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Preparing Your Financial Information Before A Divorce

Posted by Unknown | Jun 09, 2020 | 0 Comments

preparing your financial information before a divorce

If you are searching for ‘preparing your financial information before a divorce' then Drama-Free Divorce is committed to guiding you. Missouri and Kansas residents in the Kansas City area can take advantage of our affordable financing options beginning at $500 per month for court appearances, eliminating the stress and inconvenience associated with frequent court appearances. Our caring team of lawyers understands the emotional turmoil associated with divorce proceedings.

As part of a divorce proceeding, it's crucial that your finances are in order. This article details the significance of collecting financial information as part of an effective process, what documents will be required, how to prepare, and why hiring an attorney might be advantageous. We can assist in helping navigate the difficult process of divorce by tailoring a plan specifically to your needs.


Why you should collect financial information early in a divorce?

Divorce can be an enormous life change. To ensure an easier transition, gathering financial information as soon as possible is crucial. Acquiring data about your finances and assets ahead of time can give you a clearer picture of them, which can prove useful during negotiations and help prevent unexpected surprises at the last moment.


3 Types Of Financial Documents You Need To Prepare For Divorce

  1. Income Records: Gather all your pay stubs and tax returns as soon as possible in order to gain an understanding of your income when calculating child support or alimony payments.
  2. Asset Documents: Make a compilation of your assets including bank accounts, investments, and valuable possessions to make property division easier. Having this data readily available makes for smoother proceedings.
  3. Debt Statements: Don't neglect documents related to credit cards, loans, and other debts owed. Being aware of your financial obligations will enable you to decide how best to allocate them.


How Can You Prepare Your Finances for Divorce?

  • Organize and Secure Documents: Gather all of your financial records into one safe location and ensure they're well organized and safe.
  • Budget Wisely: Creating a realistic financial plan after divorce will enable you to more efficiently organize and plan for its aftermath.
  • Call in Professional Advice: Hire a financial planner when handling asset division in divorce and planning finances for the future.


Why is hiring a divorce attorney better than without an attorney?

Divorce can be an emotionally fraught legal process that often needs guidance from outside sources to navigate successfully. Hiring an attorney experienced in divorce law and negotiation tactics is crucial - not only are they knowledgeable but can provide invaluable guidance during the proceedings.


When should an attorney be hired?

At the initial stages of contemplating divorce or when your spouse expresses intent to dissolve your marriage, legal advice from early on can assist in making informed decisions and protecting your interests.


What criteria must I follow to select an effective attorney?

Consider these criteria when searching for an attorney:

  • Experience: Seek an attorney with proven expertise in family law and divorce litigation cases.
  • Communication: Select someone with whom you can easily converse as this will allow for effective sharing of confidential and private information.
  • Reputation: Read customer reviews and testimonials, as well as seek recommendations from friends or family.
  • Cost: To stay within budget, discuss all fees and payment plans upfront.


Why Choose Drama-Free Divorce:

Drama-Free Divorce's team of attorneys specializes in all aspects of divorce cases, with clear communication with our clients and an established track record of successfully completed cases. Our fee structures are transparent and we offer flexible payment plans tailored to fit our clients' individual needs.


Suggested Action Steps

  • Start by collecting all your financial documents, and categorizing them by income, assets, and debts.
  • Create a budget in order to identify post-divorce financial needs.
  • Consult a financial advisor in order to formulate an effective plan.
  • Begin your search for a qualified divorce attorney as early as possible.
  • Consider our firm's expertise, reputation, and transparent pricing when making your selection.

Divorce can be an emotional journey. Being financially prepared and having legal support that understands your unique circumstances will make all the difference in this transitional stage of life. Start early, stay organized, and select professionals to assist with this life transition. Contact us today at 816 615-5555 or send us an email on our Contact Page.

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