Divorce is also a financial stresser

Divorce.

It’s right up there with death of a spouse for the most stressful life events we can experience. Yet just as you cannot escape the paperwork and financial issues after the death of a loved one, you can’t afford to ignore the financial aspects of a divorce, as you are setting the foundation for the next chapter in your life. As difficult as this time is, and regardless of which side of the divorce you are on, you must keep good records and clear thoughts.

First things first

The first task is to gather copies of records, documenting what you own and what you owe. As with all things in a divorce, if you and your spouse are able to collaborate and work together, this will be easier than if you have to hunt for things on your own, especially if you don’t know what to look for.

A good place to start is with the tax return. A tax return tells a lot about a person’s finances, from income to housing costs. Schedule B should show you where you’ve earned interest and dividends, so you can track down those statements, and Schedule D (if any) leads to more investment statements. The return may show an IRA deduction or you may see a “D” on a W2, leading you to a retirement account deferral. You’ll also need that tax return itself, to document earnings and project taxes.

Read More: Pocono Record