On behalf of Stange Law Firm, PC posted in High Asset Divorce on Wednesday, April 27, 2016.
Ending a marriage in court is seldom easy. Especially in the case of a high asset divorce, it is important to be well-informed and to have a clear understanding of the applicable laws in Missouri. It is said that the time of year that divorce papers are filed can have significant impact on a settlement.
Those who file for divorce in the springtime should be aware of the potential financial repercussions of such decisions. Depending on whether one is the spouse paying into such profit programs as a 401k, filing, filing in April may or may not be beneficial. If a divorce is filed in April, then any 401k asset division may be based upon the account’s value as of the date of filing, not beyond.
A spouse who has been the one paying into a 401k system can use this as a means of asset protection. The validity of a divorce may also be affected by the timing of the filing in some states. In North Carolina, for instance, a couple must live separately for an entire year before formally filing for divorce. Therefore, a divorce filed before a couple has lived apart for 12 months may be invalid.
Those involved in a high asset divorce will likely face many other issues in addition to the timing of it all. Acting alongside a skilled negotiator and experienced legal advocate is advisable to obtain the best possible settlement. In Missouri, a family law attorney would be able to assess individual circumstances and help determine the best course of action.
Source: The Huffington Post, “Filing For Divorce In Spring? Avoid These 6 Perilous Mistakes!“, Bari Zell Weinberger, April 25, 2016