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Financial Planning For Divorce

Posted by Unknown | May 21, 2021 | 0 Comments

financial planning for divorce

Welcome to Drama Free Divorce, your trusted partner in financial planning for divorce. Our pledge is to guide you through this difficult period with ease and support. Kansas City residents in both Missouri and Kansas can benefit from our affordable financing options starting from as little as $500 a month, with fixed pricing no surprises, and no court appearances needed - leaving our compassionate lawyers on hand to guide their professional advice during this trying time.

Divorce can be emotionally straining, and managing finances during this period may seem overwhelming. With careful planning and professional guidance, however, you can navigate this challenging process smoothly. In this article, we will discuss five essential ways to prepare your finances for divorce, from hiring an attorney to taking concrete steps to safeguard your financial future.


5 Ways to Prepare Your Finances for Divorce:

Divorce can be financially devastating, but there are steps you can take to prepare yourself financially for this major life event. Here are five effective approaches that may help your finances remain manageable:

  1. Gather and Arrange Financial Documents: Prior to initiating the divorce process, collect all financial documents such as bank statements, tax returns, investment accounts, property deeds, and loan agreements in an organized fashion in order for you and your attorney to gain an overview of your financial status. Organize these in a systematic way in order for both of you to easily understand where things stand financially.
  2. Create a Budget: Divorce can dramatically alter financial circumstances, so it's essential that you create a budget outlining both income and expenses during and post-divorce to gain insight into any necessary adjustments and plan for a secure financial future.
  3. Establish Individual Bank Accounts: If you and your spouse share a joint bank account, consider opening individual accounts in order to separate your finances and have access to funds for essential expenses and legal fees during the divorce process.
  4. Assess Your Debts: It is vitally important that you fully comprehend all of the debts accrued prior to and post-divorce, as they could impact financial stability after separation. Take note of joint debts with your spouse and discuss with your attorney how best to address them in a settlement agreement.
  5. Protect Your Credit: Divorce can have an adverse impact on your credit, so it's essential that you take steps to safeguard it. Review your report regularly for discrepancies or irregularities, and avoid taking on more debt during this difficult period.


How to Handle Finances During a Divorce?

Divorce can mark an end to an important chapter, so it is vitally important that your finances are handled carefully during this process. Here are some steps that may assist:

  • Speak With An Experienced Financial Advisor: Consulting with an expert financial advisor familiar with divorce can offer invaluable insights into asset division, alimony, and child support issues.
  • Explore Mediation: Mediation can provide an economical and less confrontational method of settling financial matters during a divorce, by encouraging both partners to work collaboratively towards finding mutually beneficial solutions.
  • Be Open and Honest: Being honest and forthcoming during divorce proceedings is crucial. Make sure that all financial assets are disclosed as soon as possible, to avoid complications later on.
  • Prioritize Your Needs: Before meeting with an attorney, clearly state your financial priorities and communicate them to him or her so they can negotiate an equitable settlement that matches up with them.
  • Consider Tax Implications: Dividend and support payments may have tax ramifications that need to be carefully considered in making decisions about the division of assets and support payments. Understanding their effects will enable you to make smarter choices.


How Do I Get Financially Through a Divorce?

Divorce can be financially stressful, but with proper guidance, you can ensure your well-being during this process. Here are some helpful tips:

  • Establish a Short and Long-Term Financial Plan: Assess your current financial status and set short and long-term financial goals, creating a plan will give you direction and control of your future finances.
  • Prioritize Essential Expenses: As you embark on the divorce journey, prioritize essential expenses such as housing, utilities, and childcare costs. Cutting back on discretionary spending will help ease financial strain during this challenging period.
  • Protect Your Assets: If you anticipate a contentious divorce, take steps to legally safeguard your assets and investments. Consult with an attorney about how best to do this.
  • Focus on Your Support System: Look to friends, family, and support groups for emotional support during a divorce proceeding, this can help keep emotions under control and ensure financial matters stay on track.


Why Is Hiring a Divorce Attorney Beneficial Compared to Going It Alone?

Navigating a divorce without legal advice can be risky and emotionally taxing, which is why having legal representation may be better:

  • Legal Advice: An experienced divorce attorney has an in-depth knowledge of family law and can offer invaluable guidance throughout the divorce process.
  • Negotiation Skills: Your attorney can negotiate on your behalf to achieve an equitable resolution that protects both of your rights.
  • Reduce Stress: Arranging legal matters related to divorce can be an emotionally taxing endeavor, so hiring a divorce attorney allows you to focus on healing while leaving all legal details to an expert.


When Should You Engage an Attorney?

As soon as possible in the divorce process, it is advisable to consult with an attorney. An experienced legal representative can provide invaluable advice before filing, helping prepare you for what lies ahead. They can educate you on your rights and options to enable informed decision-making from day one.


What Are the Criteria for Selecting an Attorney?

Finding an experienced divorce attorney is vital to securing a positive result. Here are some criteria you should keep in mind:

  • Experience and Specialization: Seek out an attorney with extensive knowledge in family law, with a particular focus on divorce cases.
  • Reputation: Reading testimonials and reviews from former clients will provide a better idea of an attorney's reputation and success rate.
  • Compatible Attorney: Select an attorney with whom you feel at ease in sharing personal details and discussing sensitive topics.


Why Choose Drama-Free Divorce?

Drama-Free Divorce is committed to helping our clients navigate the divorce process with empathy and expertise. Our team of specialized family law attorneys specializes in family law. Their proven success speaks volumes for their dedication and care for their client's well-being. With us, you can expect personalized attention tailored to meet your specific needs.


Suggested Action Steps:

  • Consult With A Financial Advisor: Seek professional financial advice to better understand your current financial status and develop an action plan for the future.
  • Start Gathering Documents: Begin collecting all necessary financial documents, and organizing them for quick access during the divorce process.
  • Evaluate Your Budget: Evaluate and modify your current budget accordingly in preparation for changes in financial circumstances.
  • Investigate Mediation: For amicable resolution of financial matters, mediation could provide a viable alternative dispute resolution method.
  • Contact Our Firm: Arrange an initial consultation with one of our skilled divorce lawyers to discuss your situation and learn how we can assist in protecting your financial future.

Financial planning for divorce is an integral part of the process and with proper consideration can protect your financial well-being and secure a stable future. By following these guidelines and seeking professional advice you can confidently navigate through all the complexities associated with a divorce and emerge financially ready for what lies ahead in life. Remember you're not alone on this journey - with support in place, you'll have no difficulty transitioning into the next chapter in your life! Contact us today at 816 615-5555 or send us an email on our Contact Page.

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