Be Prepared and Stay Prepared with Data and Document Gathering
1. Get the details first
- Collect every piece of financial paperwork you can get your hands on and go to your local printing and document services business. Make two copies of everything before returning the paperwork to where you found it.
- Complete documentation will begin to build an accurate picture of the marital estate and help drive decisions where the law of diminishing returns can often drive the conclusion.
2. Prepare accurate and defensible financial statements to help prepare your attorney including:
- Schedule of Assets and Debts – also known as a Net Worth Statement
- Income and Expense Schedule
- Include as much documentation and supplemental information as possible
3. Accurate schedules are the most important financial documents during preparation stages. Complete and accurate forms will set you up for success and help you weigh your options when developing you best alternatives for settlement.
4. Missing information or documentation is one of the most common causes for delays and canceled settlement conferences. Both will cost you more money in attorney and expert fees when subpoenas, interrogatories and repeated formal requests for documents are required.
5. Keep your schedules and documentation updated during the process. This will insure accurate information is available when you are weighing your options on the courthouse steps and avoid 11th hour document preparation when exchange of documents is required.
6. Track everything from day one including community expenses you pay, cash given to your spouse, bank statements, receipts for major purchases, etc.. Keep a record of everything for easy access. Credits and Reimbursements are important and often valuable financial tools in your negotiations.
Justin A. Reckers can be reached at:
Telephone: 858-509-2329E- Mail: jreckers@pacdivorce.com Twitter: www.twitter.com/JustinCFPCDFA LinkedIn: http://www.linkedin.com/in/JustinCFPCDFA Facebook: http://www.facebook.com/Pacific.Divorce.Management _________________________________________________________
Our firm does not provide legal or tax advice. Be sure to consult with your own tax and legal advisors before taking any action that would have tax consequences. The information provided herein is obtained from sources believed to be reliable; but no representation or warranty is made as to its accuracy or completeness.
Tags: Divorce Financial Planning, Justin Reckers, Pacific Divorce Management, Post divorce financial planning
This entry was posted on Monday, March 29th, 2010 at 2:29 pm and is filed under Data Gathering, Divorce Financial Planning. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.
