CALL US: 732-777-1158  ~  1581 Route 27, Edison, NJ 08817
Urbach and Avraham Certified Public Accountants

Matrimonial Accounting

Divorce Check List

Before Divorce

Bank accounts
Recent Tax Returns (usually last 3 years)
Retirement plan assets
Life Insurance Polices
Loans and Other Debts
Inherited assets
Be sure to verify whose name is on the title for any houses, land, cars, boats or other vehicles

Request a personal earnings and benefits statement for yourself as well as one for your spouse from the Social Security Administration. After divorce that information might not be readily available and you might collect on your spouses’s record in the future.
Close all joint credit card accounts and notify all creditors that you are separated and will no longer be responsible for your spouse’s debt.

Issues to Discuss with Accountant During Proceedings

Do you require assistance with the Case Information Statement?
Are you and your spouse considering Alternative Dispute Resolution?
Is there a special needs child that needs to be considered?
If there children, you need to work out who will be entitled to claim the kids on his or her taxes.
Is there a business involved and if so have you engaged a business valuator?
If there is a business involved, was there a buy sell agreement?
If there is a business involved, have you collected the business tax returns for the last five years?

After Divorce

Did you change your name?
Did you make necessary changes to your passport?
Did you change your beneficiaries on bank accounts, brokerage accounts, pensions…?
Did you update your will?
Did you establish credit with new credit cards?
Change safety deposit box access if needed.
Make sure Health Insurance Benefits are in place.
Did you change your filing status on your income tax return and adjust your withholding?

Own a Business?

All business balance sheets and financial statements for the last 5 years
Business income tax returns for the last 5 years
List of all credit cards, full account numbers, and current balances for any card in the businesses name or with which the business has charging authority (including credit cards you use but are paid by your business)
List of all safety deposit boxes in your business’ name, including the location of each box, a list of the contents, all the people with access to each box, and a schedule of all visits to the boxes in the preceding 3 years
List of all vehicles owned or leased by the business
List all sources of remuneration, including salaries, bonuses, stock options, expense allowances, auto allowances, club memberships, entertainment, or other compensation
Copies of Buy/Sell Agreements, Operating Agreeements, Employment Contracts, etc. may need to be disclosed.