With Spring in full-swing, many Overland Park families take this as a time to address some Spring cleaning. However, for Overland Park couples who have decided to get a divorce, de-cluttering and organizing are just two things on a longer list. Applying Spring cleaning tactics to your financial organizing can yield some surprising and helpful results when in the middle of a property division with your spouse.
Spring cleaning one’s finances can lead to finding assets or liabilities one may not have known were present in a couple’s marriage. Locating and getting a valuation on these financial aspects can be crucial to understanding where you and your spouse stand financially, and where you may stand individually after a divorce has completed. This is also a great time to plan a budget according to your post-divorce needs and income. It’s important to know that the standard of living can change when going from ‘we’ to ‘me’.
It may also be a good idea to keep an eye on your credit score during this time. Any fluctuations can indicate that a change has occurred on your behalf, or possibly on your spouse’s behalf, depending on the state of your finances. If unsure about how to approach your finances, this is a great time to educate yourself.
Those who are going through a divorce do not need to stress themselves out over their finances. Rather, completing a to-do list can help divorcing spouses be more confident about the process and the financial future ahead. Remember, property division is meant to be a fair and equitable division. The courts keep this in mind above all else when determining a property division settlement.
Source: kansascity.com, “Spring cleaning your finances during a divorce,” Chanel Fortier, March 22, 2017