Divorce can be one of the most difficult life experiences, particularly when you don’t know what to expect.
You can maintain greater control of the ultimate outcome, minimize legal fees, and speed up the divorce process by taking these two actions when considering divorce.
- Consult with a competent family law attorney to find out what to expect.
Consult with a competent lawyer that concentrates in New Jersey divorce and family law. Hiring the right attorney is one of the most important decisions you can make when starting the divorce process. It is also an investment that will pay off for you in droves.
Make sure to find out how much alimony and child support you might expect to pay or receive; whether inherited or gifted assets would be subject to equitable distribution with your spouse; if you own or operate a business, how is it likely to be valued and distributed to your spouse; and how retirement assets would likely be divided.
Don’t ask others who have been divorced and don’t search online for answers. Each divorce is unique and the outcome depends on your particular circumstances.
- Gather key documents about the marital finances to create less work for your lawyer and minimize legal fees. These include:
Real property
- Obtain Comparative Market Analyses to get an idea of the values for the marital residence and other real property owned or acquired during the marriage.
- Gather mortgage documents and statements for the past year.
Income documentation
- Current salary, pay stubs, bonus and/or commission documentation.
- Federal and state income tax returns, W-2s, 1099s for the past 3 years.
- Copies of pay stubs.
- If you or your spouse is self-employed, copies of corporate tax returns, stock certificates, books and records, and/or cash receipts ledgers.
- Make a list of employer-provided benefits.
Bank Accounts
- Bank account statements for the past 3 years for accounts in joint or individual names.
- If you or your spouse transacts banking or pays bills online, you might be able to gain online access to joint accounts by setting up your own password with the financial institution.
- Stocks and brokerage account statements for the past three years.
Retirement Assets
- Obtain current balance for any 401K accounts or retirement accounts.
- Statements concerning all retirement accounts such as IRAs and 401(k)s.
- Statements and accrued benefits for pensions, annuities and stock options.
Vehicles
- Copies of loan documentation.
- Titles to all vehicles.
- Obtain the Blue Book values for all vehicles.
Personal Property
- Make a list of all assets such as furniture, art, and jewelry.
- Determine the approximate value of each item.
- Identify items that are important to you and would like to keep.
Monthly Expenses
- Create and maintain a spreadsheet listing all household expenses.
- Review checking account and credit card statements over the past two years.
- Identify your financial needs after divorce.
Debts
- Credit card statements and other loan documentation for the past three years.
- Request a copy of your recent credit report.
Insurances
- Copies of health insurance policies.
- Copies of health savings accounts.
- Life insurance policies and safe deposit box.
Children
- Copies of school records for each child.
- Notify your children’s schools with any changes to each parent’s address or pick-up and drop-off authorizations.
- Documentation of child care expenses.
While preparing for a new life after marriage can be daunting, the actions above will go a long way to positioning yourself for the opportunities that lie ahead for you and your children.
Please call or click here to schedule a personalized consultation and receive substantive legal advice and a customized strategy for your divorce or separation.
