http://www.totaldivorce.com/blog/2009/08/02/eight-financial-tips-during-a-divorce/ Divorce Help and Family Law News Wed, 08 Feb 2012 19:51:13 -0600 http://wordpress.org/?v=2.8.4 hourly 1 http://www.totaldivorce.com/blog/2009/08/02/eight-financial-tips-during-a-divorce/#comment-15871 David Kane, CPA Fri, 18 Sep 2009 13:46:02 +0000 http://www.totaldivorce.com/blog/?p=341#comment-15871 I’d like to add a ninth step to your list: preparing a financial inventory. Before you can begin to design potential marital settlement agreements, you need to take stock of what you and your spouse own. You need values assigned to all of your assets that are significant enough to name in a settlement. Start by listing each of your assets with values: 1. List your Real Estate 2. List bank accounts, retirement accounts, investment accounts. Track the account owner, the type of account, where held, beneficiary, and value. 3. List any securities you own in paper form. 4. List any life insurance policies. 5. List other property such as antiques, important belongings, furniture, etc that you may want to include in the property settlement Next, list any liabilities with values. 1. list all secured debt (equity loan, 401K loan) 2. list all unsecured debt (credit card, line of credit, etc.) In some cases assigning a value is uncontroversial (e.g. the principal on a loan, or blue book value of a car) but in other cases, you may need to hire a third party that you and your spouse both agree on to do a valuation (e.g. a pension). This 9th step is critical. You need to gain an understanding of your current financial picture. You need to understand the areas that you can control as you move towards your new independent financial situation. I’d like to add a ninth step to your list: preparing a financial inventory. Before you can begin to design potential marital settlement agreements, you need to take stock of what you and your spouse own. You need values assigned to all of your assets that are significant enough to name in a settlement.
Start by listing each of your assets with values:
1. List your Real Estate
2. List bank accounts, retirement accounts, investment accounts. Track the account owner, the type of account, where held, beneficiary, and value.
3. List any securities you own in paper form.
4. List any life insurance policies.
5. List other property such as antiques, important belongings, furniture, etc that you may want to include in the property settlement
Next, list any liabilities with values.
1. list all secured debt (equity loan, 401K loan)
2. list all unsecured debt (credit card, line of credit, etc.)
In some cases assigning a value is uncontroversial (e.g. the principal on a loan, or blue book value of a car) but in other cases, you may need to hire a third party that you and your spouse both agree on to do a valuation (e.g. a pension).
This 9th step is critical. You need to gain an understanding of your current financial picture. You need to understand the areas that you can control as you move towards your new independent financial situation.

]]> http://www.totaldivorce.com/blog/2009/08/02/eight-financial-tips-during-a-divorce/#comment-15391 Heads Up Against Alienation- A Divorced Dad Guide | Divorced in Canada: Canadian Divorce Guide Sun, 16 Aug 2009 22:51:25 +0000 http://www.totaldivorce.com/blog/?p=341#comment-15391 [...] Eight Financial Tips During a Divorce | Total Divorce Blog [...] [...] Eight Financial Tips During a Divorce | Total Divorce Blog [...]

]]> http://www.totaldivorce.com/blog/2009/08/02/eight-financial-tips-during-a-divorce/#comment-15241 Online dating 101 | Online Dating Mon, 03 Aug 2009 02:38:31 +0000 http://www.totaldivorce.com/blog/?p=341#comment-15241 [...] Eight Financial Tips During a Divorce | Total Divorce Blog [...] [...] Eight Financial Tips During a Divorce | Total Divorce Blog [...]

]]> http://www.totaldivorce.com/blog/2009/08/02/eight-financial-tips-during-a-divorce/#comment-15237 Gabriel Cheong Sun, 02 Aug 2009 16:09:34 +0000 http://www.totaldivorce.com/blog/?p=341#comment-15237 I believe a 6-month emergency fund is no longer enough. At least 8-9 months because that's how long it takes to get a new job now. I think Suze Orman has increased hers to 9-months for an emergency savings as well. I believe a 6-month emergency fund is no longer enough. At least 8-9 months because that’s how long it takes to get a new job now. I think Suze Orman has increased hers to 9-months for an emergency savings as well.

]]>