Divorce Planning Checklist
October 9, 2020This checklist was created to help you organize your affairs before or during a divorce. Your individual situation will dictate other items which may need to be addressed. We suggest discussing your plans with your “divorce team”: your legal, financial, and tax advisers. The time to get these professionals involved is at the beginning stages of divorce, but it’s never to late to get started. Your financial advisor will be able to help you prioritize your financial goals throughout the divorce process.
Things You Can Do in Preparation of a Divorce
Financial Documents and Assets
List account numbers and pertinent information about financial accounts and assets. Label the accounts by ownership: individually owned, jointly owned, and assets acquired prior to marriage.
Bank accounts, including checking, savings, and children’s accounts
Loan and debt records, including credit cards, student loans and mortgages
Investment accounts and stocks, including retirement plans, 529 plans, and UGMA/UTMA accounts
Income tax returns, past 3 -5 years
Business income tax returns, past 3 – 5 years
Proof of current income and your spouse’s current income
Employment records and contracts
Benefits statements, including pension plan information
Estate documents, including wills and trust agreements
Social Security statements
Bills, including utilities bills, tuition, unreimbursed medical, extracurricular for kids
Monthly budget worksheet
Insurance information, including health & life insurance and homeowners, umbrella, and auto policies
Real estate appraisals
Marital home information and other real estate details
Vehicle information, including titles and registration
Personal property, including jewelry, artwork, collections, and antiques
Child Care Documents and Plans
List parenting items that are most important to you, as well as priorities for the future.
Visitation arrangement
Custody agreement
Insurance expenses
Claiming dependents on taxes
Education expenses, including private school and college tuition
Wedding costs
Other Important Information
List of other details that are important in your life, or your children’s life.
Children’s information, including birthday and social security number
Marriage date and original certificate
Birthdates and social security numbers for both spouses
Previous marriage information, including divorce decrees
Pre- and post-nuptial agreements
Separation agreement
Judgements and pleadings involved with either spouse
Pertinent Issues
List any issues or circumstances that influenced your divorce.
Extenuating circumstances that led up to divorce, such as adultery, abuse, bullying, substance abuse, and mental illness or instability
Documentation and proof of the circumstances
Consider Taking Action Now
You should strongly consider taking action on these items prior to finalizing your divorce.
Update life insurance policies
Open a bank account in your own name and begin saving for legal fees and other expenses
Update or create estate planning documents, including will, power of attorney, and health care proxy
Take out a credit card in your own name
Obtain a P.O. Box to keep your private documents safe
Take away:
Getting organized and educated about your overall financial life will help you make it to the end of the divorce process efficiently. It will also help you get to an outcome that is most beneficial for you. For more information about how Modera can help get you started, please reach out to our team of advisors. Or contact us at advice@moderawealth.com.
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