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Handling finances during a divorce

20787308_s.jpgWhen people in Missouri decide to divorce, there can be substantial legal, emotional and financial consequences at the end of a marriage. Sorting out marital finances can be complex, but planning can help people get through a divorce with their financial future intact. One of the first steps to emerging successfully from a dissolution is understanding the assets that both partners have for distribution. In some cases, one partner may not know much about marital finances, especially if they have not been actively dealing with the bills, investments and savings.

People who are unaware of their financial situation may face a difficult time ensuring that they receive a fair share of marital property during the property division process. In order to get a better view of assets, people can list all of their accounts and get statements for them. These include regular bank accounts as well as investment funds and retirement plans. People will want to have a look at recent statements to better understand their financial position. It is also important to understand the couple's debt, so reviewing mortgage loan statements, credit card bills and other debt can present a fuller picture. Income tax returns can provide an overview of ongoing income, including investment earnings as well as salaries.

People going through a divorce will also need to think about planning for their financial future. It generally costs more to fund two households with the same general income than it did to fund one, so both parties may need to downsize and think about how they can shore up their individual retirement savings.

The financial consequences of divorce can linger long after the emotional issues have been resolved, but every divorce is unique. A family law attorney may help people advocate for a fair settlement on key issues in asset division.

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Stange Law Firm, PC
901 E. St. Louis
Suite 404
Springfield, Missouri 65806

Phone: 417-799-7887
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Other Office Locations

  • Saint Louis County: 120 S. Central Ave., Suite 450, Clayton, MO 63105: Clayton Office
  • West County: 16024 Manchester Rd., Suite 103, Ellisville, MO 63011: Ellisville Office
  • Jackson County: 256 NE Tudor Rd., Lee's Summit, Missouri 64086: Lee's Summit Office
  • Jefferson County: 16 Municipal Drive, Suite C, Arnold, MO 63010: Arnold Office
  • St. Charles County: 2268 Bluestone Drive, St. Charles, MO 63303: St. Charles Office
  • Franklin County: 5 S. Oak St. Union, MO 63084: Union Office
  • Lincoln County: 20 Centerline Drive, Troy, Missouri 63379: Troy Office
  • Boone County: 1506 Chapel Hill Rd., Suite H, Columbia, MO 65203: Columbia Office
  • Greene County: 901 E. St. Louis, Suite 404, Springfield, Missouri 65806: Springfield, MO Office
  • St. Clair County: 115 Lincoln Place Ct., Ste. 101, Belleville, IL 62221: Belleville Office
  • Madison County: 25 Professional Park, Suite B, Maryville, Illinois 62062: Maryville Office
  • Sangamon County: 400 S. 9th St., Suite 100, Springfield, IL 62701: Springfield Office
  • McLean County: 1012 Ekstam Drive, Suite 4, Bloomington, IL 61704: Bloomington Office
  • Johnson County: 7300 West 110th Street, Suite 560, Overland Park, KS 62210: Overland Park Office
  • Sedgwick County: 2024 N. Woodlawn Street, Suite 407, Wichita, Kansas 67208: Wichita Office
  • Shawnee County: 800 SW Jackson Street, Suite 812, Topeka, Kansas 66612: Topeka Office
  • Tulsa County: 6660 S. Sheridan Road, Suite 240, Tulsa, Oklahoma 74133: Tulsa Office
  • Oklahoma County: 2601 NW Expressway, Suite 411 W, Oklahoma City, OK 73112: Oklahoma City Office
  • Monroe County: 116 W. Mill St., Waterloo, IL 62298 (by appt. only): Waterloo Office
  • St. Louis City: 100 S. 4th St., #549, St. Louis, MO 63102 (by appt. only): St. Louis Office
  • Jackson County: 2300 Main St., #948, Kansas City, MO 64108 (by appt. only): Kansas City Office

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