The Divorce Process

There are three components to the divorce process: legal, financial and emotional.  Most people believe that legal representation is the most important step.  While a divorce attorney is usually essential, even after you select an attorney, the first thing he or she will ask you to do is fill out the financial affidavit.  The affidavit is the core of the entire process; it is the foundation from which all divorce settlements are built.

The financial affidavit is an itemized list of all income, expenses, assets and liabilities of both parties.  When it comes to writing them down on a piece of paper, it's not as cut and dry as taking your pay stub to arrive at your income and subtracting your monthly expenses based on the log in your check register.  While that approach will give you a start, for many parties these are more complicated areas of your lie that need to be reviewed, discussed and evaluated.

In the past, the financials were most likely shared or handled exclusively by one partner.  In either case, there are circumstances where you may not be aware of certain assets or liabilities.  For example, if you were previously covered under your spouse's health insurance plan, you may not realize that this will become a future expense that you need to prepare for after the separation.  Or, perhaps your spouse has investments that supplement your income but you aren't sure how much they are worth.  There is also the question of taxes because both of you will face changes in your tax status.  Our experienced team of financial analysts, tax consultants, investment advisors, mortgage brokers and insurance agents will work through the confusion to present a clear picture of the assets and liabilities of both parties, as well as help you to plan your financial future.

Click here to learn more about the steps of the divorce process.