High-asset divorce could have forgotten financial aspects

| Jun 23, 2021 | Divorce |

There are some things that can drastically change the course of people’s lives. One of those things is divorce. Missouri couples may be under the misguided notion that divorce will not affect their lives very much and that includes their financial lives. That is not often the case, however, especially when a couple is in the throes of a high-asset divorce.

Fair agreement

Experts agree that the financial picture of a couple must be considered very carefully to make sure a fair divorce settlement is reached. The income of each spouse along with outstanding debts must be considered since there may be a big drop in household income after the divorce becomes final. Missouri is an equitable distribution state meaning there are certain factors which must be taken into consideration when deciding who gets what. A judge may rule that not all assets and debts should be divided equally.

Other considerations

Attention must also be given to possible income in the future and distributions. Spouses should also remember to change the beneficiaries on their wills. Also, some people do not realize they may be able to receive Social Security benefits through the work record of a former spouse.

Missouri residents who may be going through a high-asset divorce must have clarity regarding their finances when a divorce becomes final. A number of professionals may be able to help such as a lawyer, accountant and a financial planner. Understanding how the law factors into these types of cases can be of great benefit.