Hindsight is 20/20. Many of my clients come to me wishing they had taken the time to prepare for their divorce. Things go much smoother and are much less expensive when you have all the facts and information at your fingertips. Gathering this information and having sound legal counsel from the beginning can make the difference between a smooth transition and an expensive nightmare. Let me know if I can help you and follow these tips:
- Prepare a list of everything that you and your spouse own and all of the debts, including credit cards, mortgages, retirement accounts, 401 Ks, or Pensions.
- Know your GROSS monthly salary and your spouses’ GROSS monthly salary.
- Know the EXACT cost of your children’s tutition, uniforms, registration fees and extracirricular activities.
- Make a list of your living expenses. Use the Family Court Affidavit on the 22nd Judicial District website to help you account for ALL expenses.
- If you inherit money keep it in a separate account.
- Record the mail that comes to your house. Make a list of the companies sending the mail, and their addresses, and copy all documents from financial institutions, credit card companies, insurance companies and real estate firms.
- Get a post office box and a private email account. File a change of address with the post office so that only you will be able to read personal mail that you receive and use your private email accoun for divorce business. DO not share your password.
- Read your tax returns you file and make copies of tax returns for previous years. Don’t sign a new tax return unless you understand what you are signing. See a tax consultant to make sure you understand your tax situation.
- Find out if any taxes are owed to the federal, state, parish or any municipality. Copy notices of any tax assessments.
- Look inside all safety deposit boxes or bank boxes and make an itemized list. Take photos of any jewelry or valuables. Find out if there are any boxes that you don’t know about.
- Find out about your spouse’s business interests. Get as much information as you can and make copies of business information such as bank statements, loan documents corporate or partnership tax returns and financial statements.
- Cancel any credit cards that can be used by your spouse without your permission.
- Get a copy of all pension plans, 401-ks, profit sharing plans and retirement funds.
- Copy all loan documents, mortgage applications and financial statements.
- Check and make sure that you have medical insurance in place. Shop the marketplace. Remember you only have a 90 day special window after the divorce to secure insurance.
- Start putting away cash. You will need it for legal representation, securing a new place to live and paying bills.
- Do not buy anything on credit, and make no large purchases and pay off together any joint debts.
- Make necessary repairs to your automobile.
- Find a good therapist, a gym and a hobby. Take care of YOU! You will need physical and emotional support and a distraction when things get tough.