In our last post we focused on the importance of budgeting and cutting back on discretionary spending in order to save. While these aspects of financial planning are certainly important, those in Missouri who recently went through a divorce also need to make sure and handle all marital debts, as well as updating insurance and retirement plans.
When going through a divorce, it is not an option to disclose all assets. Rather, it's a legal requirement. Failing to disclose all assets can even lead to consequences, like an ex-spouse ending up with all of what was not disclosed. In extreme cases, it can even lead to jail time.
When going through a divorce, each spouse normally spends a good amount of time worrying about how assets are going to be divided. Is the ex-husband going to keep the home? Is the wife going to try and take the family van? Just how are the bank accounts going to be split up?