- Precious Metals
- Collectibles
- Antiques
You may not need all of these documents but it is a good opportunity to gather them and have access to them if case they are needed.
4. Consider a Financial Planner
- a planner can outline for you better ways to handle your budget, cash flow, debts and investment programs.
As a divorce attorney/mediator for over 35 years, I have helped thousands of clients with their divorce matters.
If you find yourself thinking about divorce and have questions about your finances, call me.
I will be happy to answer all your questions.
All our FREE 1 HOUR CONSULTATIONS are conducted virtually to reduce risk.
Call me to explore, during a free informative consultation, what is possible!
I look forward to speaking with you.
Stay healthy and safe!
Warm wishes,
Lois
Call New York Divorce Lawyer Lois Brenner now to book your free consultation. 212.734.1551
We still have some appointments available this week!