Tips for preparing financially for the divorce process

On Behalf of | May 13, 2022 | Divorce |

Embarking on the process of dissolving a marriage in Missouri can understandably be draining and stressful. However, the process can also be freeing if the proper financial preparations are made early on. Here are a couple of tips for making the financial aspect of divorce as easy to manage as possible moving forward. 

Opening individual bank accounts 

A critical step in preparing for divorce financially is opening one’s own savings and checking accounts. From their own accounts, divorcing individuals can easily transfer any funds required to cover shared household expenses until they have finalized their divorce. Creating individual bank accounts can help divorcing parties to get used to managing their own finances again. 

Creating a budget 

Individuals who are going through divorce would also be wise to create spreadsheets detailing their expenses and incomes. These expenses should ideally include the cost of purchasing or renting a home post divorce, as well as the costs of cable, groceries and utilities, for example. This can help divorcing individuals to visualize what their new lives will look like financially and plan accordingly.  

Enlisting the help of an attorney 

Although divorce can be financially challenging, an experienced attorney can make the process easier to navigate by helping those in Missouri who are facing these circumstances to make educated decisions about issues like property distribution. One’s attorney will pursue a just settlement with the other party but will also be prepared to litigate divorce matters, if necessary. Having adequate help and support can provide much-needed peace of mind, allowing those going through a divorce to better transition toward a new future.