Belleville and Edwardsville Divorce Law Blog

Individuals who are contemplating a divorce in Missouri or anywhere else should understand how it could impact their financial situation. Ideally, they will know their current expenses and earnings. In addition, it is important to understand how a divorce could impact future expenses. For instance, a divorcing couple may need to determine how to pay for a child's current education needs or if either person will be responsible for child support payments.

It may be necessary for parents to pay for some or all of a child's college tuition. In some cases, this may be done by contributing to a 529 account. Current expenses could include the cost of daycare while a parent is at work or the cost of a private tutor. A child's medical and entertainment expenses could be included in a child support order as well as money for basic needs such as food, clothing and shelter.

When people in Missouri get a divorce, they may wonder how they will be expected to divide property with a spouse. A man in Michigan who won an $80 million lottery jackpot in 2013 after two years of separation from his wife was ordered to pay her half of his winnings as part of the divorce settlement. After taxes, the man took home more than $38 million.

An arbitrator informed the man that he had to split the winnings with his spouse. The man's attorney filed an appeal, but the court agreed with the arbitrator. In the arbitrator's judgment, these winnings constituted part of the shared assets. He also argued that it was probably not the first time the man had bought a lottery ticket. The man's attorney argued that it was the man's luck and not the luck of his wife that resulted in the winnings.

Missouri women who are considering filing for a divorce should first obtain several documents that will help them get a better picture of what their financial futures will be like. These documents include tax returns for the past three years, a net worth statement and a comprehensive lifestyle analysis. Women who are considering divorce should not wait until it is nearly time to file before gathering these documents as it may take time to get everything together. After all, women are often left in the dark by their husbands when it comes to financial issues such as investments and assets.

Tax returns are likely the most vital source of information when someone needs to get a picture of a family's financial situation. Tax returns for the most recent three years should be obtained either through the family's tax preparer or an IRS Form 4506. A woman who is considering filing for a divorce should also obtain the documents used to prepare the tax returns, including 1099 and W-2 forms.

Fathers in Missouri and throughout the country have an opportunity to win custody of their children. Part of winning custody is making a good impression in the courtroom. Therefore, it is important to dress appropriately and avoid any outbursts toward the judge or anyone else who is taking part in a hearing. Another key step for a parent in the quest to obtain custody is showcasing a relationship with the child.

Ideally, a father will show proof that he has interacted with the child and has helped to meet a son or daughter's financial needs. However, other parties may have a say in how a custody order is put together. For instance, the child's mother may express a preference to not share custody, and the child may also express a desire to be with his or her mother.