.2511031241412.png)
Spring is in the air! The new breath of life that enters with the change of season can apply in more ways than one. If you think you might be filing for divorce this year, I’m here to encourage you to put some of that springtime energy into getting yourself organized. Here are some tasks to put you in excellent shape for spring, tax filing, and the beginning of the divorce process.
Get your financial documents in order:
As part of your preparation for divorce, you need to gather and secure copies of all financial documents. My Divorce Workbook (free for Amazon Prime Members) is a great tool which has a checklist as a starting point; from there you can add whatever is unique to your individual circumstances. Keep the copies with a trusted friend or family member or use a safe deposit box that your soon-to-be ex can’t access.
Having important documents on hand early in the divorce process means you save yourself the time, expense, and possible unpleasantness of trying to get copies of them later.
Check into your credit:
During your marriage, you may not have been paying attention to your individual credit situation. Good credit will be one of the most critical aspects of your financial well-being in the future. Without credit, it can be near impossible to obtain loans for any purpose, or even to manage household expenses. Request a copy of your credit report now so that you can correct any misinformation it contains. You are entitled to one free credit report a year. If you don’t already, you should also begin to keep a close eye on joint credit card statements.
Get bank and credit card accounts in your own name:
It is not too soon to discreetly establish the bank accounts and credit cards you will need once you are single. Use a different bank than where you currently have joint accounts, and open both savings and checking accounts in your name alone.
Know your tax situation:
As you prepare your 2020 tax return, be mindful of how a divorce will change your future tax status. You may be filing jointly for 2020, but if your divorce is finalized this year, your 2021 tax situation will be different. Divorce will likely mean significant change to your income structure.
This time next year, you may be receiving alimony or other support payments, or you may have capital gains and other taxes to declare after the sale of investments and other assets.
For more information and to schedule your consultation, please call The Law Offices of Steven B. Chroman, P.C., at (661) 255-1800 or visit us at www.chromanlaw.com.
Mr. Chroman is a Trusted Advisor Award Winner and named Top 100 California Attorney with over 25 years of experience and local service and is a 2021 Super Lawyer. You can purchase Mr. Chroman’s best-selling Divorce Workbook at www.amazon.com/Preparing-Divorce--considering-separation.
This article was originally published in Santa Clarita Magazine as part of our firm’s mission to make family law information more accessible to the Santa Clarita community. Read the full feature and others at santaclaritamagazine.com.