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Make a clear copy of all tax returns, loan applications, wills, trusts, financial statements, banking information, brokerage statements, loan documents, credit card statements, deeds to real property, car registration, insurance inventories, and insurance policies.Also, copy records that you can use to trace your separate property, such as an inheritance or gift from your family.Remember: there’s nothing like new knowledge and a fulfilling career to bolster your self-esteem. Engage a forensic accountant if you think there might be hidden assets. Hire a divorce financial professional to help determine the best settlement options for you.Don’t skimp now on matters that will affect the rest of your life.
Copies of your spouse’s business records can be a treasure map showing you where the hidden assets are buried. Even if you don’t want an asset, it can be used to trade for something you do want.
Child support may not be adequate to cover the true costs of child rearing, and she might have lost many important years of career growth, making it difficult for her to get back on her feet after divorce. By familiarizing yourself with the twelve financial pitfalls of divorce, you can save yourself a lot of heartbreak—and hassle—in the future. Legal fees, court costs, therapist bills, new living expenses, and myriad other costs will drain your financial resources.
Money previously used to support one household must now stretch to support two. Divorce is a long, complicated process that requires careful preparation.
Make property division decisions based on your own long-term best interest, not out of revenge. Make an effort to bring the divorce to a successful conclusion with as little rancor as possible. Then, you can go back to sleep and deal with them first thing in the morning. Many women put their careers aside to concentrate on their families.
Also, try to get a lump-sum whenever possible so you control the cash. If the divorce lasts for years and you lose all of your money? After divorce, you will probably need to figure out a way to support yourself and your children.