Before you tell your spouse you want a divorce...

1.  Analysis of all costs.

Besides impact on children look hard at this partial list:

a.  Monthly Expenses - How are you going to make it separately? (a lot of expenses will double) You need to make sure you have copies of all tax returns, all credit card statements substantiating who charged what and for what.  You need copies of all bills, and paystubs, regardless of who's name they are in.

b. Monthly Income - We will calculate child support for you if this applies.  You need copies of all bank account statements, investment account statements, and so forth.

c.  Retirement - If you and/or your spouse have retirement accounts, what is a fair division, and what are the taxable consequences to each of you?

d.  Investment Accounts - How can these be divided fairly and are their taxable consequences of moving this money around.

e.  Debts - Who created each debt?  How can these debts be fairly divided?  Are anyone's parents owed money?  What was the reason for each debt, regardless of who created the debt?  Were the credit cards used to buy groceries, pay rent, buy luxuries?  Are charges still being made on credit cards?  Can you still write checks off the equity loan?  If divorce is imminent, you need to close all joint accounts immediately and take other steps to stop new debt from being incurred immediately.  Do not try to buy your way out of debt  when you are considering divorce.  Go talk to an attorney for financial counseling.

f.  Assets - Make lists, take pictures, consider the following:  Are these assets being paid for on credit cards, or revolving accounts?  Are these assets paid for?  Where any of these assets gifts?  Did one spouse already own these prior to the marriage?  Who's name are the debts in?  

g.  Personal things.  Make a list.  Remove personal effects such as heirlooms for safekeeping.  Remove guns especially if there is any danger of the other spouse being violent.  Take 1/2 of the family photo's and put them up for safe keeping.

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