Property division includes financials in a Missouri divorce

When a couple decides to divorce, there are a lot of decisions to be made as a life together unfolds into two separate lives. Some of the bigger decisions in a divorce may be who gets the kids and who gets the house. However, Missouri couples can find there are many little or easily forgotten financial aspects of a property division that may get put on the back burner or mishandled altogether.

Any shared credit card accounts need to be split as soon as possible. If they are not split or closed and one person does not pay the bill, the other person can suffer the consequences. One consequence can be a hit to a credit score. As for car loans, refinancing may be in order to put the loan in one person’s name. Selling the asset, or car, may be the best option if refinancing cannot be done.

Other accounts and financial holdings may not be thought about on a regular basis. This may include insurance policies and legal documents, where beneficiaries are typically a spouse. That needs to be changed once a divorce is final or imminent. While it can be easy to overlook, it can also lead to wishes not being upheld or an ex-spouse making important decisions a policy holder would not agree with or want that person to make.

Each divorce and each couple’s financial life can be vastly unique compared to others. A case may require outside help to split and account for each aspect of a couple’s financial life together so no stone is unturned and no account forgotten. Missouri couples can ensure the least amount of disruption by having a clear outline of what all needs to be split during the property division and how exactly each party’s finances will change during and after the divorce.

Source: forbes.com, “Divorcing? 6 Ways To Keep Your Financial Footing“, July 29, 2015