Spring is an ideal time to do some cleaning and rebuilding. This is essential no matter what a person's stage of life may be, but it is especially critical during or following a divorce. Understandably, doing some financial spring cleaning during a divorce in Montana can be overwhelming and intimidating at the outset, but a few tips may help to make the process easier.
First, it is important to understand one's financial standing. Part of assessing this financial standing is identifying any assets that may be hidden. These hidden assets might include checking accounts and savings accounts as well as expense accounts and brokerage accounts. Tax returns and children's accounts are also important to explore.
Yet another important step is to create a budget that matches one's new lifestyle and income post divorce. Checking credit score information is also important, especially if this was never done or was not done often during the marriage. In fact, it may be helpful to get a copy of the credit report so that any errors in it can be corrected as soon as possible. Having good credit is an important part of maintaining good financial health.
Going through the dissolution of a marriage can be complicated, especially for those with a large number of assets accumulated over the course of several years. However, understanding the law in Montana with regard to property division can help with making wise decisions while taking part in divorce negotiations. An attorney can help to ensure that one's best interests are protected during each step of this type of legal proceeding.
Source: kansascity.com, "Spring cleaning your finances in divorce", Chanel Fortier, March 22, 2017