Dividing assets and money during your divorce is challenging. If you aren’t careful, you can miss important assets and not receive what you are entitled to in the final divorce decree.
Understanding the financial aspects of a divorce will help you protect your financial future.
Get the important financial documents organized
It’s important to organize your financial documents before the property division process. Some of the documents to have include:
- Bank statements
- Retirement plan information
- Debts (i.e., credit cards, cars, mortgage, etc.)
- Pay stubs and tax returns for several years
- Home and property titles
- Insurance policies
Make a list of separate and marital assets
When you file for divorce, some assets may not be part of the property division process. For example, if you purchased something in your name or inherited something, the assets may be exempt from property division. However, it’s also important to list all your marital assets. You want to ensure that things are divided equitably in the divorce and having everything listed with its value will help with this.
Keep your bills paid and on time
If you have bills in your name only, be sure they are paid on time. Doing this can help ensure a high credit score during your divorce. Make sure you continue to file and pay your taxes on time, too.
Account for hidden assets
Do you believe your spouse is hiding assets from you, so they don’t have to be part of the divorce process? If so, you can hire a forensic accountant to help you find these.
Protecting your financial future in a divorce
Filing for divorce means you are changing your entire life. For some, the financial impact of this is significant. You can help mitigate this issue by getting your financial information organized and knowing your legal rights.