Many people find one of the most difficult aspects of divorce planning is the seemingly never ending requests for financial information and legal documentation.

If you are divorce planning, you need a solid defense against drowning in a sea of paperwork.

Start by gathering every possible financial statement or document pertaining to you and your spouse’s financial life, whether held individually or jointly.  And before you contact an attorney or a Certified Divorce Financial Analyst (CDFA), arm yourself with an organized set of documents.

Divorce Planning:  The Top 5 Types of Documents To Have Before Contacting Your Attorney

Divorce Planning - Assets

Gather all information on your bank, investment, and retirement statements, as well as your life insurance policies and any cash surrender value.   Secure real estate property records, including your primary residence, second home, rental and commercial properties, time-shares and land.  For your vehicles, determine the make, model, year, mileage, features and overall condition to get an estimate of value.

Meticulously document other assets such as jewelry, artwork, and collectibles, and don’t forget potentially valuable intangibles, such as season tickets and frequent flier miles.  If you own a business, you may need a business valuation expert.

Divorce Planning – Liabilities

You will need to obtain copies of any notes payable or mortgage documents.  All debt documentation should include information on the creditors, balances owed initially and currently, interest rates, and credit limits.

Divorce Planning - Taxes

When obtaining divorce planning services, you should be prepared to submit three to five years of tax returns, W-2s, current pay stubs, including commission and bonus payments, real estate property tax information, and personal property tax information.

Divorce Planning - Insurance

Look for both personal and work policies.  If you are in the process divorce planning, never remove your spouse from your insurance policies until after your divorce is final or without the consent of your attorney.  Speak with your attorney and insurance agent for each policy regarding re-titling of your insurance accounts and possibly changes of beneficiaries for life insurance policies.

Other Divorce Planning Documents

Take the time to make a list of additional documents you might need to access during the divorce. Planning ahead, you will be able to retrieve wills, passports, birth certificates, credit reports, and other critical documents.

Gathering all of the documents and information you need when preparing to get a divorce can be a tedious process, but divorce planning is something that has to be done with care.  Hastily gathering information as you need it will lead to wasted time, mounting frustration and more money needlessly spent.  Remaining organized and systematized is one thing you can truly control to save you time, money, and your sanity in the process of divorce planning.