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Can I Afford To Get Divorced?

Posted by Unknown | Apr 06, 2020 | 0 Comments

can i afford to get divorced

Are you wondering, "Can I afford to get divorced?" If the cost of divorce is on your mind, here's some, Drama-Free Divorce can assist with managing the costs associated with divorce through our flexible financing options that begin at $500 per month, specifically designed to meet the needs of Missouri and Kansas residents in the Kansas City area. Our affordable payment plan helps manage the total cost of getting rid of an unwanted partner.

Fixed-cost pricing ensures transparency and avoids unexpected expenses, while our process helps avoid court appearances and legal proceedings that can bring unnecessary stress. Our lawyers are not only skilled but also compassionate - understanding the emotional difficulties that accompany this difficult period in your life and providing professional guidance that allows for smooth navigation of the divorce process with compassion.

Financial aspects of divorce are an integral component. We'll explore in this article the significance of assessing your financial situation before making the decision to divorce, providing practical ways to evaluate and 6 strategies to prepare financially for it. Discover the advantages and best times for hiring legal representation - plus, meet our firm and learn why it aligns with the criteria of a dependable lawyer!

 

Why is financial consideration prior to divorce so crucial?

Divorce can have more than emotional ramifications, it also has financial ones. Therefore, understanding your finances prior to starting down this path is critical. Here's why:

  • Long-Term Consequences: Divorce may have long-term financial repercussions. By conducting an in-depth analysis of your situation, you can anticipate challenges and plan accordingly.
  • Asset Division: Knowledge of your financial status helps ensure an equitable division of assets, eliminating surprises along the way.
  • Budgetary Planning: Your financial situation after divorce may change significantly. Understanding them allows you to budget realistically and plan for the future.

 

How can you evaluate current financial status?

Preparing for divorce requires taking stock of your finances and taking steps that will give you clarity. Here are a few practical steps that will assist in helping you gain clarity.

  • Gather Financial Documents: Amass information regarding income, expenses, and assets including pay stubs and tax returns as well as bank statements.
  • Create a Budget: Understand your monthly expenses and look for ways you can cut back. Your budget will serve as your guide throughout and after divorce proceedings.
  • Assess Assets: Make an inventory of all joint and individual assets, such as real estate, investments, and personal belongings.
  • Examine Debts: Review outstanding debts to determine their division during the divorce.

 

6 Steps To Financially Prepare For Divorce

  1. Establish Individual Accounts: Create individual bank accounts as the first step in becoming financially independent.
  2. Establish Credit: Now is an excellent opportunity to establish credit. After divorce, having an excellent credit score is even more essential.
  3. Review Beneficiaries: Reviewing and updating beneficiaries on insurance policies and retirement plans is important - failing to do so could have unintended repercussions.
  4. Consider Mediation: Mediation can provide a cost-effective and less confrontational means of settling financial matters.
  5. Understand Tax Implications: Be mindful of any tax repercussions resulting from a divorce and seek professional advice as soon as possible to help avoid potential pitfalls.
  6. Establish Your Support Network: Surround yourself emotionally and financially with friends, family members, financial advisors, and professionals who can offer guidance in this difficult period.

 

Why hiring a divorce attorney is better than not having one?

Divorce can be an involved legal process. Hiring an attorney to represent your interests will make the experience less daunting. Here's why:

  • Legal Expertise: Attorneys have the skills to navigate you through the complexities of divorce laws.
  • Objective Guidance: Divorce attorneys provide objective guidance, enabling you to make well-informed decisions free from emotional bias.
  • Negotiation Skills: Experienced attorneys possess superior negotiation skills that will guarantee a fair settlement that best serves their clients.

 

When should you hire an attorney?

Timely representation during a divorce legal matter can make all the difference. Consult with an attorney prior to seeking legal assistance:

  • Consult an attorney immediately after deciding to file for divorce. A consultation with an attorney can provide invaluable insight into your rights and potential outcomes of divorce proceedings.
  • When conflicts arise during negotiations. An attorney is essential when disputes occur during talks.

 

What are the criteria for selecting a good attorney?

Selecting an experienced attorney cannot be overstated, and here are some criteria to help make an informed choice:

  • Experience: Choose an attorney with significant expertise in divorce and family law cases.
  • Communication: Be sure to select an attorney that keeps you updated and involved throughout the process.
  • Reputation: To assess an attorney's reputation, conduct online research and solicit recommendations.

 

Why Choose Drama-Free Divorce?

  • Specialty: We specialize in family law and have an impressive track record with divorce cases.
  • Focused on Our Clients: At our core lies communication that ensures we keep you in the know at all times.
  • Positive Reputation: Our satisfied clients attest to our exceptional services.

 

Suggested Action Steps

  • Schedule a Consultation: We would be glad to meet with you and discuss what options may exist to address your specific circumstances.
  • Gather Documents Necessary: Gather all necessary documents to facilitate the process more easily.
  • Investigate Mediation: Explore mediation as an avenue toward reaching more amicable solutions.
  • Build Your Support Network: Surround yourself with friends, family, and professionals as a means of building support.
  • Plan for Your Future: Developing a financial plan following your divorce will help ensure that the transition into your new chapter goes as smoothly as possible.

Understanding the financial repercussions of divorce is of utmost importance and you can secure your future by taking appropriate actions and seeking support. Contact us today at 816 615-5555 or send us an email on our Contact Page.

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