You've Decided To Divorce. What Should You Do First? Part I

Deciding to get divorced is one of the most painful personal decisions you may ever make. However, I have seen in my practice that, for most people, there is one pivotal moment when they cross the bridge of uncertainty and commit themselves to a different path which leads to the unknown future which follows a divorce.

Having made the decision, the next thought most will be, what do I do now?  This article outlines the ten steps in which I have identified as helpful first steps to getting your financial matters in order. If, unfortunately, you are anticipating a contentious legal battle, it is even more crucial to do your homework getting prepared before getting underway. The first thing you need to do is to buy a large three ring binder to get started.

Step One:  Gather and organize one year of past statements for EVERY bank account you and your spouse have, individually or jointly, including checking, savings, money markets, stocks and bonds and mutual funds. Make two sets of copies, one for your lawyer and one you can keep in a safe place. Put the statements in a three ring binder for easy reference.

Step Two:  Gather and organize one year of past statements for EVERY retirement account you and your spouse have. Include Individual Retirement Accounts, 401(k) and 403(b) statements from current and all former employers, annuities, Pension Statement of Benefits, an Employee Benefits manual, annual Social Security Statements. Some of these statements are only provided once a year, so find the most recent available.

Step Three: Gather and organize one year of past statements for any accounts held by or for your children such as Uniform Gifts to Minors accounts, 529 college savings accounts, and mutual funds. Are the balances what you expected? Have any unexplained withdrawals been made? Who is the named custodian on the account? Who is the alternate? 

As you can see, there are many factors to consider when making the decision to divorce, especially when it comes to your finances. To read more information of this series "The Decision Has Been Made and You Have Decided to Divorce. What Should You Do First?,"  please refer to Part II in my upcoming post.

As a New Jersey divorce attorney who specialize in Mediation and Collaborative law, my goal is to assist you in taking control of your divorce and family matters by resolving your personal and financial disputes.

Mediation and Collaborative Law are truly the keys to resolving conflict and working out divorce and family issues without the delays and bureaucratic paperwork and deadlines associated with standard divorce litigation. 

Families that want to save months of time, thousands of dollars and have a solution that both people agree with are just plain smart.

For more information, please feel free to give me a call at (732) 741-7776 or visit my website at http://www.atlanticdivorcemediation.com