Many clients call upon addSpace To Your Life! to help get their papers organized when they are in the process of a divorce. I help them gather, organize and scan the records they will need so that they are able to proceed ahead with confidence and skill. Oftentimes they call upon me a bit late in the game after changes have been made and records transferred. Because of this, I asked a colleague, Kimberly Lynch, to write this article for you or anyone else that might need the tips. My wish is for everyone to gather their own personal power and be prepared as they go down the path of divorce or separation.
These are what Kimberly considers the top 10 financial documents to obtain, review and/or organize during a divorce:
(1) Get a copy of your credit score – you can get a copy FREE every 12 months from www.annualcreditscore.com. Obtain copies from all 3 reporting agencies. Check them for accuracy.
(2) Copy all credit card statements- if you have good credit, open your own credit card now.
(3) Track what you spend- create a budget and save receipts. Can you pay down some current debt?
(4) Prepare an inventory of all assets
(a) List all real estate and their current values
(b) List all investment/retirement accounts –
identify whose name the account is in, the current value and who the beneficiary is
(5) List life insurance policies- including who the policy is with, the amount of coverage, the term and who the beneficiary is.
(6) List all other insurance policies and include policy numbers- i.e. car insurance, home owner’s or renter’s insurance, health insurance
(7) Copy all bank statements for all open bank accounts- checking and savings
(8) W-2’s and other statements of income
(9) Copy birth certificates for both spouses
(10) Marriage certificate
I also recommend saving paper copies as well as saving all documents electronically so that you can easily send them to your attorney or accountant.
By Kimberley Lynch
www.primerica.com/kimberleylynch
