How to make financial preparations for a divorce

Getting important financial documents together can be an important first step for spouses in Missouri who are planning to get a divorce. They may want to keep these copies somewhere safe such as in a safety deposit box or with trusted friends.

Obtaining credit reports before the divorce is underway gives a soon-to-be ex the opportunity to resolve any errors. A person might also be able to see if the other spouse is abusing a joint account. Establishing personal accounts and credit in one’s own name might also be a good idea. A spouse who does not have their own income stream may face additional hurdles in getting a credit card. However, the 2009 Credit Card Accountability Responsibility and Disclosure Act allows people to apply for credit using household income.

Future exes should also understand how their tax situation may change. For example, they should switch their filing status to single in the year of the divorce. If martial assets were sold as part of the separation, they may owe capital gains tax. For helpful guidance, it may be wise to meet with a financial advisor and attorney. Furthermore, an ex should not allow themselves to be driven by their emotions during the divorce.

If a spouse can put aside feelings of anger or guilt and negotiate a solution, the outcome may be better for all involved. Attorneys may assist with these negotiations or even conduct them on behalf of the individuals involved. If the case goes to litigation, a judge in a family law court will attempt to make a fair decision about the division of property. However, this may take the outcome out of the hands of the couple.

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