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What are the different types of property during divorce?

21860558_S.jpgThere 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.

Ensuring divorcing couples understand the different categories of property, and how they impact them and their divorce, is valuable during the divorce process. The two primary categories of property are marital property and separate property. As a general rule of thumb, only marital property is subject to the property division process. Marital property refers to property and assets the couple acquires while they are married. Separate property, by contrast, generally includes property that one of the spouses entered the marriage with and acquired prior to the marriage.

Be careful when divorcing; it may affect your credit score

58229841_S.jpgIf 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.

One major part of that picture that is often overlooked is how one's credit is oftentimes inextricably linked with his or her marriage. This is because many married couples jointly hold multiple accounts. While these usually include bank accounts, they also include credit card and loan accounts. With jointly held accounts, each party is responsible for the entirety of the debt, which gives rise to opportunities for unfair debt handling when a marriage sours.

Establishing paternity for child support purposes

12054218_S (1).jpgRaising a child is an expensive endeavor and one that a parent shouldn't face alone. Unfortunately, though, far too often noncustodial parents try to dodge their financial obligation to their child, especially when that child is born out of wedlock. In these instances, men oftentimes deny that they are the father of a woman's child. When they are successful in doing so, they avoid child custody and child support issues.

Yet, women in the Midwest should not give up simply because a man claims he isn't the father of a child. Instead, they should do everything in their power to secure the financial resources their children need and deserve. The first step in doing so is to establish paternity.

Property division basics in Missouri

38072942_S.jpgHow 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.

Missouri property division is based on equitable property division laws. What is important to note is that only marital property is subject to the division process. Separate property is not subject to the property division process, so an important consideration for divorcing spouses to fully understand is what is considered marital property and what is considered separate property. In some circumstances, the categorization of property can be complex, so it is valuable for divorcing couples to be as familiar as possible with how the process works.

Property division critical in gray divorces

98229462_S.jpgDivorce 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.

This is of particular importance to individuals who are age 50 and older. These so-called gray divorces have doubled over the last 30 years or so, and the financial consequences for those involved are stark. According to some reports, these individuals face about a 50% loss of wealth upon divorce, which may make sense, but when coupled with significant income losses, these older individuals can face financial challenges. This is especially true for women in this age group who see their standard of living decrease by up to 45% compared to a 21% decrease for their male counterparts.

How to deal with unfair divorce tactics

43837501_S.jpgEnding a marriage can be a challenging experience on many different levels. The emotions that are tied up in the marriage dissolution process can be more than enough to make it difficult, but the logistics of untangling two lives can be overwhelming. Making matters worse, a contentious divorce can see the parties taking steps to try to thwart a fair resolution. This is why Midwesterners need to ensure they are protecting themselves as fully as possible throughout the divorce process, which includes knowing how to identify some of these brutal tactics and how to adequately address them.

So what are some of these strategies? One is to delay the divorce. One party may try to delay dissolution simply to hurt the other party. They might agree to divorce terms, and then refuse to sign an agreement in hopes of renegotiating, failing to sign the renegotiated agreement. This can cost an individual a significant amount of time and money, not to mention stress. To avoid this, a party may be able to identify when it is best to stop negotiations and take the matter to court.

Divorce, property division and hidden assets

73495332_S.jpgMarriages should be built on trust. Yet, when some Midwesterners contemplate divorce, they begin to shroud themselves in lies. There are many reasons for this behavior. Shame can play a role in instances of infidelity, but oftentimes, these lies have financial motives. Those individuals who know the laws as they pertain to divorce may realize that marital assets will be subjected to property division; thus, they seek to hide assets in an attempt to keep them for themselves.

While this behavior is unethical and illegal, it is sometimes difficult to detect. Making matters worse is the fact that those who fail to identify hidden assets can be left without the financial resources they need and deserve post-divorce. This is why it is sometimes critical that those who are going through marriage dissolution work with a forensic accountant.

How to develop a parenting plan for child custody

47230746_S.jpgAs part of the child custody and visitation process, parents are required to submit child custody plans. Because the process of developing a parenting plan for child custody and visitation can be challenging, it is useful for parents to rely on family law resources to help them through the process.

Child custody, visitation and parenting plans are all based on what is in the best interests of the child and it is important for parents to keep this in mind. Parenting plans need to include certain elements, including: child custody and visitation, which should also include holiday schedules; childcare expenses; education, college and extracurricular expenses; healthcare costs; who will claim the child on their income tax returns as a deduction; locations designated for exchanges and transportation costs; decision-making rights and responsibilities; and dispute resolution methods.

Child custody and the importance of a father's presence

35849393_S.jpgIt's a sad reality, but fathers are often overlooked in our society. This is especially true when viewed through a child custody lens. Mothers automatically retain custody of children who are born out of wedlock and child custody disputes that arise during divorce proceedings can find a man struggling to prove why he is better suited to further his child's best interests. Some men even find it difficult to merely obtain visitation with their children, which is nothing short of tragic.

As a result, many men choose to not pursue their fathers' rights. This can have a profound impact on a child's life, as studies have shown that a father's presence can benefit a child in a number of ways. To start, children who have a father present in their life are less likely to drop out of school and become incarcerated. These children are also less likely to engage in risky behavior. Additionally, children with present and engaged fathers tend to have higher IQ scores and are better equipped to deal with psychological problems arise throughout their lives.

What is an uncontested divorce?

47215395_S.jpgThere are generally two types of divorce based on whether there are contested issues between the divorcing spouses or not. In circumstances of an uncontested divorce, the divorcing couple are largely able to work out the major divorce-related issues and agree to how they want to resolve property division, spousal support, child support and child custody. Whenever a couple is entering a divorce process, however, it is likely they have questions.

An uncontested divorce refers to when the divorcing couple agrees to the divorce and the divorce-related issues between the couple are not contested. An uncontested divorce can be less costly and time consuming compared to a traditionally litigated divorce. A litigated divorce, or contested divorce, refers to when the divorcing couple hashes out divorce-related issues through the litigation process.

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