Divorce can be a difficult decision and a stressful process. On top of the emotional strain, there are a lot of pragmatic issues to deal with. Once you’re able to free yourself long enough from the emotional mire, how do you even get started?
Regardless of whether you and your spouse have made a final decision on divorce, it’s always good to be prepared when considering a divorce. In advance of informing your spouse, it’s a good idea to start a folder with some of the necessary paperwork to get started. Here’s a list of the items that should be included:
· Copies of past 3-5 years tax returns
· Copies of current pay stubs for both parties
· Copies of recent investment account statements, including 401(k), 403(B), IRAs etc.
· Copies of life insurance policies and trusts, if applicable
· Take pictures of personal property of value, like antiques, artwork, jewelry
· Recent appraisals of realty or other property
· Copies of credit card statements
· Copies of bank account statements
· Marriage certificate
While divorce is certainly a personal issue, it’s also a legal one. Preparedness will help both parties because it will ensure a smoother and quicker process. We’ll be tackling issues surrounding divorce for the month of March. If you have any questions specific to the preparation process (what to do before a divorce), or if you have advice/experiences of your own, please share them in the comments field below! We’re also fielding more informal discussion on our Facebook page. So any questions, let them rip!