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June 2018 Archives

Divorce can affect readiness to retire

People in Missouri who choose to divorce could face economic effects that linger over the years, even long after the divorce was finalized. While many people who plan to divorce are well aware that the end of a marriage can be accompanied by difficult financial, emotional and practical changes, one study has pointed out that divorce can impact retirement readiness. In a study by the Center for Retirement Research at Boston College, researchers found that individuals who had been through a divorce were 7 percent more likely to face a risk of financial crisis upon retirement.

How disability can affect child support payments

Disability can change nearly every aspect of a Missouri family's life, especially when the disabled parent is a major source of child support. Because parental disability can have such a significant effect on income, it can also mean major changes for the children as well as for the parent. In general, child support orders are based on a formula that includes the parent's income as a major factor in the calculation. It is assumed that the parent will continue to maintain at least this level of income while their children remain minors. However, disability can cause a significant and unexpected change in a parent's earnings.

Steps for dealing with child support after a job loss

The loss of a job triggers many financial concerns. For parents in Missouri who pay child support, sudden unemployment can lead to worries about complying with court orders in addition to other monthly bills. Unemployment does not alter or postpone the requirements set by the court for supporting children.

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