Financial information prior to divorce

When you are thinking about getting divorced, you can become overwhelmed with questions, fear and doubt. I tell clients who come in to see me that they need to write down all of their questions and concerns - no matter how big or small- so that we can address every one of their worries. Most of the questions involve custody and finances. With regard to finances, I tell my clients that while they are still married, they need to take stock of their financial situation.

In most relationships one person is the record-keeper; it can be either the wife or the husband depending on the relationship. I think it's about equal as to which it "usually" is. If you are the record-keeper, you probably have a good idea of what your financial situation is: what the cost of the mortgage is per month, what you owe on the house, what day-care costs, what groceries cost each week, what the car insurance is each month, what you owe on credit cards, what checking and savings accounts you have, etc. In that case, when you go see your attorney, you will have a good idea of the amount of money you will need each month after the divorce.

If you are not the record-keeper, you need to make yourself aware of where things stand in your marriage financially. It may be difficult and well outside of your comfort-zone, but you have to force yourself to take stock of your situation. The more information you have and the sooner you can get it, the better off you and your attorney will be. Without this information, you have no way of knowing whether your spouse acted responsibly or squandered assets, nor do you have an idea of what amount of money you will need each month to live when you are on your own. Acquiring this information not only helps you come to terms with your finances, it can also help cuts down on attorneys' fees if you have information at the outset.

In either case, record-keeper or not, you need to make copies of all of your financial documents; this includes credit card statements, stock statements, 401(k) statements, checking and savings accounts, etc. Anywhere there is money from EITHER your or your spouse, you need to have that accounted for in your divorce. No matter what your financial situation, however prosperous or dire the situation may be, you need to arm yourself with information.

Take care, Allison

Disclaimer: The choice of a lawyer is an important decision and should not be based solely on advertisements. Disregard this solicitation if you have already engaged a lawyer in connection with legal matters referred to in this solicitation. You may wish to consult your lawyer or another lawyer instead of me. The exact nature of your legal situation will depend on many facts not known to me at this time. You should understand that the advice and information in this solicitation is general and that your own situation may vary. This statement is required by rule of the Supreme Court of Missouri.