Our Blog Aims to Inform the Community Contact the Columbia Family Law Group with Any Questions You Might Have

Steps to take before a divorce

When Missouri residents are considering a divorce, they usually take their time before they decide to end their marriage since it can sometimes be a complex or potentially contentious process. When do finally make the decision to separate, however, they should take some financial steps to first prepare for divorcein order to minimize its financial impact.

First, they should review their credit report to ensure the information is accurate regarding their loans and credit card debt. The three major credit reporting agencies, Experian, Transunion and Equifax, will give people a free copy of their credit report every year. In addition, people can ask for a credit report from the website annualcreditreport.com.

Second, they should organize their financial paperwork, including bank statements, investment information, credit card bills, car loans and mortgages. They will also need to print out copies of their income tax returns for the past several years. If needed, they should contact any companies directly to request online statements.

Third, they should open their own accounts while still married so they can begin to establish their own credit. This is especially true if one partner has a limited credit or employment history. Finally, they should put together a group of professionals who can help them during the divorce, including a lawyer, a financial planner and a coach. They can work together to ensure that their client receives the proper information during the divorce process.

People who are contemplating a divorce will need to make many decisions in order to prepare and plan for the future. A family attorney might be able to coordinate with a group of financial professionals who can help walk them through the challenges of ending a marriage and help them begin a fresh start in life.

Source: Philly Burbs, "Thinking of Divorcing? Some Financial First Steps," Loretta Hutchinson, March 20, 2013