Preparing to File for Divorce in the New Year

The end of the year is a common time for unhappy couples to start thinking about divorce. People in troubled marriages may think of the new year as having a fresh start. Although you are looking to file for divorce after January, there are some things you can do to prepare for divorce that will make the process smoother.

• Know your Debts: Make a list of all the debts that you have. This would include credit cards, mortgages, car loans, student loans, personal loans and any other debts you might have. Make sure you include both “your” debts, your “spouse’s” debts, and any joint debts.
• Know Your Assets: Know your assets and make a list of the same. Most divorces will require you to fill out a document called the “Statement of Net Worth”. The Statement of Net Worth is similar to a budget statement. When considering your assets, make sure to include:
1. Real Estate (both your primary home and any vacation homes)
2. Cars
3. Financial Accounts: i.e.: Checking, Savings, Money Market Accounts, CD’s.
4. Stocks, Securities, Mutual Funds
5. Pension and Retirement Accounts: i.e.: 401(k), IRA, Profit Sharing, etc.
6. Life Insurance
7. Business Interests
8. Personal Property: i.e.: Art Work, Jewelry, valuable collections
• When making your list of assets, try to determine their value and if you are claiming them as joint or separate property.
• Gather and Organize Important Documents: Important documents include tax returns, W2 Statements, and Banking Statements.

David Badanes and the Badanes Law Office, P.C., have represented countless clients in their divorces. If you have questions regarding filing for divorce, contact David Badanes at 631-239-1702.

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