A report from National Public Radio (NPR) found that overall divorce rates are down, except for one key demographic -- people over 50. If that's where your life is heading, you may find it all a little hard to believe. To this point, you've spent much of your adult life building a career, caring for other people, and planning for your eventual retirement. But no one ever said to you, "This is how you plan for divorce."
Given that divorce is rated as one of the biggest stressors you're likely to face in life, it seems like there should be ways to ease the burdon. While the following list won't cure whatever it is you're feeling at this moment, it may help you focus on getting organized and take a little sting out of legal proceedings.
The best time to gather documents is before someone asks for them.
Image source: Getty Images.
Assets
One of the first things your attorney is likely to ask for is a comprehensive list of the assets you share with your soon-to-be ex. This includes:
- Vehicles
- Recreational vehicles
- Boat
- Shared bank accounts
- Your home(s)
- Investment properties
- Life insurance policies
- Stocks and bonds
- Retirement accounts
- Pensions
- Annuities
- Art
- Jewelry
- Antiques
You'll also be asked about debt, including:
- Home loans
- Personal loans
- Car loans
- Vehicles
- Credit cards
And be prepared to provide any materials related to assets you consider your own. That includes:
- Employer-sponsored retirement plans
- Intellectual property (like books you've written or patents you've received)
- Business documents and accounts
- Self-employed retirement plans
Make it easier on yourself
Getting your ducks in a row ahead of time may not only cut down on the stress you feel as you're being peppered for documents but also allow you to get a better idea of what you (and your ex) are working with. For example, if you or your ex spent years as the family's primary breadwinner, assets may be a bit wonky, with one of you in a different financial situation than the other.
That's OK. The courts have seen everything. The important thing is to be honest about the assets you own, how much money you owe, and where the court can find a bottom-line picture of your overall financial situation. And being honest is much easier when you're not trying to remember things off the top of your head.
There's no denying the stress of divorce. One of the things you can do to be kind to yourself is to be as prepared as possible.
