On behalf of Stange Law Firm, PC posted in High Asset Divorce on Wednesday, September 7, 2016.
Unlike some other states in the nation, Missouri is known as an equitable property state, which means property and assets may not necessarily be divided evenly during divorce. In community property states, assets and income earned during the marriage are considered owned equally by the parties. In Missouri, and other equitable distribution states, marital assets are distributed fairly, although perhaps not equally.
It is not uncommon for items previously shared by married spouses to become divided in a divorce. Such issues may evoke strong emotions on both sides, depending on the monetary and sentimental value of the assets in question. Anyone considering divorce will want to first take stock of all property, assets, income and expenses in order to be fully prepared for what may lie ahead.
Such issues may be daunting, and it makes good sense to seek advice about applicable laws before addressing the matters in court. Various circumstances, such as prenuptial agreements, may affect the outcomes of particular situations. Many people choose to act alongside experienced representation to avoid contentious debates and pursue a fair and comprehensive settlement.
In a high asset divorce, taxes, inheritance and retirement funds may also be greatly affected. Anyone with questions or concerns regarding marital assets or other financial issues pertaining to divorce in Missouri can request a meeting with a family law attorney to discuss a particular situation. An attorney can help a client explore all available options in order to increase the chances of obtaining a favorable outcome in court, while protecting personal and business interests and paving the way toward a successful financial future.
Source: natlawreview.com, “How to Prepare for Divorce Financially“, Maria P. Imbalzano, Sept. 6, 2016