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Financial Planning For A Divorce

Posted by Unknown | Jun 08, 2020 | 0 Comments

financial planning for a divorce

If you are searching for ‘financial planning for a divorce' then Drama-Free Divorce is committed to guiding you. We provide affordable financing options starting at $500 per month to both Missouri and Kansas residents in the Kansas City area. You will have various ways of covering the costs associated with your divorce with our all-inclusive, transparent pricing structure, so there won't be any unexpected charges added later.

Drama-Free Divorce typically resolves cases without court appearances, alleviating much of the stress and inconvenience involved with litigation. Our team of lawyers is sensitive to the emotional aspects surrounding divorce and provides a compassionate approach. We know this time is an emotional one for you, so let us provide professional support you can count on during this difficult process.

Divorce can be emotionally taxing and financially disruptive. To maintain a stable financial situation during and after divorce, it's vital to plan ahead, organize meticulously, and seek professional advice. In this article, we explore financial planning for divorce - covering all its key components so you can successfully navigate it yourself with the help of legal professionals.


What Is Divorce Financial Planning?

Divorce Financial Planning involves organizing and strategizing your finances before, during, and after divorce in order to secure its financial future. This involves evaluating assets and liabilities as well as income and expenses to create an action plan aimed at maintaining stability after divorce.


What information will I need to start the divorce financial planning process?

The first step to financial planning after divorce is gathering essential information. Here is a handy checklist to get you going:

  • Asset Inventory: Start by compiling a comprehensive inventory of all of your assets - real estate, personal property, bank accounts, and investments.
  • Liabilities: Document all debts such as credit cards, mortgages, and loans.
  • Income Sources: Please list all possible sources of income such as employment, business income, or any other.
  • Monthly Expenses: Track your monthly expenses including food, housing, utilities, and transportation costs.
  • Tax Returns: To gain insight into your financial past, gather tax returns from recent years.
  • Legal Documents: Gather any legal documents related to your marriage such as prenuptial contracts or divorce settlement agreements.

This information will assist in developing a financial plan for your divorce.


7 Ways to Ready Your Finances for Divorce

  1. Create a Budget: Creating a monthly budget outlining all of your income and expenses will give you more control of your finances.
  2. Create An Emergency Fund: Set aside money in case unexpected costs emerge during your divorce proceedings.
  3. Referral for Financial Advice: Speaking with an advisor who specializes in divorce can help ensure that you make an informed decision about how best to handle finances during this transition period.
  4. Protect Your Credit Score: Keep an eye on your credit rating and make sure all joint debts are settled on time.
  5. Update Beneficiary Designations: Review and update beneficiary designations on insurance policies and retirement accounts.
  6. Be Aware of Tax Implications: Be mindful of any tax implications related to property division and alimony agreements.
  7. Protect Important Documents: Keep all important financial documents, such as tax returns and bank statements safe.

Implementing these steps will enable you to meet any financial obstacles associated with divorce more easily.


Why hiring a divorce attorney is better than going without?

There are several compelling arguments in favor of hiring a divorce attorney even if you feel inclined to handle things on your own:

  • Legal Knowledge: Attorneys have an in-depth knowledge of divorce law and can protect both your rights and interests during this process.
  • Mediation: Mediators have the skills needed to facilitate negotiations and mediation to bring about peaceful resolutions of disputes.
  • Documentation: Attorneys have the skills needed to prepare and file any legal documents needed, making the process run more efficiently.
  • Objective Advice: At an otherwise difficult time, getting impartial advice can help you make rational decisions.
  • Custody and Support:  Attorneys can assist in child custody, spousal maintenance, and asset division cases.


When should you hire an attorney?

Your situation will determine if and when a divorce attorney should be hired. Nevertheless, it would still be wise to consult an attorney regardless of this decision.

  • If you and your spouse disagree on any key divorce issues.
  • If you need assistance in solving complex financial issues.
  • Child support and custody agreements require negotiation for effective resolution.
  • If your spouse already has an attorney.


What are the criteria for finding a good attorney?

Finding the appropriate attorney is of utmost importance. Consider these criteria when making your selection:

  • Experience: Look for an attorney with experience in family law and divorce cases.
  • Communication: Be sure to choose someone who can clearly express themselves and listens carefully to any of your concerns.
  • Reputation: Check the reputation and client reviews of any prospective attorneys.
  • Fees: Confirm attorney fees and payment arrangements.
  • Compatible Attorneys: Your attorney must make the divorce process easy for you.


Why Choose Drama-Free Divorce?

Drama-Free Divorce has years of experience providing comprehensive family law and divorce solutions to clients in Kansas and Missouri. We pride ourselves on our excellent reputation, effective communication channels, transparent fee structures that put you in charge of your finances, as well as protecting our legal clients while offering compassionate guidance throughout their divorce journeys.


Suggested Action Steps

  • Accumulate all the data necessary to begin planning for your divorce financially.
  • Create a budget and establish an emergency fund
  • For expert guidance in financial advice regarding divorce proceedings, speak to an advisor specializing in such issues.
  • Enhance your credit and update beneficiary designations to protect it.
  • Consider the tax implications when filing for divorce.
  • Secure essential financial documents
  • Consult a reliable divorce attorney like ours if there are disagreements or complications in your marriage.

As divorce can be a complex journey, managing its financial aspects can be daunting. However, with careful planning and support from professionals on hand, navigating these waters should become much simpler. Contact us today at 816 615-5555 or send us an email on our Contact Page.

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