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March 26, 2010

Step one: Begin gathering financial documents

Filed under: Uncategorized — davidmsiegel @ 11:17 am

You’re not going to have to do any calculations now, but you’ll need certain
financial documents in the future to evaluate your assets and understand the
financial position you’re in. Just the task of gathering papers helps push you
out of lethargy. And it doesn’t require any critical thinking — something that’s
so hard to do when you first realize that the marriage is unofficially over.
But the value of getting organized is immense. You’re preparing yourself for the
next stage. Begin the document collection now, simply because it may take you
a couple of months to complete. You don’t have to follow any particular order.
Where do you look for these financial documents? Some of the information
may be at your fingertips, but some might require sleuthing. Start looking in the
obvious places — where you and your spouse keep important papers in the house
and in your safe-deposit box, if you have one. But also watch the mail, and be alert to
anything from insurance companies, credit-card companies, banks, brokerage firms,
and mutual-fund companies. Go to your employer for work-related documents,
such as what you currently have in your pension account. Ask your accountant,
attorney and financial advisors for copies of any financial information they have,
such as prior tax returns or documents on ownership of property.

What should you do with the financial documents? Makes copies of each.
Then date them, and put them in a safe place — at your office, in a personal
safe-deposit box, maybe even with a trusted relative or friend.

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