One way to do this is by using the worksheets provided in the links here on this website. They are listed on the home page right beneath this link. Or you can go straight to them from here. Click here for the Assets & Liabilites worksheet. Click here for the Income & Expenses worksheet.
If you have a computer and can use a spreadsheet program, this will help. If you have a close friend who could do this, have them do it. (But remember that they can be called into court to testify to what you told them about such things... so if it's a sensitive matter you need to be very careful about sharing it with anyone other than your attorney or the attorney's staff).
If you don't have a computer or don't know how to use a spreadsheet or have anyone who will help you prepare a spreadsheet, you can still handle things with a pen and paper, unless your affairs are fairly complicated. If they are complicated, bring your accountant into the picture. Your accountant will be less expensive than having your lawyer do it, or your lawyer's accountant do it.
If your spouse has the information and won't give it to you, your attorney can get it... but often only after adding thousands of dollars in legal expenses to both sides in the legal process called discovery. You might print a copy of The Discovery Money Pit and ask him or her to read it and then see if their attitude changes.
What you own and what you owe will probably fall into one of these categories:
Real property (land and any buildings under it or mineral rights below it). This includes your home, any second home(s), undeveloped land, and commercial property. As you gather information on real property, deeds, mortgages and any lease agreements should also be included.
Vehicles. Cars, trucks, motorcycles, boats, trailers, tractors, RV's, planes, etc.
Bank accounts. Includes checking accounts and savings accounts.
Financial assets. Includes retirement plans, IRA's, stocks, bonds, brokerage accounts, any business interests (including any family business), the cash value on any life insurance, any trusts, any cash or uncashed checks. You may not be able to put a proper value on some of these, but put down an approximation and indicate if you are uncertain so you attorney knows whether to pursue it more closely.
Household goods. Furniture, clothing, dishes, china, silver, crystal, jewelry, collectibles, books, art work, electronics, tools, guns, and anything else of value in the home.
Miscellaneous assets. Things like frequent flyer miles, businesses, claims either of you may have for damage or injury, tax refunds you expect, patents and copyrights, money anyone might owe you, country club or other club memberships, timeshare credits or anything else of value that doesn't fall into one of the other categories..
Your debt. Liste these as negatives, not positives. For each debt, indicate both the balance and also who is contractually liable to pay it. And remember that you may be liable a credit card or other account even if your name is not on it. Call the creditors (the credit card companies or loan companies) and ask "Who signed the agreement — who is contractually liable to pay the debt?" If things are bad enough you may need to consider bankruptcy.
As you prepare the Inventory Sheet, break things down into categories as to what is clearly yours (such as personal jewelry and clothing and things you entered into the marriage with) and that you will both agree is yours, what is clearly your spouse's and which you will agree is your spouses, what is clearly joint marital property and which you both agree is marital properry, and the things you're going to fight over (disputed property). Also for each item include the date acquired (or with debt the date incurred), the value when you got it, who currently has it, it's present value, any outstanding balance owed for it, which of you will get the item (if you can agree on it).
Though the list below is obviously incomplete, try to prepare your Inventory Sheet something like the following model for a hypothetical couple that married in 1981:
Husband's Personal Property:
Clothing
$500 $2,500
various various
Pickup truck
$7,500 $18K
1995 bought
Baseball card collection
$400
$75 1971-76
bought
Wife's Real Property:
Rental Property at 701 Elm
$45K $35K
Aug. 1978 bought
Wife's Personal Property:
Clothing
$900 $4,500
various various
Car
$2,500 $13,000
1991 bought
Diamond Engagement Ring
$1,200 $1,200
1981 gift from husband
Stock Portfolio
$17,000 $5,000
various bought with $$ from
college graduation gift
Personal Property:
IRA in Husband's name
$20K $10K
1985-98 annual contributions
Monde' watercoler painting
$750 $250
1982 bought
Bedroom suite
$200 $1,200
1983 bought
Coin collection
$3,000 $3,500
1997 bought
Sterling silver
$500 $600
1981 wedding gift/wife's friends
Wife's personal injury
???? ????
5/13/96 auto accident
Personal Property:
Living Room Coffee table
$20
$40
1990 gift from wife's mother
Hampton print
$175 $175
1990 bought
Children's Bedroom suite
$150 $1,000
1992 bought
Coin collection
$3,000 $3,500
1997 bought
Sterling silver
$500 $600
1981 wedding gift
Creditor loan/date Original
Present Monthly
Husband:
Amount Balance Payments
Pickup truck
GMAC 7/10/95
$17K $11,200
$187
VisaCard
FirstFederal revolving
$3,200 $160
Tax Liability
IRS 1997 Tax Year $9,350
$7,600K $450
Personal Loan
Ralph Reed 1/3/98 $1,500
$1,200 $100
Creditor loan/date Original
Present Monthly
Joint Liability:
Amount Balance Payments
Rhea County property RheaCoS&L 8/10/88
$45K $800
$125
VisaCard
MBNA revolving
$9,200 $310
Children's Hosp.Bills Erlanger
3/4/96 $13K
$13,600 ----
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