When divorced Missouri couples pay alimony, it is in most cases tax-deductible. Recipients are requred to report it as income on their federal tax return. If a payment is designated as either child support or a part of a property division agreement, it cannot be considered alimony. The IRS has seven conditions that must be met to separate spousal support payments from child support or other types of payments.
Couples in Missouri who are considering ending their marriages should have a clear idea of exactly what a divorce does and how it can affect the rest of their lives. Having a realistic view of what to expect and understanding the futility of attempting to predict how the divorce court may rule in a certain matter can help divorcing individuals be more satisfied with the outcome.
Missouri couples who are getting a divorce may have property they need to divide, and a retirement account might be one of those pieces of property. Before certain types of retirement accounts can be divided, a document known as a Qualified Domestic Relations Order must be prepared and signed. Attorneys who are well-versed in the legal aspects of divorce might still refer people to a certified divorce financial analyst to get a better understanding of this complex document.
When Missouri couples start planning to get married, it is recommended that their parents take steps to protect any assets that they intend to leave for their family member. If those assets are in a trust, taking precautions can ensure that the trust can only be accessed by the family member and not by the other spouse, especially if the couple ends up getting divorced later on.
Missouri parents place a huge priority on the well-being of their children. This is particularly true during and after a divorce. Even in amicable divorces, the transition from living together as a family to separate households can be very difficult for kids. That is why parents often take special care to minimize the trauma and to stabilize their lifestyle as quickly as possible.
The irony of divorce is that while your marriage can be ended, if you have children, your relationship with your child's other parent may continue for many years. Consider, if you have a two-year-old, your child custody and visitation order is likely to be in force for the next 16 years. That's four presidential elections.
Every family deals with problems. They fight, disagree and may not even like each other all that much. Many people prefer to keep these issues private and don't exactly want to go discussing them in public. In these situations, people may think that they can't or shouldn't talk to anyone about their concerns; asking for help may seem like the last thing they want to do.