Although there are many types of retirement plans out there, many if not most people in the Saint Louis area have what is called a defined contribution plan like their employer's 401(k) plan.
Inheritances fall under the property division process during divorce. As a result, divorcing spouses may have questions related to how an inheritance is handled during this process, as well as methods to protect an inherited asset or property from division when a marriage dissolves.
As this blog has discussed before, marital property is subject to the property division process when a couple divorces. This means that separate property is not subject to the property division process but there is a third category of property that can come up during divorce and property division that divorcing couples should be familiar with which is commingled property.
There's nothing easy about divorce. The marriage dissolution process often has very real emotional consequences, even if divorce ends up being better for an individual in the long run. Additionally, divorce can have a tremendous financial impact on an individual, which might make life post-divorce all the more challenging. This is why it is critically important for divorcing individuals to be aggressive during the property division process, which starts with knowing what assets are in play.
Divorcing couples often struggle to figure out how to divide their marital assets. Successfully divvying up this property is often dependent upon accurate valuations and a firm understanding of one's post-divorce financial goals. Although most couples are able to fairly divide retirement and bank accounts as well as pieces of personal property, the marital home is an asset that often brings up a lot of issues.
There are generally two primary categories of property during divorce and property will be defined as one or the other to help decide what is divided and what will not be subject to the division process. Sometimes considered a third category or property, or simply a separate designation, is commingled property which it is also helpful for divorcing couples going through the property division process to understand.
If you're considering divorce, then you've got a lot on your plate. You need to consider how your child custody arrangements will be laid out, how marital assets will be divided and whether alimony will be paid. Navigating the tangled web of divorce can be overwhelming and much more complicated than initially thought. Since many Midwesterners going through marriage dissolution find themselves down in the weeds trying to figure out matters like whether visitation drop offs will occur at the mall or a parents house and the value of a long treasured family heirloom, it can become easy to lose focus of the big picture.
How property is divided during divorce is an important concern for couples in Missouri. Understanding some property division basics can be helpful to ensure that divorcing spouses can protect their interests and reach a property division settlement agreement that both parties can live with.
Divorce can take an emotional and financial toll on people of all ages. Short-term and long-term marriages can both have tremendous ramifications when they end in divorce, which is why Midwesterners need to do everything they can to protect themselves and their well-being when marriage dissolution is on the horizon. While this often means surrounding one's self with supportive friends and family, it also means knowing how to utilize divorce laws to one's advantage.
The division of marital property can be one of the most contentious aspects of a divorce, and for good reason. The outcome of this matter often sets the stage for one's post-divorce finances, which means that a poorly negotiated divorce settlement or improperly handled litigation of the matter can lead to long-term financial strife. This is why it is often advisable for Midwesterners who are considering divorce to work closely with a legal advocate who can help them advance their position and secure a firm financial foundation for their life post-divorce.