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How Does Money Get Divided In a Divorce?

Posted by Unknown | Apr 19, 2021 | 0 Comments

how does money get divided in a divorce

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Drama Free Divorce strives to eliminate the stress of court appearances with its simplified divorce process and no need for frequent court visits. Our lawyers know how emotionally draining a divorce can be, which is why they approach each case with compassion and sensitivity. During this challenging period, you can rely on us for professional support and understanding throughout this chapter in your life and help guide it toward a brighter future.

Divorce can be an emotional journey, with its financial repercussions often becoming the focal point. Here, we explore how Kansas City residents divide up money during a divorce proceeding and we explore some of its challenges such as credit issues, the common misconception of a 50/50 split, and benefits and timing when hiring an attorney. At Drama Free Divorce in Kansas City we offer compassionate yet professional representation during such proceedings, take a deeper dive into dividing money during divorce proceedings with us! Together let's navigate its intricate nuances for a fresh start ahead!


How to Divide Property and Debts in Divorce?

Dividing property and debts can be both emotionally and financially straining, so approaching this process with clarity is paramount. Start by compiling a comprehensive list of your assets (real estate, bank accounts, investments) while at the same time listing debts such as mortgages, loans, and credit card balances.


How do I Separate My Credit from My Spouse?

Establishing your financial independence by distancing yourself from your spouse is vitally important to long-term financial security. Start by closing any joint credit accounts to prevent future liabilities from accruing. Each partner should then obtain individual credit cards and refinance any joint loans or mortgages to free themselves of this responsibility.


Is Everything Split 50/50 in a Divorce in Kansas City?

Misconceptions about divorce often stem from the belief that assets must be divided evenly when in reality equitability rules govern in Kansas City. Assets should be distributed equitably considering each spouse's contributions, length of marriage, and overall financial circumstances.


Why Is Engaging A Divorce Attorney Better Than Resolving Divorce Without an Attorney?

Navigating the intricate landscape of divorce proceedings can be daunting, and having an experienced attorney by your side can make a considerable difference in terms of guidance, rights protection and fair settlement negotiations. They will also save time and stress by handling paperwork on your behalf as well as handling negotiations directly on behalf of their clients.


When is the Time to Hire an Attorney?

At the first sign of divorce, it is wise to consult an attorney. Even if you're uncertain if the proceeding is right for you, understanding your options and rights can help make informed decisions. An attorney will offer valuable guidance regarding protecting your interests as well as what to expect during the process.


What Are the Criteria for Selecting an Attorney?

Finding an attorney capable of leading to a positive result during divorce proceedings is paramount to reaching an acceptable result. When searching for suitable representation, keep these criteria in mind:

  • Experience: When hiring an attorney to represent family law and divorce cases, experience is of utmost importance.
  • Reputation: Before going through a divorce, do some research online or seek referrals from friends and family who have gone through one.
  • Communication: Find an attorney who provides clear and comprehensive communication throughout the process.
  • Compassion: An understanding attorney understands the strain of divorce can take its toll emotionally, so they offer support in an empathic manner.


Why Choose Drama-Free Divorce?

At Drama Free Divorce, we take great pride in meeting all the criteria necessary for an excellent divorce attorney. Our team of specialized family law lawyers has an impressive track record of handling complex divorce cases successfully and garnered multiple positive testimonials from satisfied clients who praise their communication and unwavering support from us.


Suggested Action Steps

  • Collect Documents: Start by collecting all relevant financial documentation such as bank statements, tax returns and property deeds.
  • Consult With An Attorney: Speak to an experienced divorce attorney for guidance tailored to your situation and needs.
  • Negotiate Amicably: Whenever possible, try to reach an amicable settlement with your spouse for the sake of saving time, money and emotional strain.
  • Consider Mediation: Mediation may be the perfect solution for couples hoping to avoid an adversarial court battle and work towards an amicable agreement.
  • Protect Your Credit: For the future protection of both parties involved, ensure you separate their respective credit histories so as to prevent potential credit issues in the future.

Conclusion The process of dividing money during a divorce can be both emotionally and logistically daunting, yet understanding your rights, seeking professional legal guidance, and making informed decisions will allow for more confidence when proceeding through this journey. Drama Free Divorce stands with you throughout this journey to help make this journey less taxing while moving toward a brighter future. Contact us today at 816 615-5555 or send us an email on our Contact Page.

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