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Posts tagged "Divorce"

When divorce becomes necessary

Missouri couples are usually committed to their marriages and making them work, particularly if they have children. However, there are situations in which divorce may be necessary for the safety and well-being of the entire family. The difficulty for many spouses is determining the point at which ending the marriage is the most responsible option.

Preparing a prenuptial agreement

17858931_S.jpgMissouri couples who get married do so with the idea that it will be forever. However, a significant number of marriages end in divorce, which can severely change each person's life plan. One way to prepare for the possibility of a divorce is by drafting and signing a prenuptial agreement before the wedding.

Pitfalls in property division during divorce

20774363_S.jpgMissouri couples who are getting a divorce will need to divide shared property, but there are common errors many make at this stage. For example, a person might decide to keep the home while the other person keeps an asset that has an equal value such as a brokerage or checking account. However, the upkeep of the house is likely to be much more costly than maintaining a more liquid asset. Furthermore, a person might even find that it is not possible to maintain the house on just one income.

When the nightlife is a job, there's a higher chance of divorce

36522114_S.jpgCouples in Missouri may be interested in some findings that associate certain occupations with the likelihood of divorce. Data from a 2015 survey shows that people who work in fields that involve travel or nightlife are the most likely to get divorced. Bartenders come out at the top of the list of highest divorce rate by profession.

Closing a joint bank account

Property division can be a contentious divorce issue. Couples in Missouri who are getting a divorce and have a joint checking or saving account should know how to close a joint bank account, and if need be, without the permission of other owners of the account.

Financial results of divorce often hit women hard

41441501_S.jpgMany factors influence the financial outcomes for Missouri women after a divorce. Societal factors like pay gaps between men and women and traditional gender roles contribute to lower incomes for divorced women. Taking too long to create a post-divorce budget also diminishes the financial futures of some women.

Women more likely than men to file for divorce

50533103_S.jpgLike all other states, Missouri has no-fault divorce laws, meaning that a filer does not have to provide grounds for seeking a dissolution of his or her marriage. When no-fault laws were initially passed, some where concerned that men would use no-fault divorces as a way to abandon their families, potentially leaving their wives and children in poverty. However, a study showed that approximately 80 percent of all divorces are initiated by women.

Common falsehoods about divorce

35462374_S.jpgMissouri couples who are going through a divorce might be offered advice from friends, acquaintances and family, but that advice might not always be accurate. For example, they may hear that it is possible to save money by having both of them use the same attorney, but that presents a conflict of interest and is an ethical violation.

The likelihood of divorce and factors affecting it

24393215_S.jpgDivorce statistics are calculated in a number of different ways, and each sheds a different kind of light on the divorce rate. Certain factors also raise the likelihood that any one Missouri couple might get a divorce. While the divorce rate may be around 40 to 50 percent, there is more complexity to this picture than is immediately apparent.

Tax court says no alimony deduction without formal agreement

19467641_S.jpgIn a Missouri divorce settlement, a person might agree to pay alimony to a former spouse. That alimony is usually tax-deductible, but it is important that it be mentioned in the formal divorce agreement. Otherwise, according to the U.S. Tax Court, it is not deductible.

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