Missouri couples in the midst of ending their marriage, and those who have come out the other end, well understand both the emotional and financial impact of this process. Divorcing people, typically, must negotiate various issues: child custody, living arrangements and division of assets, to name a few. Many people going through a divorce experience a particularly high level of stress worrying about their financial situation while moving forward as a single person. During divorce proceedings, couples often spend a great deal of time negotiating finances and can therefore benefit from the following tips from financial experts.
For one, divorcing individuals should fully understand their current cash flow situation, expenses as well as income. They should also be aware of tax consequences on various types of accounts, as well as tax law changes that came into effect after Dec. 31, 2018. Experts also advise against making significant financial decisions too quickly during this time. Divorcing people are wise to consult with both their attorney and a financial advisor to gather all necessary information before making a decision that could affect their financial picture well into the future.
Divorcing individuals should also be sure they have a realistic idea of their financial needs post-divorce. In addition to covering expenses that were once shared with a partner, many people must also cover alimony and/or child support payments. Once a clear picture is understood, a person can then figure out how he or she will handle those expenses. One expert emphasizes the importance for both parents to think of all possible expenses for the children moving forward. To avoid future conflict and unnecessary expense, divorcing parents should clearly outline how each cost will be covered.
Even in the simplest of divorces, people usually experience some level of stress, and many Missouri individuals going through the divorce process may feel as though their lives are spiraling out of control at this time. Gaining knowledge, especially around financial aspects, can help divorcing people regain some of that control. Many people also find an experienced family law attorney a valuable resource in navigating what can sometimes be a complicated process.