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Be financially prepared for a divorce in the New Year

The New Year brings many changes for everyone. If a divorce is on the table after the holiday dishes are cleared, there are steps individuals should take to ensure a fair and smooth transition. Missouri residents should be particularly concerned with getting financial ducks in a row if a divorce is to unfold in the New Year.

Part of a divorce is naturally the splitting of financial assets and accounts. In order to be prepared, each person must realize what that person needs to make it on his or her own. This requires an assembly of all financial documents and a realistic idea of what is needed to live on after a divorce unfolds. Taking action to open individual bank accounts and take care of individual credit is also encouraged and necessary as the process moves forward.

As those year-end financial documents are gathered, each party should be keenly aware of anything that may be hidden or missing. One example is a holiday bonus. While hiding assets is illegal, a spouse who is aware of intent of the other to file for divorce may take steps to conceal assets such as bonus. High-earning couples need to be aware of any misstep or attempt to conceal anything at the end of the year.

The more a Missouri couple has, the more difficult it may be to divide financial lives after a divorce. However, it may be vital for one person in particular to have a grasp on what will occur to the finances and what to expect after a divorce. The New Year can be a time when a full year's worth of finances can be explored as a means of proceeding with a property division or alimony settlement and starting anew in every way.

Source: forbes.com, "Should You Start Divorce Proceedings In January?", Jeff Landers, Jan. 26, 2016

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