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.
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.
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.
Many Missouri couples might skip a prenup when they get married if they are just starting out or are still college students. Like many people, they might assume that a prenup is only for those who already have substantial assets. However, a prenup is one way to plan for the future, particularly when there is always the possibility that a couple's financial situation might significantly change.
Social groups have a strong influence on the lives of people in Missouri. When spouses in unhappy marriages have friends, relatives or co-workers who have ended their marriages, divorce risks rise. A study that looked at the peers of 5,209 men and women determined that the risk of divorce goes up by 75 percent when a spouse has a close friend who goes through a divorce.
According to research, children of divorced parents are more likely themselves to get divorced, with daughters of divorced parents having a 60 percent higher chance and sons 35 percent more likely. There are other factors that also make a divorce more likely. People in second marriages and marriages of only a few years have a higher risk than those in first marriages or those who have been married for a long time. However, longevity is no guarantee of a lasting marriage, and couples 50 and older in Missouri and throughout the country are more likely to divorce than the past.
Many people in Missouri are struggling under the weight of student loan debt, which has grown dramatically in the past decade. On average, student loan borrowers have $34,144 in debt. The average debt for graduates of the class of 2017 is even higher at $39,400. In the past 10 years, the percentage of borrowers who owe more than $50,000 has gone up 300 percent. Just as student debt can have a significant impact on life decisions, it can also have a major effect on marital relationships.
Getting a prenuptial agreement may be more important for Missouri millennials who are getting married than in previous generations. Couples in general have been getting prenups at a higher rate than in the past, but according to the American Association of Matrimonial Lawyers, there has been an increase in millennials doing so.