The emotional cost of remaining in an unhappy marriage often outweighs the potential financial stress created by divorce. While everyone in Missouri should be cautious of their finances during divorce, this is especially true for those going through so-called gray divorces. Divorcing later in life often results in complex property division involving significant financial investments, including homes and retirement savings.
Many Missouri couples spend years building their retirement savings and planning for their golden years. The typical couple generally assumes that they will spend these years enjoying each other's company and perhaps even traveling to new places. However, when reality takes over and the couple realizes that there are no joint golden years to come, difficult decisions must be made. Often, these decisions include the equitable division of property in an upcoming divorce settlement.
In all matters of divorce in Missouri and throughout the nation, the court has the final say regarding any type of settlement, agreement, child custody, visitation or property division issue. In some situations, that's no big deal, and spouses merely formulate their agreed upon plans ahead of time, then seek the court's approval. Other times, however (especially when it comes to the equitable division process), problems arise that prompt concerned spouses to seek outside support.
Gray divorce is on the rise in Missouri and other states. It has nothing to do with hair color or the sky. It does, however, have to do with how old a person is when he or she files for divorce. The term has been applied to those severing marital ties after age 50. In a high asset divorce, this can present significant challenges because the later in life divorce is filed, the more financial issues and property division problems there tends to be.
When divorce occurs in Missouri or any other state, spouses may face obstacles regarding asset division in court. Especially in a high net worth situation (for instance, if a successful business is owned by both spouses) emotions may be highly charged regarding who gets what and what will happen to the business. Sometimes, it's determined that selling a business is the fairest way to handle such circumstances. If one spouse plans to try to maintain control of a business, however, it's best to avoid hidden assets or other questionable means for protecting one's interests.
Being a member of the Royal Family in England is celebrity status at its highest level. Nearly two decades after Princess Diana's tragic death, gossip columnists continue to speculate whether the fatal motor vehicle accident in which she was involved was truly an accident or result of foul play. The princess and her former husband, Charles, had recently secured a high asset divorce, which was headline news at the time. Even though most Missouri residents live far simpler lives, when it comes to divorce and marital property issues, many may relate to the former Princess of Wales' situation.
Not all Missouri couples who divorce have set financial plans for their individual futures. Often, unresolved issues must first be negotiated and final court decisions handed down before a concrete path toward the future can be envisioned. In the meantime, various aspects of a high net worth divorce may be cause for financial concern.
Unlike some other states in the nation, Missouri is known as an equitable property state, which means property and assets may not necessarily be divided evenly during divorce. In community property states, assets and income earned during the marriage are considered owned equally by the parties. In Missouri, and other equitable distribution states, marital assets are distributed fairly, although perhaps not equally.
A recent study was conducted in a state outside Missouri that analyzed divorce data covering a span of 14 years in several counties. Some of that information most likely involved data from more than one high asset divorce. The results of the study were recently presented at an American Sociological Association conference, and they suggested a link between divorce filings and seasonal traditions of families.
Some Missouri couples may relate to Jermaine Jackson's recent legal woes. The music star's third wife has filed for divorce. Often times, a divorce includes a request for spousal support when one of the spouses claims to be financially unstable. The court has the final say in such circumstances, and legal advice is typically beneficial to anyone facing such issues since laws and guidelines vary by state.