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Organizing your finances helps to streamline property division

On Behalf of | Feb 11, 2023 | Divorce

If you and your spouse have decided to end your marriage, the property division phase of your divorce is the next big hurdle to clear.

You may feel overwhelmed when faced with property division but preparing your finances in advance will make the process go much more smoothly.

Gather your documents

Pulling financial documents together is a process that takes time, but the end result is worth the effort. Here is the basic paperwork to start with:

  • Bank account statements
  • Credit card statements
  • Investment account statements
  • Loan documents, such as your mortgage and auto loans
  • Recent pay stubs
  • Income tax returns

In approaching property division, make a list of all your assets and debts. Your divorce attorney will need a copy and you should keep one for yourself.

Track expenses

Begin tracking your income and expenses. Include everything you spend money for, such as food, clothing, medical expenses, transportation, childcare, household repairs and entertainment. Understanding how much money comes in and how much goes out will help you not only for property division but also in preparing a post-divorce budget.

Do not make major financial decisions

Major financial changes will occur during the divorce itself, so refrain from making big decisions. For example, do not change the beneficiaries in your life insurance policy until the divorce is final. Use your accounts as usual but avoid going on a spending spree, which could undermine the distribution of assets you hope to receive in property division.

Ask for help

Do not hesitate to ask for guidance while organizing your finances for property division. In addition to your divorce lawyer, professionals such as an accountant, a financial advisor or a business appraiser can offer support.


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