Prepare all financial records and be organized for the entire divorce process

Posted in Blog on February 23, 2019

Step Two in Well-Meaning Advice: Financial Records

Once you’ve decided on the process of divorce, think inventory first. In my office, we have a process written on the wall as a reminder for all divorce families.

  1. We do not negotiate first.
  2. We do not buy a new house first.
  3. We do not re-finance the home first.
  4. We do not reach any agreements first.
  5. We inventory first.

Full, comprehensive, organized, meticulous inventory

This is where you can save considerable money, aggravation, and “failed” expectations in the process.  Ask each professional what is needed prior to the initial appointment.

  • Can you complete any intake forms to save time?
  • How much data do you need?
  • Are 12 months enough?
  • Do you need more than 12 months of data? Why?

Make copies and procure documentation

Make copies and do whatever you can to procure the documentation needed for each professional. Most situations require that you complete a comprehensive budget. Look at past expenses and do an annual average.

As a very generic summary think in the following order:

  1. incomes (social security statements and tax returns,
  2. expenses (average a full year),
  3. assets (all statements from all financial institutions),
  4. liabilities (run and exchange full credit reports for both you and your spouse from the same credit agency) and insurance (life, home, car, medical and dental).

If you would like to discuss this further feel free to call CT Mediation at Call 860-986-1141.

Read all five steps

Step One: Well-Meaning Pieces of “Divorce Advice” that will save you time, heartache, and money

You are here – Step Two: Prepare all financial records and be organized for the entire divorce process

Step Three: Choose the “right” divorce professionals for your toolbox. Use your toolbox appropriately.

Step Four: Think long-term and think strategically; create a marriage dissolution plan.

Step Five: Take great care of yourself, now more than ever. Manage your emotions, manage your health.

Learn More

To learn more about how divorce mediation can help your case, contact any of our Divorce Attorney Mediators or Certified Divorce Financial Analysts at CT Divorce Mediation Centers. Divorce and Family Mediation and Collaborative Law are all we do. We have offices in Madison, New Haven, Cheshire, West Hartford, Glastonbury, West Hartford, and Windsor, CT. To find out more information or to schedule a consultation with our divorce experts, call us at (860) 986-1141.

DISCLAIMER:This publication is not meant to constitute legal, accounting, financial, investment advisory, or other professional advice. If legal, financial, investment advisory or other professional assistance is required, the services of a competent professional person such as CT Divorce Mediation center, should be sought.