How to avoid end-of-marriage financial woes

On behalf of Stange Law Firm, PC posted in divorce on Monday, June 5, 2017.

Divorcing couples in Missouri often face a combination factors that make it difficult to make wise decisions. Ending a relationship is an emotional situation that presents many complex options. When people don’t clearly understand the divorce process and the associated laws, it can lead to financial ruin and cause even more emotional damage to everyone involved, especially children. Therefore, divorcing parents should be aware of strategies on how to protect their assets for a better financial future after the split.

After divorcing, it’s essential that parents are able to still meet their financial obligations. While this is especially true for a custodial parent, no one wants his or her living situation to deteriorate due to property division or other divorce legal issues. One way to prevent a bad outcome is for people to start tracking their expenses and documenting their assets before filing for divorce. Account statements, pay stubs and household budgets are all important documents for negotiations.

Regardless of how friendly the divorce may initially seem, negative emotions are likely to come up at some point. Collecting documents before starting the divorce proceedings can decrease the likelihood of disputes arising.

The end of a marriage can leave both parties in worse financial shape or result in uneven property division. Insufficient alimony, taxes on retirement account withdrawals and other costly mistakes can lead to financial disaster. However, in many cases, careful financial planning can eliminate the financial hardships that often accompany divorce. An experienced attorney may help divorcing individuals to avoid costly tax burdens, obtain the necessary documents and bring in financial specialists when needed to strengthen the chances of a better divorce settlement.

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