On behalf of Stange Law Firm, PC posted in High Asset Divorce on Wednesday, November 1, 2017.
Ending a marriage can be stressful, most couples in Missouri would understandably like to push through the process as quickly as possible. However, rushing a divorce is rarely a good idea, particularly for those who have significant marital assets. Complex property division, spousal support and additional expenses can all have a profound financial impact and should be considered carefully.
Marital assets are usually whatever property was acquired during the course of the marriage — although there are exceptions — and must be identified before the process of division may begin. Assets must then be valued, which can take quite some time depending on how valuable they are. Certain assets also come with costs, such as property upkeep or taxes. Ultimately, these assets will be divided in a way that is considered most equal or fair to both parties.
Spousal support does not come into play during every divorce, but it is certainly not uncommon. Usually, spousal support is ordered when one spouse earned significantly less than the other or who perhaps did not work at all during the marriage. This type of support is temporary so will not factor into long-term future finances, but it is designed to last until an ex-spouse can support him or herself financially, which should be taken into consideration.
Ending a marriage comes with certain financial implications. While this should not dissuade someone in Missouri from filing for divorce, it does mean that couples should be vigilant with their finances. Complex property division and spousal support orders can take time to process, and it is usually a good idea to approach this process with an advocate by one’s side.
Source: newsmax.com, “4 Financial Musts When Planning Divorce“, Jacqueline Newman, Oct. 30, 2017