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Belleville and Edwardsville Divorce Law Blog

Finances and the cause of divorce

34311947_S.jpgCouples in Missouri who decide to get a divorce have varying reasons for doing so. However, a common factor that often arises in divorce is money. According to some studies, money issues are the main reason that many couples decide to go their separate ways.

People who decide to get a divorce may find that there is an additional toll the process can have on their finances. Couples who are considering getting a divorce due to problems with money may benefit from learning about the most frequently occurring money problems and what may be done to solve them.

Estate planning issues during a divorce

People in Missouri should know that when they decide to divorce, there is a range of legal and financial implications that can come with the end of a marriage. In addition, it can be important for individuals seeking a divorce to update their estate planning documents as soon as possible. While some changes cannot be made until a divorce is finalized, others can be made even while the divorce is pending. Making these changes as soon as possible can be important for protecting a person and his or her beneficiaries and heirs and preventing unwanted outcomes, especially if there is a risk that someone could become incapacitated or even pass away while the divorce is pending.

Under the law, certain types of documents cannot be changed until the divorce is finalized. At the same time, these are some of the most critical documents to change immediately once it is possible. These important provisions include the beneficiary designations on pensions, life insurance, retirement funds and other key financial accounts.

Court rules that children of divorce need both parents

3575093_S.jpgMissouri couples who are going through divorce proceedings may have special concerns if children are involved. A recent court ruling in Brad Pitt and Angelina Jolie's marital split has brought to light how courts often look at child custody and visitation.

The couple separated and eventually divorced due to allegations of child abuse raised by Jolie against Pitt in 2016. Pitt was later cleared of the accusations.

The number of women paying alimony is rising

30807004_S.jpgHistorically, upon dissolution of a marriage, the husband was far more likely to be required to pay child support or alimony. However, times are changing across Missouri and the rest of the United States. Due to shifting roles within a family, courts are beginning to order support paid by the wife to the husband.

According to a recent study, 45 percent of all family law attorneys noticed an increase in women being ordered to pay alimony over the past three years. The study, authored by the American Academy of Matrimonial Lawyers, showed that 54 percent of the attorneys surveyed also noticed an increase in mothers paying child support.

Income and the chances of divorce

4869604_S.jpgThere are certain factors that may make Missouri residents more likely to get a divorce. One of these factors includes situations in which women begin earning more than their husbands after having entered the marriage earning less or not working. According to a study conducted by Swedish researchers, couples in this situation have a higher chance of getting divorced.

One of the reasons for the higher likelihood of a divorce when women begin earning more than their husbands is that it can be difficult for some men to step out of traditional gender roles. This is particularly truer for couples that maintained conventional gender roles in the early part of their marriage than for those who have a gender-equal union.

Business valuation key in divorce property division

36117092_S.jpgWhen Missouri business owners consider divorce, they may be concerned about the effect of the split on their family business. In many cases, the most significant asset that a couple has is the business, and it can add complex concerns to the property division process. In order to deal with the business accurately and fairly in the divorce, it is important to establish a proper valuation for the enterprise and look closely at how business income affects the marriage.

During a high-asset divorce, detailed financial information can be particularly important when dealing with the complex issues of valuing a business. Several approaches can be used to develop a proper valuation of an enterprise, including asset, market and income approaches. In all cases, the first steps toward valuing the business come through the financial statements. It is also important for experts to be able to review financial records, tour facilities and speak to managers. Without clear information, the true value of the business could be obscured.

The pros and cons of bird nesting

26688830_S.jpgMissouri residents may have heard of a new trend in parenting after divorce called "bird nesting." The arrangement allows the children to remain in the family home while the parents take turns living there with them. This type of child custody solution has gotten mainstream attention as the premise of the show "Splitting Up Together." It features divorced parents who have chosen to live together with their children.

One of the benefits to such an arrangement is that it doesn't involve a lot of upheaval for a child. It also allows an individual to remain in their home until it makes sense to sell or until a lease agreement expires. Those who have just ended their relationship could choose to live together for a short time as a way to split in an orderly fashion. Typically, this works best when parents can communicate effectively and appropriately with each other and their children.

Tips for handling divorces with children

48216907_S.jpgGetting divorced is difficult for most Missouri couples as it is. When parents of young children decide to end their marriage, there are a number of additional issues that might arise. They should be careful with how they handle their divorces and their children so that their kids are more likely to emerge relatively unscathed from the process.

In order to help their children, parents should ask them if they feel like they are to blame for the divorce. Unfortunately, many children tend to place blame on themselves when their parents divorce. Parents should explain to their children that it is not their fault and that both of their parents still love them.

Federline wants more money from Britney

12016760_S.jpgMissouri residents with an eye for celebrity gossip may be interested to know Kevin Federline is seeking a bump in child support payments from pop singer Britney Spears. Federline and Spears have two children together, and he currently receives $20,000 a month from the superstar. Sources indicate his legal team put Spears on notice of his request last month in a letter sent to her father, Jamie Spears.

At the time of their divorce, Spears was at a low point in her career and experiencing a career lull along with well-publicized mental health issues. While the singer was dealing with her personal problems, legal custody of the children was awarded to Federline and control of her finances was given to her father. According to public reports, the two have gotten along well in recent years and have fostered a co-parenting arrangement that was thought to be successful. Spears has recently experienced a career resurgence and earned $137 million during a four-year residency at a Las Vegas casino, and Federline claims to be entitled to a portion of her increased income. During a recent meeting between the two legal teams, the former backup dancer and disc jockey refused to explain why $20,000 a month is insufficient to care for the children.

Why a child's relationship with both parents is important

42248152_S.jpgWhen Missouri parents get a divorce, they might wonder how they can address the best interests of their children. Some parents might feel it is best if the child lives with them, but in most cases, it is helpful if each parent tries to facilitate the child's relationship with the other parent.

In some cases, this could mean taking extra steps to maintain a relationship when the other parent has done something to make that relationship more difficult. For example, one custodial parent moved 80 miles away from the noncustodial parent. While the custodial parent had good reasons for doing so, this made it much harder for the child to maintain a relationship with the noncustodial parent. At one point, the custodial parent did not have a car to drive the child to visitation. Fortunately, the noncustodial parent had the resources to make the extra effort to keep seeing the child. The custodial parent eventually moved back to be closer to the noncustodial parent even though this mean leaving behind a home and having to pay rent on an expensive apartment.

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Stange Law Firm, PC
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