by: Hirsch Serman, MBA, CPA, CDFA
The following documents are helpful in planning your next steps and for evaluating your financial situation. You may not have all of these documents (and it is possible there are documents that have not been included as well).
PERSONAL FINANCIAL DOCUMENTS
o Tax Returns and Amended Returns for Client & Spouse (Prior 3 years)
o Final Paystub of Year, W2’s, & 1099’s (Prior 3 years)
o Paystubs (3 most recent)
o Account Statements (3 years)
- Bank Statements (Checking, Savings, Money Market, CDs etc.)
- Brokerage Accounts (Stocks, Bonds, Mutual Funds, ETFs etc.)
- Retirement Accounts (IRA, 401K, 403B, Annuities etc.)
- Stock Awards and Vesting Description
- Credit Card Statements for Each Account
o Account Statements (Current Only)
- Non-Contributory Pension Plan & Summary Plan Description
- Life Insurance Policies and Most Recent Statement
- Mortgage Statement for Each Mortgage or HELOC
- Employee Contracts
o Real Estate – Primary and Other
- Appraisal / Current Value
- Date Of Purchase
- Purchase Price & Cost of Improvements (No Maintenance Expenses)
- Original Mortgage
o Other Debt and Liabilities (Student Loans, Personal Loans, Medical etc.)
o List of Separate Property (Should Not Be Included With Above)
o Prior Marriage Dissolution and Child Support Agreements
o Priorities Checklist (Lifecycle Financial LLC Clients)
o Divorce Budget (Lifecycle Financial LLC Clients)
o Children’s Accounts
PERSONAL DOCUMENTS
o Pre-Nuptial Agreement
o Last Will and Testament
o Power of Attorney – Financial and Medical
o Living Will
o Trusts
o Separate Property
BUSINESS DOCUMENTS
o Partnership or Stockholders Agreements
o Profit Sharing, Pension, Stock Option Plans
o Business Owned Life Insurance Policies
o Business Tax Returns and Amended Returns (3 years)
o Executive Benefit Agreements (Deferred Compensation, Perks etc.)
o Business Financial Statements – Balance Sheet, P&L, Trial Balance (3 years)
o Equity Ownership Agreements
o List of all Business Non-Investment Assets (Cars, Equipment, Collections etc.)
o Company Bank and Investment Accounts (3 years)
o All Company Debt – Loan agreements, Credit Cards etc. (3 years)
o Power of Attorney – Financial and Medical
Hirsch Serman, MBA, CPA, CDFA is the founder of Lifecycle Financial LLC, a company that helps those going through Divorce and other life cycle changes to navigate the financial pitfalls of a new life dynamic. The company was founded through personal experiences in divorce and watching the changes in an aging parent. He has worked in finance for over 20 years (including financial planning and tax) and has taught on the university level as well as conducted seminars for high school youth on personal finances. Hirsch is a member of the American Institute of CPAs, The Institute of Divorce Financial Analysts, The Amicable Divorce Network The National Association of Divorce Professionals, and the American Association of Daily Money Managers (AADMM).
Get to know Hirsch through his radio show The Financial Wellness Hour or reading his blogs and articles.
INC., US News & World, The Memphis Business Journal, Medium, Authority Magazine, DivorceMoms.com, and many other media outlets have all covered his work in Divorce and Hirsch was selected to be a New Orleans Entrepreneur Week Fellow. Hirsch has a passion to serve others and has worked with numerous non-profit boards including First Year Forward, the United Way and is a trustee of Texas College. Please reach out with any comments to [email protected].