Free educational guides to help you prepare financially for divorce
Q: What financial documents do I absolutely need before filing for divorce?
You need 7 critical document categories: (1) Tax returns (3 years minimum showing complete income picture), (2) Bank statements (6-12 months all accounts including hidden ones), (3) Investment/retirement statements (401k, IRA, brokerage, stock options showing current values), (4) Real estate documents (deeds, mortgages, appraisals, tax assessments), (5) Debt statements (credit cards, loans, lines of credit—all liabilities), (6) Pay stubs (6 months showing bonuses, commissions, deductions), (7) Business records if self-employed (tax returns, P&L, balance sheets, valuations). Missing documents means incomplete settlement—attorneys cannot negotiate what they cannot see. Our Divorce Financial Checklist covers every document needed.
Q: How far in advance should I start preparing my finances before filing?
Start 6-12 months before filing if possible. Early preparation allows: (1) Gathering documents without spouse's suspicion, (2) Opening separate bank accounts and establishing credit, (3) Understanding true marital assets (hidden accounts, stock options, real estate values), (4) Creating post-divorce budget to know what settlement you need, (5) Building emergency fund (3-6 months expenses) before legal fees drain savings, (6) Consulting financial planner to understand divorce's long-term impact. Rushing into divorce without financial preparation costs tens of thousands in poor settlements and missed assets. Our How to Prepare Finances for Divorce guide provides month-by-month timeline.
Q: What's the difference between community property and equitable distribution states?
Community property states (9 total: AZ, CA, ID, LA, NV, NM, TX, WA, WI) split marital assets 50/50 by law—simple but inflexible. Equitable distribution states (remaining 41) divide assets "fairly" not necessarily equally—courts consider marriage length, income disparity, who sacrificed career, who gets kids, health, age. In equitable states, 60/40 or 70/30 splits are common for long marriages where one spouse sacrificed career. At 60+ after 30-year marriage, equitable distribution often favors lower-earning spouse significantly. Know your state's law before accepting any settlement. Our Understanding Asset Division in Divorce guide explains both systems with state-by-state breakdown.
Q: Should I hire a financial planner before hiring an attorney?
Yes—financial planning before legal action prevents catastrophic mistakes. Financial planners help you: (1) Understand complete financial picture before attorney negotiations begin, (2) Calculate realistic post-divorce budget so you know what settlement covers your needs, (3) Model different settlement scenarios (keep house vs. take retirement? alimony vs. lump sum?), (4) Identify hidden assets and complex compensation (stock options, deferred comp, business interests), (5) Plan tax implications (QDRO execution, capital gains, alimony taxation). Attorneys negotiate legal settlement; financial planners ensure that settlement actually works for your 25-year retirement. Get our Fearless Divorce Guide ($97) for complete financial planning framework, or schedule WAR Room session for personalized strategy.
Complete step-by-step guide on preparing your finances for divorce, including document gathering, financial organization, and planning for your future.
Read the Guide →Comprehensive checklist covering income, assets, liabilities, and post-divorce planning. Use this to stay organized throughout your divorce process.
View Checklist →Detailed guide on every document you'll need for divorce, where to find them, and how to organize them for your attorney and financial planning.
Read Guide →Learn how assets are divided in community property vs. equitable distribution states, and what it means for your financial settlement.
Read Guide →State-specific guide for Washington residents covering community property laws, what to expect, and how to prepare financially.
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Understanding equitable distribution in New York, financial documentation requirements, and how to protect your financial future.
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