Taking Stock Before The Divorce

Are you ready to file for divorce? Is your spouse threatening to file? No, I do not mean that you take any shares of stock that your spouse may own before you get divorced. But you do need to review where you stand before you file for divorce. Here are a few things that you should review as divorce becomes more imminent:

• Take stock of your career. Are you earning enough money to support yourself and your children? Do you have the necessary education and training to go back to work, if necessary?
  
  
• Take stock of your spouse's career. What is your spouse earning? Will he or she be able to support his or herself without support from you? Will he or she need additional training to return to work?
  
  
• Take stock of your finances. As part of the taking stock of your career, you will need to look at the current status of your finances. Get copies of your recent tax returns, bank statements, and retirement and investment account statements. Catalog all the major assets that you and your spouse currently have. Did you or your spouse have any of them (pre-marital assets) before you got married? Do you and your spouse have any credit card debt? How much is left to pay on the mortgage? Any car loans?
  
  
• Take stock of insurance plans. After you are divorced, you may no longer be eligible for your spouse's health insurance. Figure out if your employer can provide insurance if your spouse has been providing the insurance. Remember, if you will soon be a single parent, you will probably want to provide your children with adequate life insurance. You may also want to investigate disability insurance in case you cannot work due to injury or disability.
  
  
• Take stock of major assets. The house, the car, the furniture, the big-screen television. List them all. Do you have valuable pieces of artwork, collections, or jewelry? What about a boat, airplane, vacation home, timeshare, or any other assets?
  
  
• Take stock of your legal options. Most often, you will need to consult with an attorney. Often times, you may have rights to the marital home, bank accounts, and temporary alimony and/or temporary child support while the divorce is pending. Consult with an attorney to determine what, if any, additional steps you need to take.

Most of these options refer to your finances. That is because you will have to pay for all your own household expenses, without much help from your former spouse. During the divorce proceedings, you will need this information, much of it when you initially file or answer a complaint for divorce. It is often times easier to gather the information before you tell your spouse that you want a divorce.

In any event, if there has been domestic violence, do not wait to take stock of anything. You must protect your physical safety first and foremost.