Tips for financially transitioning from married to single life

On Behalf of | Dec 24, 2021 | Divorce |

Although divorce can understandably be challenging from an emotional standpoint, it can also be difficult to navigate financially in Missouri. This is especially true for a divorcing individual who was not personally involved in the household finances during his or her marriage. In light of this, here are a couple of tips for making the financial transition from married to single life as smooth as possible.  

Tackling financial assets and insurance 

Many divorcing individuals have many assets and/or high-value assets. In these situations, it is paramount that they organize their wealth to develop clear pictures of their finances. This involves gathering information about all of their accounts and assets, then using this information to determine what their cash flow–related needs will be long term. Afterward, they can create well-thought-out long-term plans for supporting themselves financially in the years ahead. 

In addition to focusing on their finances, it would be wise to re-examine their insurance policies. These policies involve casualty/umbrella, property and life insurance. Reviewing these policies can help to ensure that the parties are fully covered, their insurance policies feature the correct names and their premiums are paid continually. 

Seeking the help of an attorney 

Dealing with the monetary aspect of divorce can no doubt be challenging, but a family law attorney in Missouri can help to approach financial matters with confidence. For instance, an attorney can help to pursue the most personally favorable outcome under the law when it comes to spousal support and property division. An experienced attorney’s chief aim in this situation is to help his or her client to achieve a fair settlement while simultaneously protecting the client’s rights each step of the way.