Just like a coach designs the game plan long before the players ever hit the field, you need to position yourself for the best possible outcome long before you actually file for divorce. If you don’t protect yourself before you make the big announcement, you may lose things you can’t get back in court later. “I have seen cases where the expensive earrings and the Renoir went missing as soon as a spouse announces they want a divorce,” says Mary Beth Long, a Richmond, Va.-based family law attorney. To make sure your game plan covers all the bases, here are five things to consider before filing for divorce:  

1. Follow the money.
Track down every asset and know its true value. Sometimes you will guess the value too low or too high; either scenario can cost you dearly. Now is the time to discover hidden assets as well; those assets your spouse controls but may not often discuss with you may not actually be hidden at the moment but they might be shortly after you say you are leaving. 

“List all assets and liabilities of each party and gather tax returns for each party and any partnerships/businesses/professional practices that either owns,” advises Long. “A supporting document for each asset/liability and its balance/value is nice, too. Like a year end brokerage, retirement statement, etc. Before one can divide up the fruit of the partnership, one must know what is there.”  

“Your financial documents such as credit card statements, tax returns, bank statements, etc. will be crucial in determining an appropriate settlement,” concurs Brian McFadden-DiNicola, Esq., an attorney with a specialty firm limiting its practice to family law matters based in New Jersey. “You need to have those documents on hand before you go see an attorney.”  

“If you have valuable tangibles -- such as art, jewelry, furniture, other stuff in your house-- consider going ahead and getting an appraisal before anyone has openly talked of divorce,” adds Long. “An appraisal can be used to value items AND inventory them, just in case you need to prove these things later.” However, not all things are easily appraised.  

“Are there difficult valuation problems with your assets? This will be a determining factor on whether you hire someone who does routine divorces or if you need someone highly specialized that knows and understands what information will be needed,” advises DiNicola. 

“If either spouse owns a closely held biz, partnership, professional practice, a forensic CPA may be helpful to determine the value,” continues Long. “The spouse who owns it will usually say it is worth nothing but this is probably not true. Let a CPA who has done such work before have a look.”  

Each state's laws on property distribution are different. “There are, for instance, some states where a 50/50 split of assets is assumed and that is not so in other states, like in Virginia where there is no presumption of a 50/50 split,” says Long. See a lawyer in your state if you or your spouse has assets worth being concerned about. On the flip side, get a credit report on both of you so you can see and track debts, as well as assets, that you may not have known existed.    


2. Think about spousal support.
“The tax returns you gather will help with determining if spousal support is an issue. But there are other things to consider as well such as whether your spouse will need to obtain health insurance. For example: is COBRA an option? If so, what will it cost and who will pay for it?” asks Long. You also need a firm understanding of the costs of your current lifestyle. 

“If you do not know your monthly finances, that is what's coming in and what's going out, you will have no idea how much a potential alimony obligation will be,” says DiNicola. “Thus, from the start you will not know what is an acceptable settlement offer and may spend months and months in discovery and legal fees.”