Missouri Divorce & Finances
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UPDATED: Feb 26, 2020
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The division of joint finances in a divorce is one of the most unpleasant and potentially confusing aspects of the process. There are numerous questions involved. How will the joint property be divided? What will the tax consequences be? Do you have estate planning issues to settle? Will there be spousal support payments, and if so, how much will be owed and for how long? The following headings discuss laws specific to Missouri divorce and finances.
Missouri Property Division/Community Property/Debts:
Missouri is an’equitable distribution‘ state. This means that marital property will be distributed after the divorce on terms considered’fair’ (but not necessarily equal). Among other factors, the court will consider the contributions of each spouse to the marital estate, the total value of the properties of the parties, the economic circumstances of each party, any misconduct that may have occurred, and the amount of spousal support awarded.
Missouri Spousal Support:
There is no automatic obligation for either spouse to support the other in the event of a divorce. However, where the court does grant spousal support (also called maintenance or alimony), it is done on a case-by-case basis and in consideration of many factors including:
- The financial resources of the party seeking support;
- The time and input of resources necessary for the party seeking maintenance to find appropriate employment and sufficient education and training for that employment;
- The established subjective standard of living during the marriage;
- Marriage duration;
- Physical and emotional condition of the party seeking maintenance;
- The ability of the potentially paying spouse to meet his/her own needs while meeting those of the other spouse; and
- Any other factors the court deems relevant.
Note that the spousal award amount and duration, once determined, are not set in stone. The award may be modified or eliminated when circumstances justify it, including one party entering into another marriage or similar arrangement, or a material change in the financial circumstances of a party.
Missouri Divorce/Child Support/Child Custody Lawyers:
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Find an experienced Missouri Child Support/Custody Lawyer at AttorneyPages.com
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