Getting divorced? What you should do before the divorce
Updated: Jan 25, 2021
There are many financial decisions to consider before and during a divorce. Use this checklist to help navigate your transition.
Schedule a meeting with a divorce attorney; be prepared to discuss your financial situation, the disposition of marital assets, alimony, and child support.
Take inventory of all shared and individually owned assets, such as bank/brokerage/retirement accounts, insurance policies, property documents, and tax returns from the last five years.
-- Birth certificates, Social Security cards, and passports.
-- Bank, brokerage, and retirement account statements.
-- Life, health, auto, homeowner’s, and renter’s insurance policies.
-- Tax returns from the past five years.
-- Mortgage or home equity loan documents.
-- A list of outstanding bills or obligations.
-- Real property deeds and motor vehicle titles.
-- An inventory of household goods, personal belongings, and safe deposit boxes.
Create an individual budget to see where you stand financially.
If you are changing your name, take the necessary steps to make it official. Be sure to notify your employer, government agencies, personal accounts, and creditors.
Review and update files for all personal accounts and property, including your estate plan, property titles, insurance policies, and beneficiaries of IRAs/401(k)s/life insurance policies.
Request copies of your credit report and check them for accuracy.
Meet with a tax professional to discuss your income tax-filing options and update your W-4 form as needed.