How to Get Organized During Divorce
In this post, Shawn Leamon, CDFA discusses what financial information you should be gathering when considering divorce. The original article can be found here and it is called, “How to Get Organized During Divorce.”
From a financial perspective, organizing your financial information should be the first step as soon as you are considering a divorce. This important step will save you a lot of time and money during the process and will help simplify complex decisions.
The most important information to gather is three to five years of financial data. Additionally, you will need to include personal information about you and your spouse such as date of birth, social security numbers, name of children, ex-spouses, basic income and expenses.
You will also need to gather personal tax returns, including W-2s, 1099s, K-1s, and any amendments to tax returns. Bank statements, employment records, and investment accounts are also important. Listen to the episode to learn the details of all the financial information you will need.
Do one of two things with this information:
1.You can save it electronically and back it up at multiple places.
2. You can also have hard copies of all of these documents.
Shawn Leamon is the author of Divorce and Your Money: The No-Nonsense Guide.
More on this subject can be found on Shawn’s podcast under the same title at www.divorceandyourmoney.com or https://itunes.apple.com/us/podcast/divorce-your-money-podcast/id1093624567