Review your paystubs: Be aware of your typical monthly income, any variations and fluctuations, and what deductions are being made in terms of taxes, benefits payments, etc. This helps in filling out your financial disclosures and for planning your budget.
Review and update your budget: What expenses are you paying? Will you still be paying them after your divorce is over? Are some of the expenses related to the divorce, like moving expenses or legal fees?
Review your assets and debts: Take a comprehensive look at all of your assets and debts, both shared and unshared, before divorcing or as part of your financial disclosures. What do you own from before your marriage? What was purchased during your marriage? Do you have information about the current value of your assets or debts? What paperwork do you have to show that an asset or debt originated from before your marriage? All of these questions are worth your consideration. This review, especially if you can gather official or notarized documentation where necessary, can help you in filling out your Schedule of Assets and Debts as part of your divorce.
Meet with a financial planner or tax advisor: The changes that come with a divorce may impact your current financial plans or have tax consequences that you’ll want to know about.
Visit https://www.romanovskalaw.com to learn more.
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