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Ending a marriage comes with a lot of emotions, but also a lot of financial considerations. That’s why you
need to understand how divorce could impact your finances. Here are some financial matters to consider and
information on how to navigate them during this tough time.
Financial affidavit and property settlement
Each spouse must complete a financial affidavit.
The document, which lists each spouse’s
income, expenses, assets and debts is filed in
the court records. Here’s the information you
need to gather to fill yours out:
Income and expenses
Use the worksheet on page 2 to figure out
your household budget on either a monthly or
annual basis.
Assets
Use the worksheet on page 3 to put together
an overall inventory of your property and
determine which assets you own.
You’ll also need to divide your marital
property. States have different laws
regarding property distribution.
It may be helpful to find out how your state
determines what each of you will get if you take
your divorce case before a judge. Then you can
use that information as a guide for dividing your
marital assets. Or you may want to look over
your list and decide together who gets what.
Some couples may want to try a trade approach,
where one spouse agrees to take an item or
items considered equal in value to those the
other spouse chooses to keep.
Debts
In a divorce, joint debt is considered marital
property. You should carefully determine which
debts are individual and which you share.
You and your spouse may want to order credit
reports to figure out who’s responsible for
which debts.
MFS ADVISOR EDGE
®
Divorce
Worksheet
MFS HERITAGE PLANNING
®
> LIFE EVENTS
mfs.com
This material should be used as helpful hints only. Each person’s situation is different.
You should consult your investment professional or other relevant professional before making any decisions.
KEY POINTS
Here’s how to help you figure out what each of you owns (“separate”) versus what you own
together (“marital”):
Separate property
■
Items you brought into the marriage
■
Items you inherited during the marriage
■
Items you received as gifts during the marriage
Marital property
■
Anything (except personal gifts or an
inheritance) acquired during the marriage,
no matter whose name it’s in
■
In some states, any increase in the value
of separate property, no matter whose
name it’s in
Be sure to review this checklist with your
investment professional and lawyer to ensure
an equitable property settlement.
To customize, type
“Courtesy of:” and then
your name, firm, and
contact information; and
include the following:
"Neither MFS nor any of
its subsidiaries is affiliated
with [Insert Name of
Company]."
If you do not wish to
customize this sheet,
highlight this text and
delete.
PAGE 2PAGE 2MFS ADVISOR EDGE
®
Divorce Worksheet
Income and expenses worksheet
Income SPOUSE A SPOUSE B
Sources (list) $ $
$ $
$ $
$ $
$ $
Expenses
Housing and utilities $ $
Food and clothing $ $
Medical care $ $
Insurance $ $
Religious affiliations/Charities $ $
Entertainment $ $
Child care/Tuition/Activities $ $
Other (list) $ $
$ $
$ $
$ $
$ $
PAGE 2PAGE 3MFS ADVISOR EDGE
®
Divorce Worksheet
Assets worksheet
Bank accounts
VALUE SEPARATE PROPERTY
(INDICATE OWNER)
MARITAL PROPERTY
(INDICATE OWNER)
Savings $
Checking $
CDs $
Safety deposit box $
Other (list) $
$
Investments
Stocks $
Bonds $
Mutual funds $
Life insurance (cash value) $
Other (list) $
$
Retirement funds or
corporate benefits
401(k) $
Defined contribution $
IRAs $
Pension $
Stock options $
Other (list) $
PAGE 2PAGE 4MFS ADVISOR EDGE
®
Divorce Worksheet
Assets worksheet
Property
VALUE SEPARATE PROPERTY
(INDICATE OWNER)
MARITAL PROPERTY
(INDICATE OWNER)
House $
Second home $
Land $
Commercial real estate $
Other (list) $
$
Household items
Furniture $
Clothing $
Crystal $
Silver $
China $
Jewelry $
Books $
Art $
Collectibles $
Electronics $
DVDs/CDs/Records/Tapes $
Tools $
Other (list) $
PAGE 2PAGE 5MFS ADVISOR EDGE
®
Divorce Worksheet
Assets worksheet
Vehicles
VALUE SEPARATE PROPERTY
(INDICATE OWNER)
MARITAL PROPERTY
(INDICATE OWNER)
Automobile(s) $
Boat $
RV $
Trailer $
Motorcycle $
Other (list) $
$
$
Miscellaneous
Memberships $
Outstanding tax refunds $
Business partnerships $
Copyrights $
Timeshares $
Other (list) $
$
$
PAGE 2PAGE 6MFS ADVISOR EDGE
®
Divorce Worksheet
HP_LEDIVWS_FLY_6_24
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MFS FUND DISTRIBUTORS, INC., MEMBER SIPC, BOSTON, MA
Contact your financial advisor or investment professional
for more information or visit mfs.com.
MFS® does not provide legal, tax, or accounting advice. Any statement contained in this communication (including any attachments) concerning U.S. tax matters was not intended or written to be used, and
cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code. This communication was written to support the promotion or marketing of the transaction(s) or matter(s) addressed.
Clients of MFS should obtain their own independent tax and legal advice based on their particular circumstances.
After your divorce
Make sure to revise your legal documents and policies after your
divorce to reflect your marital status change. Here are some items
to review and potentially change or revise:
■
Will
■
Trusts
■
Guardianship
■
Insurance policies
■
Income tax exemptions
■
Retirement asset beneficiary
Resources
The American Bar Association
americanbar.org
Free Experian Credit Report
freecreditreport.com
—
Divorce is never easy, but the more you can prepare up
front and get support from professionals you trust,
the better off you’ll be during the process.
Debts worksheet
SPOUSE A
(INDICATE AMOUNT)
SPOUSE B
(INDICATE AMOUNT)
PAYMENT
SCHEDULE
Mortgage
1
$ $
Car loan
1
$ $
Bank credit card(s) $ $
Store credit card(s) $ $
Personal loan(s) $ $
College loan(s)
2
$ $
Children’s medical/Dental
2
$ $
Other (list) $ $
$ $
1
Debt associated with an asset belongs to the owner of the asset.
2
Debt related to caring for children is generally split between the two spouses.
