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Financial Questions To Ask Yourself As You Contemplate Divorce

Posted by Unknown | Jun 02, 2020 | 0 Comments

financial questions to ask yourself as you contemplate divorce

Drama-Free Divorce can provide invaluable advice if you are wondering about the 'financial questions to ask yourself as you contemplate divorce'. We also offer affordable financing solutions with monthly rates starting as low as $500, designed to meet the needs of residents in Missouri and Kansas in the Kansas City area. Transparent pricing ensures there will be no surprises with unexpected costs. Our approach avoids court appearances which often bring added stress. Our team exemplifies compassion and understanding, we recognize your challenges during this period in your life while offering the expert assistance that you deserve.

In this article, we will explore 8 essential financial questions you should keep in mind while considering this path to freedom. These topics include how divorce affects you financially, and what steps to take prior to hiring a divorce attorney and choosing one. We will also discuss when should you hire an attorney, and which attorney is most suited for your case, as well as provide actionable steps that can assist in this difficult journey.


8 Financial Questions To Ask Yourself Before You File For Divorce

Divorce can be an emotionally charged decision that brings with it much stress and uncertainty, but you must also consider the implications when contemplating this path. Here are 8 questions to help guide your thinking when considering divorce to make informed decisions and protect your financial future:

  1. How would you describe your current financial status?: As part of your divorce proceedings, it's crucial that you understand your financial status. To assess debts and income accurately, compile all documents related to finances such as bank statements, tax returns, and investment accounts.
  2. What are your financial goals?: Select short and long-term financial goals. Are your objectives retirement security, family home preservation, or investments for education purposes? Clearly defining these objectives will guide your decisions during the divorce process.
  3. How will assets and debts be divided?: Understanding how assets and liabilities should be divided is of critical importance in divorce proceedings. Sometimes this division can be straightforward, other times it may prove more complex. Speaking with both your spouse and an expert in law can help ensure a fair resolution is reached.
  4. What about child support and alimony payments?: Financial obligations or entitlements may exist depending on your jurisdiction and circumstances, and knowing these varies can help ensure you plan accordingly. Becoming aware of your obligations can help make planning for them much simpler.
  5. How can taxes affect my finances?: Divorce can have lasting tax repercussions, and you must address issues like who can claim children as dependents and how to file joint tax returns. Consult a professional tax advisor in order to better understand all potential tax ramifications.
  6. Are you needing professional assistance?: Navigating the financial complexities of divorce can be complex. Seek advice from an experienced financial advisor or lawyer, who will be able to guide your decisions with an eye toward protecting your financial interests.
  7. What is your post-divorce budget?: Financial planning after divorce can help ensure future stability. Consider any changes that have arisen because of your separation when outlining monthly expenditures and goals for financial independence.
  8. Have you recently updated your financial accounts?: After your divorce, it is also imperative that all financial documents such as bank accounts, insurance policies, and estate planning documents be updated as soon as possible. Failing to do so could have devastating and unexpected repercussions - oftentimes leading to unintended and expensive consequences.


How can divorce affect you financially?

Divorce can have lasting financial repercussions. Here are a few ways in which this event could afflict your finances:

  • Property Division: Dividing assets and liabilities could lead to significant financial losses.
  • Alimony and Child Support: Child support and alimony payments can have a substantial effect on your monthly budget.
  • Legal Fees: Legal proceedings can be expensive. Hiring attorneys and going through legal processes may incur fees that exceed expected.


How to Prepare for Divorce Financially?

As you contemplate divorce, it's essential that you prepare financially. Here are a few pointers to get you underway:

  • Gather Financial Documents: Assemble all relevant financial documents, such as bank statements, tax returns, and property deeds.
  • Create a Budget: Gaining clarity around your income and expenditures allows for informed choices to be made about spending.
  • Create an Emergency Fund: Establishing a financial emergency fund will offer peace of mind during a transition.
  • Consider Mediation: Mediation offers a more cost-effective solution than litigated divorce proceedings.


Why hiring a divorce attorney is beneficial?

However, hiring legal representation could prove invaluable in making sure the divorce goes as smoothly as possible. Here are a few reasons why legal representation could help your cause.

  • Attorneys have the necessary legal knowledge and experience to navigate complex legal processes with their clients, providing invaluable advice along the way.
  • An attorney who has negotiation skills can help you come to a fair agreement.
  • Attorneys can offer guidance and emotional support during difficult times.

Without legal advice, it can be easy to make costly errors or settle for less than what you deserve.


When should you hire an attorney?

Timing is key when hiring divorce attorneys, make an appointment if any of the following apply:

  • An attorney is often essential in cases that involve high-conflict divorce proceedings.
  • Hiring an attorney can protect your rights if you're concerned about property division or child support payments.
  • Hiring an attorney early will ensure you receive the assistance needed from day one.


What criteria must I follow in order to select an outstanding attorney?

Consider these criteria when selecting your attorney:

  • Experience: When hiring an attorney to represent your divorce case, look for one with proven success in similar matters.
  • Communication Skills: Your attorney should be an excellent communicator who keeps you updated throughout the entire process.
  • Cost Transparency: Understand what fees attorneys charge and how they bill for their services.


Why Choose Drama-Free Divorce?

At our firm, we recognize the importance of selecting an attorney who meets all the criteria listed above for a successful divorce process.

  • Experience: Our team has extensive experience handling divorce cases of all kinds.
  • Communication: We place great emphasis on communicating clearly and consistently with our clients.
  • Cost Transparency: We take great pride in being transparent about the costs involved from day one. Our goal is for all parties involved to have a full understanding of any fees prior to starting any service with us.

Finding the appropriate divorce attorney can make a profound impactful statement about you and your future plans.


Suggested Action Steps

Steps to take to help manage the financial aspects of a divorce effectively:

  • Consult a Financial Advisor: A financial advisor can provide invaluable guidance in managing your finances both during and post-divorce.
  • Create a Coparenting Plan: If children are involved, develop a co-parenting plan to meet their financial needs.
  • Update Your Legal Documents: Make changes to your wills, insurance policies, and beneficiary designations that reflect current circumstances.
  • Focus on Your Financial Future: Prioritise long-term goals when setting financial objectives.

Divorce can be an emotionally and financially draining process. Asking these important financial questions, preparing for them, and finding suitable legal representation are all vital parts of making sure this experience goes as smoothly as possible. Contact us today at 816 615-5555 or send us an email on our Contact Page.

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