On behalf of Stange Law Firm, PC posted in divorce on Wednesday, December 14, 2016.
When couples in Missouri divorce, finances are often a primary consideration. As they prepare for starting new lives as individuals, they have to find ways to separate their finances and divide their property. In some cases, this may seem easier than it actually is.
Many people limit the way they think about their personal finances to the accounts and property that they deal with on an everyday basis, such as savings and checking accounts, the home they live in and their credit cards. Investments, particularly more complex retirement accounts, may not be an area of consideration when negotiating a divorce settlement.
Unfortunately, this can leave people vulnerable during a time of major transition. They should be aware of all investment accounts that are held both jointly and individually. Without this information, anequitable division of marital property and debt may not take place.
It may also be a good idea to get expert advice on how to value and divide these accounts. For example, some retirement plans require the court approval of a Qualified Domestic Relations Order so that a plan administrator understands how to divide funds at the time of retirement. Some financial experts also advise divorcing spouses to consider taking out life insurance policies on each other in case a party owing support, for example, dies before the full amount has been paid.
Individuals who are considering a divorce may benefit from speaking with an experienced family law attorney. Property division can be complicated, and an attorney can often retain accountants and other advisers so that all assets are accounted for and properly valued.
