Your Divorce Worksheet: The Items You Need to Include
Why do you need to complete a divorce worksheet? Because figuring out your net worth is very important before you even see your divorce attorney and it is very easy to do even if you don’t have a math brain.
To complete your divorce worksheets, first, you create four columns on a piece of paper (or if you do it in Word you just create a table with four columns or just do an Excel spreadsheet). The first column would be for ASSETS the next would be WIFE/HUSBAND and the next, JOINTLY OWNED and the last column would be VALUE. In the last column you put the estimated value of the asset. Easy, right? And then you list all the assets in your marriage. Assets can be tangible and intangible meaning it can be touched but sometimes it is intellectual or “untouchable.” Examples of assets include:
- Bank accounts
- Rental property owned by you or spouse
- Vacation house
- Safety Deposit Boxes
- Websites that create income
- Books and other authorship that produce income (Royalties)
- Cars and other vehicles
- Certificates of Deposits
- Life Insurance policies
- Profit Sharing Accounts
- Other assets
Once you have itemized every single thing you own with your spouse in the asset column, then indicate the spouse who owns it or if all is owned jointly you just tick down the JOINT column. Then indicate the VALUE of the asset in the last column.
- After that, you create another table – a similar one – for the LIABILITIES in your marriage. The four columns would be LIABILITY, HUSBAND/WIFE, JOINTLY OWED, AMOUNT. Examples of liabilities include:
- Home mortagages
- all outstanding loans
- business debts
- home equity line of credit
- Credit Cards
- car loans
- other liabilities
So you then add up all the assets and then add up all the liabilities and you subtract the liabilities from the assets and this is your networth. Hopefully that will be a positive number and not a negative one. It is an important number for your lawyer to know.
You should also figure out your NET INCOME using your divorce worksheet before going to your lawyer and for this you also create a four column table. In the first column you put INCOME and this could be your salary from your job, royalty income, rental income, interest income, etc. Then there is a column for SPOUSE and there is a column for JOINT and one for AMOUNT. You would check which spouse earns which income and if it is joint you check the joint column, and indicate the amount in the AMOUNT column.
After, you would do the same for your EXPENSES each month. What are the things that are expenses? For example:
- Mortgage payments
- Car payment
- Child care
- other expenses
Subtract your expenses from the income. And voilà. Your divorce worksheet is done. This is your net income. This number will be important for your lawyer to know.