Inventory safe deposit boxes; track down bank and brokerage accounts; review pay stubs, retirement plans, and insurance policies. Don’t ignore the hidden tax costs of divorce in making these decisions.
If your spouse’s business generates a lot of cash, engage a forensic accountant to look for telltale signs of additional income. Should you take the brokerage account or the retirement plan? Your situation may require some calculation by an accountant to determine if you are really getting the best deal. During divorce, ignorance is certainly not bliss—instead, it can be very, very expensive. Doing as much as you can by yourself will help you recover more quickly from the divorce because you will have a healthy sense of control over the process, be focused on practical things, and be working with your ex to get things done.
To give our family the best opportunity to adjust, we wanted to keep this a private matter before sharing it with the public.
We are and will always be united in our support of each other and our family." : "Honestly, it was just getting a little weird for us with all the romantic questions. We love each other so much, and it just got to the point where it was getting a little weird - there's no perfect time so we just decided to do it." Speaking about their son, Fergie added: "[And Axl's school has helped as] we have a co-op so Josh and I would walk there several times before the school season.
Make a clear copy of all tax returns, loan applications, wills, trusts, financial statements, banking information, brokerage statements, loan documents, credit card statements, deeds to real property, car registration, insurance inventories, and insurance policies.
Also, copy records that you can use to trace your separate property, such as an inheritance or gift from your family.
And I get to help out and serve them snacks and clean the dishes.
If you are contemplating divorce, now is the time to begin amassing the funds you’ll need to stay afloat. Before you jump in head first, consult with legal and financial professionals and read books about the subject.
Think about the timing of the separation: Is your husband due a bonus or other windfall in the near future?
Finally, don’t just pack your bags, load up the kids, and drive away in a car that needs four new tires. The three most important words during divorce are: document, document, document.
Before you separate, buy the clothes you’ll need, perform maintenance on the car, and fix the kids’ teeth. Try to obtain copies of all financial records before your divorce begins.