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Documentation important during divorce

When navigating the process of dissolving a marriage, it is essential that one safeguard one's personal finances. This is important in even the most amicable of separations, as the events that occur during the divorce process can have long-term financial implications. A couple of tips may help with preserving finances during divorce in Montana.

First, it is important to collect lots of documentation. This is necessary for the purpose of asset division. It is ideal to have copies of financial statements from at least the past three or four years, including statements from both individual and joint accounts.

Gathering financial documents is especially essential if one's future ex decides to make big purchases using a joint account prior to the finalizing of the divorce. In this scenario, it is necessary to prove that one's soon-to-be-ex is the person who made these purchases. This is possible only with detailed documentation.

If the two people going through divorce in the state of Montana can find common ground, they may be able to successfully negotiate or mediate their divorce. They can work toward a divorce settlement that reflects both of their wishes in areas such as the division of property and the splitting of funds and other assets without further court intrusion. However, if they are unable to resolve their issues through these alternatives to litigation, a judge will have to get involved and make important decisions for them, and unfortunately, the outcome may not be in alignment with one or both parties' wishes.

Source: ajc.com, "4 Ways to Protect Your Finances During a Divorce", Shawn Leamon, Jan. 24, 2017

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