A certified divorce financial analyst (CDFA) accredited by the Institute for Divorce Financial Analysts can help you gather, organize and translate the appropriate information into a financial affidavit, to be used by a mediator and/or attorney in dividing your financial lives. The steps below can assist you in the process of outlining your financial affairs.
Assets: Assets often get lost during a divorce proceeding. As soon as possible, start a list of the assets you think you own. Typical assets include cash, bank accounts, money market accounts, retirement accounts, non-retirement investment accounts, real estate, employee benefits, collectibles, personal property and the like.
Prior-year tax returns often provide valuable information about assets; however, certain items, such as annuities or cash value in life insurance policies, may not show up on a tax return. In order to get a full picture of your individual and joint assets, take an inventory of your recent statements. Make sure to note any assets that are not accounted for in your prior-year return.
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Some statements are provided on an annual basis, so you may need to contact a provider to get current valuations. For more complicated assets, such as a business, it might be efficacious to have them professionally valued. Once you have a clear picture of what you own, you can move on to addressing what you owe.