Everyone knows divorce can be overwhelming. That is why in my opinion many people in very bad marriages hang on. Not only can divorce be expensive, it is also labor intensive for you as the client no matter how good an attorney you hire.
Here are eight tips for preparing for divorce.
1. Get your tax returns together. You will need to provide proof of what you and your spouse make. Try to gather the last two years of federal and state income tax returns with your W2s.
2. Gather your bank statements. You will need to provide the most recent statements for your individual and joint accounts as well as statements for accounts you share with people other than your spouse such as your kids or your parents.
3. You will need to provide your retirement statements. That includes pension statements, 401(k) statements, IRA statements.
4. If you own a home or condominium, try to get a rough idea of what it could sell for. Try Zillo.
5. Gather your mortgage statement, car loan statement and credit card statements. Start with your most recent statements.
6. If you own a multi-unit building, get copies of the leases, utility bills and other maintenance bills such as for routine maintenance.
7. If you own a business, be sure to have at least 2 years of the last corporate tax returns with all schedules attached.
8. Even if you don’t own a business or real estate, you will need to know your budget because after all you won’t be sharing income and expenses anymore. Try writing out what you spend each month. That will give you an idea on how much you need to live for yourself and your kids.
I genuinely hope this list helps you. The more organized you are, hopefully the less work your attorney will have to do.