While divorce is never simple for anybody regardless of their gender, women often face unique challenges. Unfortunately, some wives are not kept up to speed on the household’s entire financial picture. Being in the dark about financial assets such as investments can make it difficult to navigate the difficult process of divorce.
Before filing for divorce, a woman should obtain three important documents that will help secure her financial future. These documents are tax returns, a lifestyle analysis and a net-worth statement. Having these three important documents on hand can go a long way toward making sure all future settlements are well-informed.
It’s important to get tax returns for the past three years. Tax returns provide an excellent analysis of a household’s earnings and expenses. Tax returns can be obtained by contacting the family’s tax preparer or by submitting an IRS Form 4506.
To get a net-worth statement, a woman should run a credit report to help her figure out what her financial responsibilities may be. For example, she may be held partially responsible for debt accumulated by both her and her partner.
A soon-to-be ex-wife should also obtain a lifestyle analysis. This provides a complete picture of what living expenses she might be responsible for following the divorce. Common expenses that people forget about include life and health insurance.
When a woman has obtained these three documents and is prepared to move along with the divorce, it might be wise to partner with an experienced attorney. Legal counsel might be able to use these documents to help the client secure a better financial future in the years following the divorce.