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Ways To Make Your Divorce Financially Possible

Posted by Unknown | Nov 01, 2020 | 0 Comments

ways to make your divorce financially possible

Drama Free Divorce can provide expert guidance if you seek "ways to make your divorce financially possible." Missouri and Kansas residents can count on us for affordable financial solutions at competitive prices, beginning with monthly financing plans of $500 or less. Our transparent pricing structure guarantees no unexpected expenses down the line.

Our process reduces the stress and inconvenience associated with legal proceedings by eliminating the need to appear in court. Our team of empathetic, compassionate lawyers understands the emotional difficulties associated with divorce, providing professional guidance throughout this challenging period.

Divorce can be financially manageable with careful preparation and guidance. In this article, we'll present seven practical tips to prepare your finances for divorce, ways to protect assets, and the value of consulting an attorney.


How Will Divorce Affect Me Financially?

Divorce can be more than an emotional experience, it can also have serious financial repercussions. Legal proceedings, asset division, and alimony obligations can put a strain on finances that can only be overcome through careful planning.


Prepare your finances for divorce with these 7 tips:

  1. Gather Financial Documents: Gather all of your financial documents, such as bank statements, tax returns, and investment portfolios. Doing this will make the divorce process simpler.
  2. Develop a Budget: Acknowledging your current financial status is crucial, so creating a detailed budget outlining income, expenses, and savings goals is necessary for assessing how much money will be necessary to continue living your lifestyle post-divorce.
  3. Consult a Financial Advisor: Seeking advice from an advisor can provide invaluable insight into your current and future financial situations, helping to craft plans to achieve financial independence. Furthermore, tax implications associated with asset division may also be clarified through consultation.
  4. Consider Mediation: Mediation may be more cost-effective than litigation in terms of costs and time spent fighting in court, enabling both you and your spouse to collaborate on reaching an equitable resolution together - saving both parties both money and time in the process.
  5. Consider Alternative Housing Solutions: If possible, investigate downsizing or more cost-effective rental options as housing costs can significantly impact your finances.
  6. Examine Your Insurance Policies: Evaluate all of your auto, health, and life policies regularly as your needs may have evolved since their purchase. Your coverage may need to be altered in response to changes in circumstances.
  7. Prioritize Your Financial Well-Being: Take time to plan for both short- and long-term financial well-being by setting aside an emergency fund and considering retirement plans.


How can I protect my money in divorce?

Protecting your assets during a divorce is of the utmost importance:

  • Establish Separate Bank Accounts: If you don't already have one, consider opening one so you can more efficiently manage expenses and direct income into other channels.
  • Document Your Assets: Maintain an inventory of all the property you own, with photos and values. This will enable equitable division of property ownership among family members.
  • Prenuptial Agreements: Prenuptial agreements provide valuable asset protection should your relationship ever break apart, serving as a legally binding document that details how assets will be divided in case of divorce proceedings.


Why hiring a divorce attorney is better than going through the process without one?

Divorce can be challenging without legal representation, which is why seeking legal advice before filing is usually the best course.

  • Legal Expertise: Attorneys have an in-depth knowledge of family law and can offer the highest quality advice to their clients.
  • Negotiation Skills: Attorneys have the skills necessary to achieve fair settlements quickly, thus decreasing the chance of costly court battles.
  • Legal Paperwork: Divorce can be an enormously complex undertaking. Having legal assistance ensure all the documents are filed and submitted correctly can save time and energy during this difficult period of time.
  • Emotional Support: Attorneys offer emotional support during difficult times, enabling you to focus on healing rather than dealing with legal matters.


When should you consult with an attorney?

As soon as possible in your divorce proceedings, consult an attorney. They can guide you and help explain your rights.


What qualities define an effective lawyer?

Locating an ideal lawyer is essential. Be sure to look out for these characteristics when selecting your legal representative:

  • Experience: When hiring an attorney to represent you in divorce and family law cases, experience is of the utmost importance.
  • Communication: Your attorney should be adept at keeping you updated throughout the process and keeping you engaged throughout.
  • Reputation: Check online reviews and request referrals in order to find an attorney with a solid reputation.


Why Choose Drama-Free Divorce?

Our firm is committed to providing you with the support and knowledge that will allow you to successfully navigate through a divorce. Our team consists of experienced divorce attorneys who prioritize communication, professionalism, and a proven track record with clients.


Suggestions for Action

  • Speak with a Financial Adviser: Consult a financial adviser about your situation so they can devise a plan.
  • Establish a Personal Bank Account: If you don't already have one, open one in order to manage your finances on your own.
  • Gather Financial Documents: Arrange and organize all your financial documents to facilitate an easy divorce.
  • Research Divorce Attorneys: Search for attorneys that meet both of your criteria - reputation and your needs.
  • Reach Out: Speak to one of our divorce lawyers to discuss your situation and explore all available solutions.

Divorce can be financially straining, but you can protect your future by seeking professional advice and taking proactive measures. Don't go through it alone: Our firm will support you every step of the way. Contact us today at 816 615-5555 or send us an email on our Contact Page.

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