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MFS Heritage Planning Helping Yourself. Helping Your Parents. Helping Your Children. Courtesy of: Community Wealth Advisors3035 Leonardtown Road Waldorf, MD 20601Securities offered through INFINEX INVESTMENTS, INC.,Member FINRA/SIPCLIFE EVENTSDIVORCE WORKSHEETSWith so many emotions involved in the dissolution of a marriage, you willprobably want to make the financial aspects of your divorce proceed assmoothly as possible. Here are some important issues to consider as you startthe divorce process.By the numbers Between 40% – 50% of firstmarriages end in divorce. The divorce rate for secondmarriages is 60%. The divorce rate for thirdmarriages is ial affidavit andproperty settlementEach spouse must complete a financialaffidavit. The document is filed in courtrecords and lists each spouse’s income,expenses, assets and debts. This checklistmay help you gather this information.Income and expensesOn either a monthly or annual basis,determine your household budget.AssetsDetermine what your assets are by puttingtogether an overall inventory of your property.You will also need to divide your maritalproperty. Different states have different lawsregarding property distribution.It may be helpful to find out about yourstate’s law (in other words, how a statedetermines what each of you would getshould you take your divorce case before ajudge) and use that information as a guidewhen dividing your marital assets. Or youmay want to look over your list and eachtake a turn choosing who gets what. Somecouples may want to try a trade approach,where one spouse agrees to take an item oritems considered equal in value to those theother spouse chooses to keep.DebtsIn a divorce, joint debt is considered maritalproperty. You should carefully determinewhich debts are individual and whichare shared.You and your spouse may want to ordercredit reports in order to determine exactlywho is responsible for each of your debts.Key pointsAn i mportant distinction to consider when determining ownership is separate versusmarital property.Separate property Items brought into the marriage Items inherited during the marriageThis material should be usedas helpful hints only. Eachperson’s situation is different.You should consult yourinvestment professional orother relevant professionalbefore making any decisions. Items received as gifts during themarriageMarital property Everything (except personal gifts andinheritance) acquired during the marriage, no matter whose name it is inNOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE In some states, any increase in thevalue of separate property, no matterwhose name it is inReview this checklist with your financialadvisor and your lawyer to complete anequitable property settlement.continued on page 2
MFS Heritage Planning LIFE EVENTScontinued from page 1Income and expenses worksheetIncomeSpouse ASpouse B Housing and utilities Food and clothing Medical care Insurance Religious affiliations/Charities Entertainment Child care/Tuition/Activities Other (list) Sources (list)Expensescontinued on page 3
MFS Heritage Planning LIFE EVENTScontinued from page 2Assets worksheetBank accountsValueSeparate property(indicate owner)Savings Checking CDs Safety deposit box Other (list) Marital property(indicate owner) InvestmentsStocks Bonds Mutual funds Life insurance (cash value) Other (list) Retirement funds and/or corporate benefits401(k) Defined contribution IRAs Pension Stock options Other (list) continued on page 4
MFS Heritage Planning LIFE EVENTScontinued from page 3Assets worksheetPropertyValueSeparate propertyMarital property(indicate owner)(indicate owner)House Second home Land Commercial real estate Other (list) Household itemsFurniture Clothing Crystal Silver China Jewelry Books Art Collectibles Electronics DVDs/CDs/Records/Tapes Tools Other (list) continued on page 5
MFS Heritage Planning LIFE EVENTScontinued from page 4Assets worksheetVehiclesValueSeparate property(indicate owner)Automobile(s) Boat RV Trailer Motorcycle Other (list) Marital property(indicate owner) MiscellaneousMemberships Outstanding tax refunds Business partnerships Copyrights Timeshares Other (list) continued on page 6
MFS Heritage Planning LIFE EVENTScontinued from page 5Debts worksheetSpouse ASpouse B(indicate amount)(indicate amount)12Mortgage1 Car loan1 Bank credit card(s) Store credit card(s) Personal loan(s) College loan(s)2 Children’s medical/Dental2 Other (list) Debt associated with an asset belongs to the owner of the asset.Debt related to caring for children is generally split between the two spouses.After your divorceYou should remember to revise legal documents andpolicies after your divorce to reflect your changed maritalstatus. Here are some items you will want to review andpotentially change or revise:Payment scheduleResourceOn the InternetThe American Bar Associationabanet.org/family/familylaw Will Trusts Guardianship Insurance policies Income tax exemptions Retirement asset beneficiaryContact your financial advisor 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 intendedor 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 promotionor 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.MFS Fund Distributors, Inc., Boston, MAHP-LEDIVWS-FLY-1/1616205.8
MFS Heritage Planning HP-LEDIVWS-FLY-1/16 16205.8 LIFE EVENTS MFS Fund Distributors, Inc., Boston, MA 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. After your divorce You should remember to revise legal documents and
