Analyze Your Finances Before You Get Divorced
Every divorce includes the process of dividing marital assets and debts. To fully prepare yourself for this process and to increase your chances at obtaining an equitable outcome, it’s important to have a thorough understanding of your financial situation and outlook.
The following are some aspects of your finances you should analyze in detail before the divorce process begins:
Your assets do not just include physical property. You also need to be aware of all your financial accounts and their values. Documents you will want to have and analyze include:
- Any records relating to your owned property, such as mortgages, loan documents and statements, insurance documents, appraisals and homeowners’ association fees
- Documents for motor vehicles you own, such as loan statements and titles
- Account statements for CDs, bonds and any other stocks or investments
- Documents related to valuables, such as art, jewelry or furniture
Your marital debts will also be divided during your divorce. Even if your name is not on the loan, you could still be liable for the debt so long as it was incurred while you were married.
To that end, you should get as much information as you can about your mortgage debt, car loans and credit cards, along with any personal loans, loans against retirement accounts or other debts owed.
Finally, make sure you have a detailed and accurate overview of your income information. This includes salary and wages, severance pay, Social Security benefits, retirement income, disability benefits, unemployment, rental income, interest and dividends, fringe benefits and capital gains.
Your income information will have even more context when you analyze information on all your expenses, so be sure to look at where all your money goes, as well.
For further guidance and advice on how you can best prepare for the dissolution of your marriage, speak with a skilled Minnesota divorce lawyer at Appelhof, Pfeifer & Hart, P.A.