Proactive planning may help make a divorce easier

On behalf of Stange Law Firm, PC posted in Family Law on Wednesday, March 11, 2020.

Missouri residents and others who are going through a divorce are encouraged to retain the services of a financial planner. While a financial adviser can’t help with the emotional pain the end of a marriage could cause, he or she may be able to help resolve the matter in a reasonable and timely manner. This person might be able to work with both parties to the divorce to minimize conflict and reduce the overall cost of the proceeding.

In the beginning of a divorce proceeding, it is important to gather as much information as possible. This could include obtaining bank statements, mortgage statements and anything else that might make it easier to understand a person’s financial situation. The information can then be organized into a formal document listing an individual’s assets and liabilities. From there, an adviser can help a person understand how much an asset is actually worth after taxes are taken into account.

An adviser will likely attempt to create a financial plan that takes into account future salary increases or changes to tax laws. It might also take into account the cost of refinancing a home loan or maintaining property acquired in a divorce settlement. Ideally, any plan that is created will allow a person to maintain a reasonable standard of living for many years or decades to come.

A family law professional may be able to help a person remain objective during a divorce case. This may make it possible for an individual to obtain a favorable outcome in the matter while also maintaining his or her physical and mental health. A legal professional may be able to review a prenuptial or postnupial agreement that was signed prior to the divorce. Doing so may help to ensure that it is still valid.

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