Nearly every decision made in a divorce will be related in one way or another to finances, so whether you have been the family bookkeeper or you barely glance at the bank balance, you need to have a clear picture of your “financial household.” If you don’t already have a clear picture of your family’s customary monthly expenses, it will also be very important to devote time to preparing a realistic budget. Once that is completed, your attorney will be able to help determine if temporary support will be needed during divorce proceedings. Before the first meeting with your attorney, you should also put together a file of basic financial information that will help both of you prepare for the oncoming negotiations and possible litigation: • A list of your assets and liabilities, including any documentation showing the value of assets. • Recent statements for all accounts in each spouse’s name, whether held individually or jointly. This includes bank accounts, investment and retirement accounts, credit card accounts, mortgages, and loans. • If you don’t have access to account statements, write down as much information as you have on each asset and debt. • Personal and business tax returns. • Any estate planning instruments signed by either you or your spouse. • Recent pay statements for each spouse. Once the basic details are determined, you will need to prepare for a deeper examination of your financial picture. No matter how long they may have been together, most couples will accumulate personal property (such as jewelry, pets or income and benefits) as well as real property (such as your home) during a marriage. Your attorney will be able to explain how this marital property is typically divided and BPBC Beckloff Pediatric Behavioral Center A COUNSELING AND EDUCATIONAL CENTER focused on helping kids and teens Where Kids Become Kids...Again! 972.250.1700 | www.drbeckloff.com TEEN COUNSELING | ADHD COACHING | PARENTING | FAMILY COUNSELING | PLAY THERAPY DIVORCE CARE | PARENT FACILITATION | SPEECH & LANGUAGE THERAPY | TESTING AND ASSESSMENT (L-R) Dr. Dean Beckloff, Dr. EmilyWalker-Van Pelt and Jared Hood, MA, LPC Nearly every decision made in a divorce will be related in one way or another to finances, so whether you have been the family bookkeeper or you barely glance at the bank balance, you need to have a clear picture of your “financial household.” goodADVICE continued on page 77