![]() ![]() Make a list of your family's current monthly household expensesĬonstruct a monthly budget and don't forget to pro-rate monthly the expenses that might only come every 6 months or year, like insurance. Are your savings efforts worth the equivalent of a $30,000 or $40,000 income contribution? 6. Since this would be an after-tax number, figure out what that would equate to in annual pre-tax income. On a column alongside these activities, calculate what it would cost to hire someone outside of the family to do each task, and then add up the dollar total. grocery shop, cook, transport children, do laundry, clean the house, care for an elderly parent. ![]() List of every activity you do that saves the household money, e.g. Just because you don't earn outside income, doesn't mean you don't bring added value to the household budget. Calculate your worth as a stay-at-home mom What was your annual joint income for the past three years and what did you earn? Was the income steady, on a monthly basis or quarterly, or did it come in one chunk at the end the year? Once you have a clearer picture of the household's income flow it will be easier to understand and split. If you use an accountant to prepare your returns, make an appointment to review your latest returns. The reports will also give a clearer picture of tax-deferred accounts such as a 401k or pension retirement account, by showing the income deduction taken for retirement contributions. These returns will report your annual marital income, whether it came from a salary, bonuses, bond interest or stock dividends, and property or partnership income. Look at your joint IRS tax returns for the past 3 years Also, don't forget to list valuables under assets, such as antiques and jewelry. Be sure to include retirement accounts and check for any loans taken out against them. Label each asset and liability as being either joint or individual. Unsecured debts such as credit cards aren't attached to any particular property but you still have a general obligation to pay them. If some are directly attached to an asset (secured) like a car loan is attached to the car, put those loans across from the assets they're related to. A column on the right side will list your liabilities or debts. On the left-hand side of the page list your assets, generally starting with the highest priority ones, like your home and cars. This gives a snapshot in time of what you own and owe-your asset and liability values. will give you a piece of the puzzle of your marital worth, the assets and liabilities you and your husband share, what you each have individually and what the balances are. Each current account statement, whether it's reporting the mortgage balance, credit card balance, Individual Retirement Account value, student loans, etc. Gather all of the documents pertaining to your assets and liabilities. In order to have an idea of where you stand financially after divorce you need to figure out your financial status as a married couple. Ten Financial Tips for Women Seriously Considering Divorceīy Hollis Colquhoun, Accredited Financial Counselor Split assets and liabilities by amount and type.Hire good legal and financial professionals.List your family's current monthly household expenses.Calculate your worth as a stay-at-home mom.Look at your joint IRS tax returns for the past 3 years.Create a balance sheet of assets and debts.Get informed about the marital finances.This information can then help you negotiate a fair divorce settlement and get an idea of where you'll stand financially after divorce. You'll lean how to create a balance sheet, look up the relevant information you'll need, calculate your worth as a stay-at-home mom, and more. If you are seriously considering divorce, these financial divorce tips will help you determine your net worth as a married couple. ![]()
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