When a Missouri resident chooses to end a marriage, it may not be a topic he or she cares to discuss. Divorce can be a sore subject for many, and when it comes to a high asset divorce, things just got a bit more complicated. A new tax law is shaking up the way many divorcees proceed financially.
Ending a marriage can be a complicated matter. Turning one household into two separate ones can take time. In the case of a high asset divorce, there is potential for myriad of snags, especially if unrelated legal matters are unfolding concurrently. A former Missouri couple now stands accused of falsely filing for divorce.
Fortunately, the answer to this question is no. Missouri couples now have other, less confrontational and adversarial options when it comes to resolving their issues in a high asset divorce. If you want to avoid a contentious courtroom battle, you may want to consider either mediation or collaborative divorce as an alternative.
At the end of a marriage, an individual may find the need to divide the shared property. What and how the marital assets will be divided are decided during the divorce process. Some assets, like IRAs, have special tax rules that apply. Individuals in Saint Charles, Missouri, who want to separate an IRA during divorce should heed the rules to avoid a tax penalty.
Major League Baseball star Pete Rose has made the bulk of his post-sports career cash by signing autographs. His wife claims that he makes hundreds of thousands of dollars every year doing so, but loses it in gambling. Their pending divorce, started in 2011, continues with a new filing. His wife requested that Rose to reveal his personal finances so that the couple can split the marital assets and finally complete the divorce. Missouri fans of Rose may be interested in the developing case.
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.