| Property
settlements | Alimony and child support
| Marital Home
Retirement planning | Tax
planning | Other
General information
1. Has relevant personal information been gathered?
- Each spouse's name, date of birth, and Social Security
number
- Names and birth dates of children
- Date and place of marriage and length of time
in present state
- Information about prior marriages and children
- Date of separation and grounds for divorce
- Current occupation of spouses and name/address
of employers
- Education and degrees of each spouse
- Name, address, and telephone number of attorney
2. Has financial situation been assessed?
- Income of each spouse
- Expenses of each spouse
- Assets of the spouses (joint and separate)
- Liabilities of each spouse
- Employee benefits each spouse is entitled to
- Life, health, and disability insurance policies
owned by each spouse
- Credit reports
Property settlements
1. Does prenuptial agreement exist?
2. Do spouses reside in a community property state?
3. Have all assets been listed, valued, and classified as joint
or separate?
4. Have the tax bases of all assets been determined?
5. If assets will be transferred or sold, have tax consequences
been calculated and explained to client?
6. Have loans and other liabilities on the properties (or otherwise)
been listed and considered?
7. Is there a family business?
Alimony and child
support
1. Have tax consequences of classifying support
as alimony or child support been reviewed?
2. Has physical custody of children been determined?
3. Has legal custody of children been determined?
4. Have visitation parameters been established
for the noncustodial parent?
5. Has it been decided which spouse will get
dependency exemption?
6. Will alimony be paid?
Marital Home
1. Will home be transferred to either spouse
as part of settlement?
2. If yes, has cost basis been reviewed for improvements?
3. Has amount of outstanding mortgage been calculated?
4. Will the principal residence be sold to a
third party?
5. If yes, has the tax cost (if any) been computed?
Retirement planning
1. Have retirement plans been listed and interests
in retirement plans been reviewed?
2. Will the divorce decree provide a payout from
the plan? If so, will a qualified domestic relations order (QDRO)
be used?
3. Should beneficiary designations be changed?
4. Will any IRS penalties apply?
5. Can retirement money be rolled over to IRA
Tax planning
1. If already divorced, was divorce finalized
by year-end?
2. If still married at year-end, agree to file
jointly?
3. Have joint filing risks been discussed?
4. Has separate maintenance decree been obtained
to permit filing as unmarried or head of household?
5. Have head of household conditions been met?
6. Who will claim the dependent child exemption?
7. Who should claim for the largest financial benefit?
Other
1. Should will and trust be changed?
Sharon
Lockhart, CDFA™
FAIR Financial Group
4200 Somerset, Suite 120
Prairie Village, KS 66208
913-649-5300
or 888-649-5300
Fax: 913-649-5302
email me |
 |
2. Should insurance policy beneficiaries be
changed?
3. Should banks and other creditors be notified
of divorce and signatures changed?
4. Will either spouse's health insurance plan
cover the children post-divorce? Cover spouse?
5. Has budget been revised to account for changes in income and
liabilities?
6. Does credit need to be repaired or established? |
