It can be easy to go along with decisions or agreements in the spirit of getting a divorce over with. Anyone in Missouri who is embarking on a divorce can benefit from learning how to protect oneself in order to avoid being taken advantage of when it comes to finances. Understanding debts and assets in general is necessary to ensure an equitable property division agreement.

Both parties will want to have copies of all financial documents. This is especially true for the one who is not the primary wage earner. The records involved include bank statements, tax documents and retirement account statements. All martial property must be evaluated. Having an accurate value assigned to these items is the best way to avoid giving up what may be rightfully due in a divorce settlement.

Knowledge of assets is important, but knowing what is owed is vital also. Responsibility for debts can be divided during a divorce, just as assets can be. Each party should know the details of all debts owed, including credit card debt. Running a credit report can help pinpoint whether there are unknown debts that must be addressed.

A divorce settlement may hinge on negotiations related to assets, funds and debts. The only way to be sure fairness is part of the equation is to know exactly what is on the table. Once both parties in a Missouri divorce understand where they stand, each person can prepare for life after the divorce and have a clear idea of what to expect financially.

Source: huffingtonpost.com, “8 Tips to Keep From Being Taken Advantage of Financially in Divorce“, Jan. 29, 2016