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0200: Why You Should Create a Marital History - Part 2

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Visit us at divorceandyourmoney.com for the #1 divorce resources in the USA and get personalized help. Learn about coaching services here.   Thank you for listening! Find a transcript of this episode below.   In this episode, I wanna continue discussing creating a marital history. Now, if you didn't hear the previous episode, you should go back and listen to that one because it has a lot of good information about the overview on why you should create a marital history, and some important questions you should be thinking about when you create said history. And also, some alternative methods to create a marital history and why it's so important to do. And in this section, I want to continue with the marital history and provide some other areas for you to think about. This next area is called the health history, the health section. And, what should you be thinking about in here to include? Well, if there are any mental or physical problems that have happened in the past few years, particularly for either of you, but particularly if it affects the work ability, and also if it affects the way this divorce may go. Have there been any hospitalizations or major surgeries that have happened? Are there any substantial prescription medications that you may need to think about and someone may have? Also, if there are large out of pocket medical expenses, which I've had several cases where that is a substantial portion of their divorce and negotiation, that is very relevant as well. The next section is education. You should, just for the record ... Or, I shouldn't say for the record, but for our records, give us any information on your educational background, degrees, advanced schooling, no schooling at all, whatever the case may be. And also, this is an interesting section, particularly for those who've been out of the workforce for a while. One of the things that you should think about between us and between your lawyer is if you are planning a second career, a next career, what that might look like. So, I've had clients who've gone to coding school, become real estate agents, become paralegals, become a variety of things. And, one of the things that you should consider is, if you are thinking about those things, how much it costs, how long it takes, and what life might look like after you get that advanced education. The next section is employment. If you've been working, tell us where you've been working, about how much you make, how long you've been working there, what your salary is, what your job position is, what your future prospects are at that company. And if you haven't worked, that's okay too. Let us know. Or, if you've had a break from employment. I know some people who worked for a while, then they stopped for a while, then they've restarted their career. Whatever the case is, that's fine. Just let us know what has been going on, and also do the same for your spouse. The next section is real estate. And actually, I just had a client send me an email 'cause they have a bunch of real estate. I said, "Just give me a list of all of this information for all of your properties. I'm just gonna run down it." For every piece of real estate you have, tell us when you purchased it, how much you spent when you purchased it, where the funds for the down payment came, how much of a mortgage you may have had, who's been paying the mortgage payments, have there been any substantial upgrades. Like, if you remodeled the kitchen, or if you added a wing to the house, or a new bathroom, or whatever the case may be. And, how you paid for those upgrades as well. And also, whose name is on the property, as well as whose name is on any debt. And then, finally, is there other income that we need to think about, or unusual income, or unusual things in your finances? Things that might be unusual or other include income from rental property, substantial dividend income if you had a settlement. So, a lawsuit judgment that you won. If there is a trust, a spouse has a trust. If a spouse gets substantial stock options, or you get substantial stock options, something to think about. Or, if a big chunk of the income occurs in a year end bonus, or if the income is lumpy, or if there's a business involved. All of those things you kind of can toss into the other section to provide any additional explanation. And, I'll say that most people have ... not everyone, but most people have some sort of other that they need to include as part of the process. So, something else to think about there. And, those are the main items. And so, what you do is go through each of these to the best of your ability. And, you should start filling them out. Once you have everything written down, it doesn't have to be in my order, and sometimes attor