On behalf of Stange Law Firm, PC posted in Divorce on Wednesday, December 18, 2019.
When 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.