Whether you are using attorneys or not, to get started on your divorce, you will have to gather all of your financial information and share it with your spouse (and vice versa). Many people, inadvertently skip this step and jump straight into discussions about who's going to keep the house and how other assets should be divided. That's not smart and it can lead to deadlocks and breakdowns in the negotiations. You'll also be making life-changing decisions with incomplete information.
Yet, when people do start gathering this information, frequently it's overwhelming and confusing so they put it off and procrastinate.
The reality however is that the sooner you do this, the better it is for you. You'll have a much more accurate assessment of the financial impact of divorce on your lifestyle, you'll have more clarity, more certainty and be in a better position to make the decisions that are right for you.
So what financial information are we talking about? Where do you start? How do you value different assets? And what can you learn from different documents?
Joining Mandy for this Conversation are financial advisors, David Chwalek and Renee Senes who are co-authors of the book, Money & Divorce: Costly Mistakes You Don't Want To Make.
Check out Mandy's blog, Since My Divorce for a synopsis of the show. Visit the Insitute for Divorce Financial Analysts to find a CDFA near you.