One of the most important steps any individual can take when beginning or considering a divorce is preparing financially. Even in a lower-cost divorce mediation, you will still want the best possible understanding of your marital and private finances, what assets the marriage has and the value of those assets, and any debts or investments you or your spouse may have prior to beginning your divorce. This information is important both to you as an individual and your Chester divorce or mediation attorney so that they can best assist and advise you during your divorce process.
Financially Preparing for Divorce in New Jersey
At The Law Office of Townsend, Tomaio & Newmark, our attorneys have extensive experience valuing and dividing complex financial assets such as homes and commercial real estate properties, private businesses and partnerships, and investment and retirement portfolios such as stocks and 401k plans. While our attorneys are highly capable professionals able to help you negotiate for the best possible divorce settlement, it is still important for your own sake that you understand what assets and debts your marriage has before beginning the divorce process, so that you can budget your expenses and future finances appropriately, and provide your attorney with an accurate and clear picture of your marriage’s financial situation so that they can advise you accordingly.
Below you will find important financial information to gather for your divorce attorney and tips for planning your divorce and securing your financial future.
Documents which Affect Ownership your Mendham Divorce Attorney needs
Lastly, your Mendham divorce attorney will need to see any documents pertaining to property ownership, as these may affect what is to be considered marital property, and subject to equitable distribution, and what is to be considered separate property and not subject to equitable distribution. These documents include:
- Any existing prenuptial or post-nuptial agreements
- Purchase documentation for your family home and any other real estate holdings like vacation homes or commercial properties
- Agreements regarding private or family-owned businesses and business properties
- Purchase documents for items of substantial value like antiques, cars, artwork, or jewelry.
- Documentation related to insurance plans such as health, long-term care, life, auto, homeowner, or disability
- Documentation for wills or trusts which affect you, your spouse, or your children
- Documents proving separate ownership of any properties or assets prior to the marriage
Like your income, investment, and debt documentation, this information will help paint the clearest possible picture of your separate and marital financial situation for your divorce attorney, and help them to negotiate for your divorce settlement from a more informed position.
Income and Investment Documents for your Morris Township Divorce Attorney
The better understanding your Morris Township divorce attorney has of your marital finances, the better they can advise you during the divorce process, and help you to secure a favorable divorce settlement agreement. Your divorce attorney will need to have a clear understanding of you and your spouse’s income and finances for the last several years, and making sure you have copies of the following documents will go a long way in speeding up your divorce process, and ensuring a fair settlement agreement.
- W-2 statements for both you and your spouse
- Rent receipts for real estate properties
- State and federal tax return statements for the individual parties and any business they may own
- Recent pay stubs
- Financial account statements for you, your spouse, and any minor children you may have including bank accounts, mutual funds, retirement and pension accounts, annuities, securities, certificates of deposit, and 529 accounts
- Current social security records of both you and your spouse
Records of Expenses and Debts
In addition to records of income and investments, your divorce attorney will also be better served having records of bills and outstanding debts. These documents include:
- Mortgage or home equity loan statements
- Credit Card statements for both individuals and jointly
- Property tax statements
- Spousal or child support orders from any previous marriages
- Bills for utilities, home maintenance, and other services
- Medical bills not covered by health insurance
- Student loan or tuition bills
- Tax notices or liens from the IRS
- Any other loans
This information will serve to paint a more complete picture of your marital finances and help your divorce lawyer negotiate for and secure you a divorce settlement agreement that fully takes into account all of your marriage’s debts and expenses
Helping and Informing Yourself Financially in Divorce
While your Morris County divorce attorney must have as much financial documentation as possible to help advise you and negotiate for a favorable divorce settlement, it is also important that you take steps personally to ensure your financial future during and after your divorce.
One of the best things you can do when planning for your divorce is to plan your new budget. While things like child support, spousal support, and division of marital property are yet to be decided, you can still begin considering what new expenses you may have as a result of your divorce, and begin planning financially. Approximately how much will you need to either rent or buy a new home? Will you need to re-educate yourself or receive training to re-enter the workplace? If so, how much will that cost, both in time and money? How much can you set aside for your retirement, will you need to apply for new insurance and health policies?
These are all important questions to ask yourself and take the time to answer as realistically as possible. It may be prudent to speak with a financial adviser, if you don’t currently have one, ask your Morris County divorce attorney for a recommendation.
You probably also want to find out your credit score and begin building your personal credit history if you haven’t previously. Open a new credit account in your name, and if possible, make purchases on that account which you know you can pay back promptly in order to improve your personal credit rating.
Contact a Morris County Divorce Attorney Today
At The Law Office of Townsend, Tomaio & Newmark, our experienced attorneys have helped countless clients across Morris County to efficiently and professionally resolve all of their divorce issues, including child custody, child support, spousal support, and division of assets.
We help our clients gather all relevant and necessary financial documents and review those documents with eyes specifically trained to evaluate complex marital financial situations. Whether you wish to mediate your divorce or are in need of professional litigation, our divorce team is ready to help you secure the divorce settlement that best meets your unique financial needs and concerns.
To speak with one of our experienced Morris County divorce attorneys today to begin planning your divorce or mediation or simply discuss your options, please contact us online or through our Morris County office at 973-840-8970.
