Divorce is something that nobody wants to go through, but sometimes it is what is best for the parties involved. Here is a financial checklist to consider if you are contemplating divorce or separation.

Financial Checklist for People Contemplating Divorce and Separation

Author: Guy Vitetta, Divorce Attorney

Regardless of the type of divorce process you choose to use, it is important to identify your marital estate. The marital estate is defined by the South Carolina Equitable Apportionment Statute and generally comprises all assets and debts acquired by either party during the marriage, regardless of title. As you can guess, there are numerous exceptions to this rule, so discuss this issue carefully with your attorney. For starters, however, you should begin to gather the following information, regardless of how it was obtained or who obtained it, as long as it was obtained during the marriage. Gather information on an asset used during the marriage, regardless of when it was obtained.

An example of an “asset” would be your residence, a car, a boat, a valuable piece of artwork, a retirement account, or an investment account. An asset is anything that is worth money! Don’t worry about loans on the assets (such as your mortgage or a car loan), because you will be listing all of these debts separately. The result will be your “net” marital estate.

Here is a brief checklist to help guide you with this process. It is by no means a comprehensive list, so anticipate that your attorney will need more information, but it is a good starting place.

Income/ Assets:

• Income tax returns for the previous five years

• Retirement account statements; one from the date of marriage, one current.

• Estimated valuation of all real estate acquired during the marriage

• Estimated value of the marital residence, if owned

• Statements from current investment accounts

• Statements from college savings accounts for minor children

• Estimated (Blue Book) value of all automobiles

• Itemization of all valuable artwork, jewelry, etc. with estimate of values

• Copies of all trusts

• Copies of all whole life insurance policies or annuities

• Recent statements from whole life and annuity policies

• Copies of all corporate papers; Sub S Corp’s, LLC’s etc.

Debts

• Current credit card statements

• Current mortgage balances (1st, 2nd, 3rd, etc….)

• Automobile loans

• Promissory notes

• Student loans

• Secured loans

• Other debts and obligations (unsecured)

In complicated cases, a financial professional is helpful to assist in establishing the value of the marital estate. In the more straightforward cases, you and your lawyer can establish the values using and Excell or Numbers spreadsheet, or just a pencil and paper!

The bottom line is that you want to identify everything that was obtained during the marriage, or used as marital property during the marriage regardless of how it was obtained.

HOT TIP: You will also want to have this information very well organized for your attorney or financial professional. You pay these people by the hour, so the less time they need to spend organizing your financial matters, the less money you will pay for this service!

About the Author:

Guy J. Vitetta, originally from Philadelphia, PA, graduated from Ohio’s Kenyon College with a B.A. in history and religion. As a community activist addressing consumer and environmental issues, Guy realized his most influential avenue for making a difference in the community was in the practice of law. He graduated from Capital University Law School in Columbus, OH in 1991. Clerking in the Death Penalty Section of the Ohio Public Defender Commission, Mr. Vitetta worked on appeals for Death Row inmates. For the next eleven years, he served as a Public Defender in Columbus, then in Charleston County, SC, before opening his private practice in Charleston, South Carolina.

Guy Vitetta ’s criminal practice is active in municipal, state, and federal courts. Guy was the first attorney in South Carolina trained in Collaborative Law, and is a founding member and president of the South Carolina Collaborative Law Institute. He is also a Certified Family Court Mediator in South Carolina. Guy holds an AV® Peer Rating*, the highest given by Martindale–Hubbell.

Article Source: ArticlesBase.com – Financial Checklist for People Contemplating Divorce and Separation

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Four Questions To Ask a Bankruptcy Lawyer Before Signing

By: Campbell Campbell.Grenier

Bankruptcy law has gone through many changes in recent years, which makes a good lawyer more important than ever for a successful bankruptcy case. It is also important to be fully informed about what a prospective lawyer can offer and what to expect from them. If you are talking to a bankruptcy lawyer, here are four questions to ask them before signing a contract:

Should I file for bankruptcy or do I have other options?

This is a broad question that allows the attorney to cover a lot of ground with you and discuss your options. It allows them to give a recommendation as to whether Chapter 7 or Chapter 13 is a better option for you, or even if there is an option outside of bankruptcy that you haven’t considered. This overview will likely give you a clear understanding of the benefits and negatives of filing bankruptcy and is a good place to start with a prospective attorney.

Who will actually be handling my case?

Sometimes the lawyer you are speaking to isn’t actually the one who will be handling your case. It is good to know if they plan to pass the case on to someone else. There is typically a single hearing in bankruptcy cases. So if someone other than the lawyer you are speaking with actually goes to court with you, it is a good idea to talk to them as well that way you can be familiar with them and discuss the case with them.

How much of your time is devoted to bankruptcy cases?

Even if an attorney has 20 years of experience, if they only do two or three cases a year, they won’t be as experienced as a lawyer that does bankruptcy work exclusively for a much shorter period of time. Bankruptcy laws have changed, so it is important to know that your attorney is familiar with these changes.

How much do you charge for your services?

This might seem like a no-brainer first question, but it is a good idea to ask it last. First of all, it gives you an opportunity to see all of the other services that the attorney plans to provide. There are a number of ways an attorney can request to be paid. Some work on cases on an hourly basis, while others may charge a flat fee, so it is a good idea to get an estimate of how much a case will cost. Additionally, it is important to know if there are any other expenses that may be incurred during their work that may be charged to you. Remember, like in so many other things, with a lawyer, you get what you pay for.

If you are seriously considering bankruptcy and live in Oakland, San Francisco, or Berkeley, you need to consult with a Bay Area bankruptcy attorney. While the process is complicated, they will be able to help you understand your options and help you avoid making bad decisions that you could later regret. Isn’t it time you got rid of all that debt —for good? Get in touch with a top Bay Area bankruptcy attorney who knows how to get the job done quickly and effectively. Contact Lincoln Law at 800-722-6578 for a free consultation.

Author Resource:-> Brian Reed. Bay area bankruptcy attorney

Four Questions To Ask a Bankruptcy Lawyer Before Signing.
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