On behalf of Stange Law Firm, PC posted in Family Law on Tuesday, September 19, 2017.
Filing for divorce can have a profound impact on a person’s future. While many expect that ending an unhappy marriage will likely lead to a better future, few understand the potential financial implications. Family law might seem complicated when it comes to this matter, but divorcing couples in Missouri can ensure their future financial security by being as prepared as possible for the process.
Asset division is an important aspect of divorce that can have a tremendous impact on a person’s finances. Much more than asking who gets what, dividing marital property can potentially land a person with added taxes and upkeep costs — such as a marital home — while other property might be less valuable, but also less costly in the long run. To understand more fully how these assets might affect a person financially, it is important to first have a solid understanding of personal income, individual property obtained before marriage and future personal expenses.
Court-ordered payments can also come into play during a divorce. Parents typically understand that one parent will likely be responsible for child support payments, but other types of payments can also affect those without children. Spousal support is a temporary support payment paid to an ex-spouse that is often initiated before a divorce is even finalized. Rehabilitative support is also temporary and intended to support an ex while they work to become financially independent.
While the potential future costs of a divorce should not stand in the way of an individual looking to end their marriage, neither should they be ignored. Careful financial planning and consideration can be extremely helpful for those in Missouri who are initiating the process to end their marriage, but this might not always be enough. The guidance of a family law counsel or a third party mediator can prove most beneficial for those hoping to secure their financial future while going through a divorce.
Source: kare11.com, “Navigating divorce while keeping finances straight“, Kim Insley, Sept. 13, 2017