Going through a divorce can be challenging. If the emotional difficulties are not enough, there are also financial issues that arise as well. Missouri residents who have been saving for retirement may wonder what will happen to these savings if they get a divorce. Here are a few basic things a person can expect.
When couples in Missouri and throughout the country get married, they are granted certain rights. However, they may also be bound by state law as it relates to how property would be divided in a divorce. In may be possible to customize those rules by creating a prenuptial agreement. Prenuptial agreements may also allow one or both parties to waive their right to seek alimony if the marriage comes to an end.
Missouri residents who watch television or enjoy movies will likely be familiar with Ron Perlman. The 69-year-old actor has played a string of iconic characters on both the big and small screens, and he also managed to enjoy the fruits of his success while avoiding salacious tabloid gossip. However, that run came to an end recently when celebrity websites published stories about the end of Perlman's marriage and his alleged involvement with one of his costars.
Parents in Missouri who are going to have a child in the near future should plan for how that child will be raised today. As part of the planning process, it may be a good idea to negotiate the terms of a future divorce. While it may seem odd to create a divorce settlement during what should be a happy time, it can make things easier if a marriage eventually fails. Agreements can be created either before or after the wedding takes place.
When people in Missouri decide to divorce later in life, they may face unique concerns and challenges. In the past, older Americans often stayed married. In many cases, they were already married for decades and had remained together for the children. Life expectancy was often lower and many people struggled with health problems. As Americans grow older and live longer, healthier lives, they often want to enjoy romantic fulfillment later in life as well. In addition, some older couples are on a second or later marriage, rather than being part of a decades-long partnership with children. These changes have meant that "gray divorce," meaning divorce between two older Americans, is on the rise.
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.