Divorce Checklist: Preparing Your Financials

It is important to protect your finances during a divorce. Use this divorce checklist as a guide to help prepare for the financial realities of divorce.

• Copy tax returns and account statements for past 5 years.
• Copy loan agreements and recent statements for all debts held jointly with your spouse.
• Collect and copy any mortgage closing paperwork (it's useful as it may include sources of income, assets, liabilities, and copies of tax returns).
• Take inventory of all marital assets, and keep that list in a safe place.
• Consider establishing your own P.O. box.
• Ask your attorney about state laws regarding the division of assets and liabilities.
• Open new bank and credit accounts in your own name.
• Revise your will and medical directives.
• Change any passwords or PINs.
• Ensure you have adequate life, health and disability insurance.
• Create a realistic budget.

Learn tips for managing your finances during a divorce from our Five Financial Realities article on the cost of divorce.