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August 2017 Archives

Celebrity child support payments

19381481_S.jpgMissouri parents who are going through the divorce process and negotiating child support might be surprised to find out just how high celebrity support payments can get. Since child support includes an attempt to maintain a lifestyle, the payment amounts can be very high for children of celebrities, who often have been living very lavish lives.

What to know about spousal support

22875714_S.jpgWhen 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.

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.

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  • Saint Louis County: 120 S. Central Ave., Suite 450, Clayton, MO 63105: Clayton Office
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