FAIR SHARE DIVORCE CHECKLIST

Request a written document from your attorney and other experts showing the portion of their fees that is deductible under IRS Code Section 212.
If your former spouse intends to work with the accountant and/or financial planner you used as a couple, ask your friends or business associates for a recommendation to another financial professional.
Prepare income-tax estimates with your accountant so that you can begin making quarterly tax payments. Bypassing this important step could cost you IRS fines and penalties when you file your return.
If the settlement has not addressed the issue of paying the costs of divorce, establish a payment plan (included in your budget) that is agreeable with your creditors.
Make sure to transfer your retirement assets in accordance with any QDRO.
Track the re-registration on retirement and investment assets (including partnerships.) You want only your name on the accounts as soon as possible after the divorce documents are signed.
Rewrite estate-planning documents, including your personal will, trusts, Durable Power of Attorney, and your Directive to Physicians.
Hire an investment manager to help you with your investment allocation, implementation and monitoring system.
Request tax basis records on any investment or other asset you receive in your settlement from your former spouse or the appropriate broker. Handle this before, or very soon after, the divorce is finalized to avoid frustrating tax consequences.
Assemble your tax returns (and supporting documentation) and keep them in a safe place for at least three years.
Keep good financial records on the children’s expenses. Child support changes over time and you may be asked to provide this information at some point in the future.
Monitor your career plan, including education and/or subsequent employment, with your career advisor.

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