Parents in Missouri and throughout the country tend to have more flexibility when it comes to custody arrangements these days. In the past, a custody arrangement usually stipulated that a father would have limited time to see his children. However, custody arrangements today are centered around what is best for the child as opposed to what the parents want.
March 2018 Archives
For couples in Missouri who reach the decision to divorce later in life, the financial impact of the end of a marriage can be particularly jarring. Deciding to divorce after 50 can mean that the partners involved have less opportunity to make a financial recovery after the asset division and monetary losses involved in a divorce. While both partners may be planning to rely on savings they have accumulated throughout their lives, they will now need to support two households with the same amount of money and property.
When a couple in Missouri is getting a divorce, it might be necessary to make distributions from a retirement account as part of the divorce settlement. If the account is an IRA, this is fairly straightforward although the couple will still need to observe certain regulations such as rolling the distribution into another IRA in order to avoid paying taxes and penalties. If the retirement account is a 401(k) or a pension plan, the process is more complicated.
It may seem illogical to prepare for a potential divorce while also planning a wedding, but that is exactly what many pragmatic couples in Missouri and elsewhere are doing. High divorce rates make asset protection a concern in the event a marriage fails, and implementing strategies designed to mitigate exposure is considered by many to be a form of insurance they hope never to use.
When going through divorce, many aspects of your life and your soon-to-be ex-spouse's life will need assessing. Because you will essentially split two shared lives into two individual lives, many minute decisions will need making. In particular, you may have concerns regarding property division and ensuring that you receive your rightful share of the assets.