When many Missouri residents get married, they expect to remain married to their spouses for the rest of their lives. However, about half of all couples eventually choose to divorce. One way that individuals who are planning their wedding day can protect themselves is to sign a prenuptial agreement.
Posts tagged "Divorce"
While more Missouri couples may be starting their marriages from a position of equality, plenty of couples still begin with more traditional arrangements in which the husband is the breadwinner. According to a new Swedish study, marriages in which women grow to become higher earners than their husbands are more likely to end in divorce.
The rise in people who are divorcing after the age of 50 shows something that might surprise Missouri residents. Even though there has also been a rise in pressure to stop wage gaps between genders, women aren't as involved in martial finances as men.
Missouri parents who are considering ending their marriages often delay doing so because they worry about how their children will cope with the separation. Some exes find it helpful to keep the advice of family therapists in mind when trying to help their children through the divorce process.
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.
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.
In the past 25 years, the divorce rate has doubled for people older than 50. These "gray divorces" may present certain financial issues since the spouses are nearing retirement. However, there are steps that couples in Missouri can take to protect their finances during a late-life separation.
Missouri couples going through the painful and sometimes protracted process of getting divorced typically view the signing of the final decree as a finish line. While getting a judge's signature on the dotted line is a major milestone, it's not the end of the process. The court order is more like a set of instructions for the parties.