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Know the financial facts before filing for divorce in Missouri

Divorce is more than an emotional decision to dissolve a marriage. It is also a financial decision, even when the divorce is amicable or has been in the works for some time. Before filing for divorce and during the entire process, Missouri residents will want to focus on how finances can be impacted and what actions they should take to protect themselves.

First of all, it is important to know the financial reality of the situation. For the person who does not handle the finances, this may mean some research. Both parties, but particularly the one uncertain of the financial picture, should take the time to gather important documents related to accounts and assets. This may include bank statements and credit card statements. It makes good sense to pay attention to the other person's spending habits during a separation, including any loans or new credit cards, as these expenditures can impact both parties before the divorce is final.

Once there is an outline of assets and accounts, there may be discrepancies or uncertainty about assets. A forensic accountant may be needed to ensure there is no concealment of assets. Aside from surprise assets, surprise tax implications may impact stocks, real estate holdings and other items included in a property division agreement.

The changes that will impact each person's financial future are inevitable. These can be unpredictable and create stress and anxiety. The more prepared and aware a person is about how his or her financial life will be altered after filing for a Missouri divorce, the more efficient and stress-free the process may seem overall.

Source: huffingtonpost.com, "40 Secrets Only Divorce Attorneys Know", Lia Sestric, Nov. 19, 2015

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