A summary of all your assets and liabilities is a crucial first step toward getting a better handle on your finances. Before you start putting together a net worth spreadsheet, gather as much information as you can to get the best sense of what it can tell you.

Overall net worth (assets minus liabilities)

The ultimate insight from a net worth statement is exactly what it says: the net worth number, which is simply assets minus liabilities. The number in isolation doesn’t tell you too much, but it is a useful benchmark to track over time. A negative net worth figure would obviously indicate room for improvement.

Debt ratio

To calculate your debt ratio, you’ll need to add up all required monthly debt payments, including mortgage payments, student loans, auto loans, and credit card debt. Then take the total and divide it by your monthly gross (pretax) income. Lower is better for this number, and any number greater than 43% will likely create problems in obtaining or refinancing a mortgage.

Emergency fund

Most financial advisors recommend keeping at least three to six months’ worth of monthly living expenses in cash or other low-risk, highly liquid assets to cover a sudden job loss or other unforeseen events, such as car repairs, appliance replacement, or other home repairs. Some investors may want to keep closer to 12 months’ worth of expenses in cash if variable pay makes up a significant portion of their total compensation.

Division of assets between partners

This question normally comes up in the context of divorce, but it can be worth considering for couples who plan to remain married, as well. Depending on your state’s estate-tax limits — and potential future changes to federal estate-tax laws— it can be beneficial for couples to try to balance out the assets owned by each individual. It’s also important for each member of a couple to have their own retirement assets.

Allocation of assets among taxable, tax-deferred, and real estate holdings

There’s no particular reason why the allocations need to be exactly one third each, but the principle of equitable distribution helps avoid assets that are out of balance in any particular area. In particular, it’s wise to avoid an overly large concentration in residential real estate because it’s not particularly liquid. Investors should generally direct most of their savings toward tax-deferred retirement accounts, but once those have accumulated a healthy balance, it can make sense to steer some savings toward taxable accounts.

Single-company risk

If any one stock accounts for a large share of your net worth, that might be cause for concern. That’s particularly true in the case of employer stock because it means that your human capital — your ability to generate income and earn a living — and financial capital both depend on the fortunes of one company.