The financial aspect of divorce can initially be easy to overlook amid the emotional upheaval that divorce can cause. However, thinking about monetary matters is crucial for those going through a divorce, as the decision can have major consequences that may affect the involved parties’ financial trajectories, including their retirement. Here are a couple of tips for navigating finances during divorce in Missouri.
Getting organized and building a team
Individuals going through a divorce may be wise to develop a strong understanding of their expenses, income, liabilities and assets. This involves gathering statements for investment, retirement, savings and checking accounts, as well as life insurance policy documents. People embarking on the divorce process might also benefit from building emergency funds and funds for covering their divorce-related legal expenses.
Another way to make the divorce process easier is to enlist professionals’ help. An individual’s divorce team should ideally include an insurance agent, financial analyst, accountant and financial adviser. The accountant and financial adviser may help the individual understand the tax and financial implications of splitting assets, while an insurance professional may help explain existing policies and how they might require modification given the divorce. A financial analyst can assist a person in helping a person pursue a fair settlement.
How an attorney can help
Hiring a family law attorney in Missouri is also a smart move during the divorce process. An attorney can help an individual avoid making rash decisions regarding divorce matters such as asset distribution, debt division, child custody, child support and spousal support. The attorney’s goal will be to help his or her client achieve a comprehensive settlement that reflects the client’s wishes and best interests long term given the circumstances surrounding the divorce.