Planning for Divorce: Documents You Need and Other Considerations

1. Becoming a financial victim by not planning for your divorce.
2. Have copies of your marriage certificate, state/county/city/date of marriage.
3. Common mistake is relying more on the advice of family and friends than on your lawyer.
4. Common mistake is withholding information from your lawyer because you’re afraid of things you said or did will get you into trouble.
5. Common mistake is letting your emotions control your decisions, keep your emotions under control, use your head not your heart.
6. Not knowing your assets and their worth.  Real estate, cars, trucks, boats, jet-skis, household furniture, furnishings, bank accounts, investments, stocks, stock options, bonds, other securities, 401k, pensions, IRA’s, life insurance, annuities, oil and gas interests, royalties, antiques, guns, coins, jewelry, fine art, property owned prior to marriage, accounts receivable, investment property, rental properties, vacation homes.
7. Bringing an emotional attachment to assets.
8. Failure to Consider the Impact of Taxes.
9. Not Understanding the Rules of Retirement Accounts.
10. Overlooking Debt and Credit Rating Issues. Credit cards, debit cards, notes payable, loans, medical bills, utilities.
11. Get a copy of your credit ratings from all three companies.
12. Not Maintaining Control Over Insurance Policies
13. Failure to Accurately Budget
14. Failure to Identify Hidden Assets
15. Failing to include college costs for the children and impact of inflation

16. Failing to take into consideration Social Security Benefits
17. Failing to adequately insure the divorce settlement. If premature death or disability occurs this could affect spousal support, child support, college tuition of property settlement.
18. After divorce failing to change will and beneficiaries
19. Counting on your ex to honor financial commitments.
20. Failing to make a clean financial break.
21. Hanging onto the house at all costs.
22. Consider changing your name to maiden name.
23. Prepare for health coverage after the divorce.
24. If domestic violence has occurred: consider name change of children and social security numbers changed for children and wife/husband victim.
25. Vital documents you should have for the divorce.  Prenuptial agreement, Deeds, mortgages, closing statements, tax records/returns (5 years), real estate appraisals, pay stubs both spouses, bank statements, canceled checks, deposit slips (at least 5 years bank records), monthly expenses, home improvements, records of all sources of income, judgments against either spouse, judgments held by either spouse, records of previous child support payments, charge card statements 3 years, all promissory notes, car loan documents, dividend and interest statements, safe deposit box list of all contents make copies, documentation of any inheritance, loan applications (car, personal loan, any other), savings account statements, statements of certificates of deposits, IRA statements, trust documents, other documents sowing savings, life insurance policies, property and liability insurance policies, disability insurance policies, family hospitalization plan/insurance coverage, living wills, durable power of attorney for health care, durable power of attorney financial, advance health care directives, appointment diaries, U.S. Passports, copies of power of attorney, claims made for auto accidents/accidents at work, workers compensation claims, unemployment claims, claims against others for damage, resume of both parties, Keogh plan documents, 401K documents, pension plan records, business tax returns 5 years, business bank statements, canceled checks and deposit slips, business loan documents, business appointment diaries, advertising brochures and material given to prospective customers, partnership agreements and other business agreements, buy/sell agreements, business credit card records, corporate documents including by-laws, operating agreements, articles of incorporation, records filed with secretary of state, documents filed with SEC,  business cards, office/building leases, records showing business accounts receivable and accounts payable, business appraisals, business deeds, mortgage notes, profit sharing through employment documents, employment contracts.