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Pursuing divorce in Missouri takes preparation

The decision to seek a divorce is not one that is typically taken lightly. In addition, making the decision to proceed with a divorce is merely the beginning. Regardless of how long a couple has been married or how much they may have accumulated in assets, there are certain steps that must be taken. Missouri couples may find the following steps to be essential as each party strives toward reaching a full and fair resolution of all important issues.

One first and vital step is to gather important financial documents. This includes tax returns, credit card statements, mortgage documents and other financial records. Credit must also be taken into consideration by both parties. Once a divorce is on the table, it is recommended for each party to obtain a copy of his or her credit report and make note of any errors and possible activity on joint credit card accounts.

Even before property division decisions are made and assets are divided, any joint bank accounts need to be addressed. The sooner each party can open his or her own account or accounts, the better. As long as both names are on an account, either party may be able to remove all of the funds.

While there may be many issues to address beyond financial issues and separating accounts, securing funds for the short-term and securing investments for the long-term are important steps for each party in a Missouri divorce. Once existing financial issues and accounts are addressed, both parties can have a realistic picture of what to expect going forward. Organization and proper preparation can help make the entire process less contentious and stressful as the divorce unfolds.

                                                                                                                                                                                       

                                                                                                                               

Source: gogirlfinance.com, "How To Prepare For a Divorce", Sarah Chang, Sept. 23, 2015

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