Quick - Get to Know Your Finances during Divorce

One of the first things you'll have to do when you retain a lawyer is to fill out a statement of net worth. That means listing all your assets and debts. Every bill you pay and every dime that comes in. You'd be surprised just how many people don't know. So go on, get to know your finances -- quick! I'll wait... Hey there, this is Al with Divorce Candor. This one killed me. The Statement of Net Worth. A daunting task to fill one of these out. I was guilty of not knowing what I had and what I owed. Like a lot of people out there, my ex paid all the bills. Truthfully, I didn't even really know how to read some of those bills and statements. I mean I could figure it out, but I simply never had to. I didn't even know the passwords to some of the accounts we had. That's messed up. My lawyer had to ask her lawyer for the statements. In fact, I had to fill out the Statement of Net Worth with my lawyer. That's how lost I was! You can only imagine what that cost me as well as the embarrassment I felt at not knowing my own finances. I would suggest writing down passwords and the login in information and websites for everything you pay or own. By that I mean any kind of insurance, IRAs, 401ks, mortgage, car payments, utilities, credit cards, bank accounts, etc. When you fill out this Statement of Net Worth out among other things, you'll have to state how much you spend on clothing, gifts, travel, entertainment. Just because you hardly spend anything on clothing or gifts now for example, don't put a low number. Remember, you will be single. You will want to go out and buy gifts and look good. Truthfully, this is an area where many people might pad the numbers a bit. I'm sure you've known for a while now that you are going to exit the marriage. Get your things in order. If you don't know this information, ask your spouse! Don't leave home without it...