Ending a marriage is never easy. When two people have built a life together, it can take a bit of strategy to untangle the threads. One facet of divorce is property division, where the two parties divide the marital assets between them. Retirement accounts and investment accounts typically represent the divorcing couple's largest collection of funds. In Missouri, each type of account has its own rules for separation, and by following the rules, an individual can avoid common mistakes that could potentially reduce his or her portion of the sum.
The process of divorce can be a challenging time when two individuals determine how the shared property will be divided. After the dust clears, one or both partners could be left with a sum of funds that will need to fully or partially finance their lifestyles for years to come. By choosing to invest one's portion of the marital assets, a Missouri resident may be able to get more mileage from the share of the divorce settlement that he or she receives.
Hiding assets during divorce proceedings is sadly not that uncommon. Missouri couples who are going through a high net worth divorce may understandably feel a strong urge to protect the assets that are most important to them, but some individuals take it too far. Although hidden assets are certainly nothing new, some divorcees are using newer technologies to conceal marital property.
A home is one of the biggest purchases that a person will ever make. However, a home can also be one of the most difficult marital assets to divide during a divorce. When considering who -- if anyone -- will maintain ownership of a marital home, it is important to consider all of the possible implications.
Keegan-Michael Key might be most well-known in Missouri for his comedy work, but he has more recently made headlines for the end of his marriage. His high net worth divorce from Cynthia Blaise was finalized several years after the initial filing. The couple did not have any children, and although they did not have to deal with custody or child support matters, Peele's high net-worth likely complicated the process.
Missouri residents going through divorce likely understand that change is an inevitable part of life. In many instances -- such as in an unhappy marriage that ends in divorce -- change can be a good thing. However, almost all change should usually be considered carefully for how it may impact a person's future. With potential tax reform on the horizon, those going through a high asset divorce should be aware of the possible changes to alimony.
Whether worth tens of thousands of dollars or significantly less, retirement savings are incredibly valuable to most people. Even relatively small accounts can provide a solid foundation for financial peace during retirement. Many divorcees in Missouri are understandably worried about how their retirement savings will be handled during equitable division.
Ending a marriage can be stressful, most couples in Missouri would understandably like to push through the process as quickly as possible. However, rushing a divorce is rarely a good idea, particularly for those who have significant marital assets. Complex property division, spousal support and additional expenses can all have a profound financial impact and should be considered carefully.
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.