One of the things that you have to do as part of the divorce process is to fill out a Schedule
of Assets and Debts. It’s one of the parts that people dislike the most. You might ask “do I really have to do this?” Yes you do. The law requires it.
The law requires everyone to do a full and accurate financial disclosure for three main reasons: 1) it helps promote settlement; 2) it makes sure both sides understand and know what the assets and debts are; and 3) it ensures a fair and open resolution to property division.
Even though there are benefits of doing a full financial disclosure, I understand that the job is still difficult. When trudging through stacks of documents and online statements, follow the Rule of Three to make your life easier. The number three is magical—getting three things done is doable, not overwhelming, and most importantly, is real progress.
1) Pick the next three things you need to do and write them down on a sticky note or piece of scrap paper. For example, 1) Get a copy of the house deed; 2) Get the latest mortgage statement; and 3) Go to zillow.com for the current fair market value of the house. Then do them. Every time you get distracted and forget what you were supposed to be doing, go back to your list. If you get discouraged, remember that you only have three things you need to do. When you’ve done the first three, write down and do another three. You’ll be amazed at how many completed post-it notes you’ll end up with. Always finish your three before taking a break.
2) At the end of the day, pick the most important three things for you to do the next day. Write them down. Set a specific time of day that you’re going to start on your project and stick to it. If you use this technique, you’ll always be working on your priorities.
3) If your list is very long (and with Schedules of Assets and Debts, they do tend to be long!), pick three similar things, and do just those. I like to group them in terms of the assets and debts—main home, rental property, cars, bank accounts, timeshares, retirement accounts, etc., but there certainly is no magic to my method. If you like stability like me, do three more of the same things until that entire group is done. If you like variety, do three of something different.
Maybe the best way to get through this is to break it in pieces, and do one piece at a time. Steven W. Hair, focuses his practice as a divorce attorney, family law attorney in Clearwater, Palm Harbor, and Safety Harbor.
For more information, visit our website at www.FamilyLawClearwater.com
or call (727) 726-0797.