What do I need to know about my family’s finances before I get divorced?

“What do I need to know about my family’s finances before I get divorced?”

You should be familiar with all the family’s assets (what you own) and liabilities (what you owe). Take particular note of which assets you could access and how to do so. Also know what benefits you and your children are entitled to receive from your spouse’s retirement plan, insurance policies, trusts, etc.

Make sure you know the exact location of essential documents such as:

• Bank records

• Stock or bond certificates

• Wills

• Deeds to your houses

• Insurance policies

• Retirement plan agreements

• Trust agreements

• Partnership agreements

• Titles to your cars, boats, etc.

• Brokerage statements

• Power-of-attorney statements

• Other business and financial documents

Mace B. Tamse is a Certified Divorce Financial Analyst practicing with Morgan Stanley in Boca Raton, FL. He is a highly trained financial professional whose clients have access to Morgan Stanley’s award-winning equity research, world-class investment banking, and asset-management capabilities.