Divorce financial planning can help reduce financial worries

On behalf of Stange Law Firm, PC posted in Family Law on Wednesday, August 28, 2013.

There are plenty of concerns when it comes to getting divorced in Missouri. Especially for the spouse who was not in charge of the couple’s bills or budgeting, understanding what a couple has, what each spouse is entitled to, and what the future will look like from a financial standpoint can be frightening.

Luckily though, a spouse who did not play a role in a couple’s finances can take a lot of the stress off the divorce by simply taking the time to learn about assets and budgeting. This can be done with the help of an attorney who has experience handling divorce financial planning.

The first thing is to lay everything out and figure out what a couple owns and how much it is all worth. Know though, the ease of this will be highly dependent on just what a couple owns.

For example, property division when there multiple homes, closely-held businesses and employer stock options, tend to be a bit more complicated than just dividing up a couple’s sole joint savings account. Again though, understanding what a couple has and what it is worth is essential to making sure a fair deal is worked out.

Know it is also normal for a spouse who was not as involved in finances to be worried about what the future will hold, both in terms of assets and lifestyle. This is where it is important to not get lost in the details, but to remember to look at the big picture. Again, having a true understanding of assets and what these assets are worth will help to ease some of the financial worries.

Lastly, know there are plenty of spouses who were once not in charge of taking care of the bills, but who are now divorced and 100 percent taking care of themselves without any issues.

Source: CBS News, “Divorce financial planner: 3 common fears,” Robert Pagliarini, Aug. 23, 2013

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