Office Building of Weems, Schimpf, Haines & Moore (APLC)
  1. Home
  2.  » 
  3. Family Law
  4.  » Organizing your finances will help streamline property division

Organizing your finances will help streamline property division

If you and your spouse have decided to divorce, the next hurdle you face will be property division, a prospect that may seem overwhelming.

No matter how simple or complex your financial picture is, becoming well-organized will help you approach this phase of the divorce with confidence.

Gather documents

In organizing your finances, begin by gathering documents that form a picture of your income and expenses. The basics to start with include:

  • Bank account statements
  • Retirement account statements
  • Loan documents including your mortgage, your auto loan and any personal loans
  • Credit card statements
  • Pay stubs
  • Tax return copies

You will need to provide your attorney with a complete list of assets and debts.

Track expenses

Tracking your household expenses is a task that is necessary for your divorce. However, this is an exercise that will also help you plan your post-divorce budget. Include anything you spend money for such as food, clothing, home repairs, childcare, entertainment and transportation. You can also use the information from checking and credit card statements to estimate the expenses you are likely to have in your new life.

Delay changes

While putting your financial information together, you might consider making certain changes, such as substituting someone for your spouse as the beneficiary of your life insurance policy. Remember that the court will look at major financial decisions during your divorce proceedings.

Seek help

In addition to obtaining legal guidance, do not hesitate to seek help from a financial adviser who can answer any questions you have about your finances, both current and future. Just like tracking your expenses and pulling important documents together, advice from professionals will help you gain confidence as you face the property division phase of your divorce.

Weems, Schimpf, Haines & Moore | A Professional Law Corporation

Office Relocation on June 1st, 2023!

Please be advised - our office moved on June 1st, 2023. Our new address is 9105 Ellerbe Rd Ste A 100 Shreveport, LA 71106 . Thank you!

You have Successfully Subscribed!