Getting Financial Matters Organized Before Divorce

For some people in Kansas who are considering divorce, a first step may be to get copies of all financial documents and put them somewhere safe. These can help a person who has not participated much in financial decisions to start learning about the family finances, and getting copies saves a person having to do so later when the divorce might have turned acrimonious and they might be much more difficult to get from the other spouse.

People who share a bank account with a spouse and do not have an individual account might want to consider opening one. They might also want to establish an individual line of credit. There are additional challenges in doing so for people who do not have an income, but it is possible in some cases to get a credit card based on household income. People should also get copies of their credit reports. These can be reviewed and any mistakes can be corrected before the divorce is in progress.

A divorce financial planner and a counselor or therapist may be useful professional additions to an attorney. The financial adviser might also help a person plan for how taxes will change after divorce. In addition to no longer filing as married, in the year after divorce, there could be taxes on some assets that were sold or divided.

Going into negotiations over property division with a good understanding of finances is important because divorce can often leave people with a lower standard of living. It is important for a person to have a good sense of a post-divorce budget and whether there are retirement accounts, investments or even a business that must be divided. A person may want to discuss strategies and goals for the divorce negotiations with an attorney to stay focused on financial security.