Financial planning is crucial during the divorce process

| May 21, 2020 | divorce

The financial ramifications of ending a marriage might be hefty for many individuals. It’s crucial for each spouse to embark on some financial planning upon deciding to divorce. This is especially prudent if divorce for Missouri couples comes later in life. Some things to keep in mind regarding finances going through the divorce process are determining what’s important to each person.

It is wise to have some experts helping in a game plan. The person may want to enlist the help of a financial planner, accountant and a lawyer. These people can help fashion a plan for the future depending upon where a person would like to be regarding his or her finances as a single individual. It is wise to have long-term financial goals.

Part of the divorce process entails giving consideration to familial assets and how they should be divided. An individual financial plan will likely hinge on the outcome of the division of those assets and debts as well. People who are involved in a gray divorce — or after the age of 50 — might want to discuss issues like Social Security benefits moving ahead in the process. Social Security planning can get complicated and thus the need to involve experts.

A Missouri attorney experienced in handling divorce cases may be able to offer a client prudent advice when it comes to those issues ultimately affecting his or her financial picture — issues like spousal support and division of property. In some cases, a lawyer may also be able to help in identifying hidden assets. The more of a grasp an individual has on how divorce might impact finances, the more secure he or she may feel going through the entire divorce process.