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St. Louis Divorce & Family Law Blog by Stange Law Firm, PC

Financial advisor may provide help during family law proceeding

35329332_s.jpgThe process of getting divorced in Missouri can be challenging on a number of levels, especially when it comes to finances. Unfortunately, making wise financial decisions can be difficult for individuals who are also trying to navigate the emotional aspect of a family law proceeding like divorce. For this reason, seeking the help of a financial advisor is generally a good idea at the beginning of a divorce proceeding.

The financial advisor's first goal should ideally be to make sure that a divorcing party's immediate monetary needs are met. In many divorce situations, individuals end up keeping assets that are illiquid, like investments or homes. Unfortunately,  selling a home to meet one's immediate financial need can be difficult. Likewise, if investments are sold to fulfill a financial need, this has tax consequences.

Divorce financial analyst may help during family law proceeding

41073725_s.jpgWhen two people are going through divorce, they may understandably feel worried about their financial futures. This may be the case whether the two parties have high-value assets or just a few assets to split. However, enlisting the help of a financial expert may help them to tackle this family law matter with greater confidence in Missouri.

Ideally, it is best for divorcing parties to talk to a financial analyst who has experience with addressing divorce-related issues. Specifically, a financial analyst who is certified to work with divorce clients may be the best choice. This person can help to guide a divorcing individual in making expedient decisions concerning the splitting of both assets and debts during the divorce process.

Tips may help those embarking on family law process of divorce

36982921_s.jpgEmbarking on the process of getting divorced can no doubt be overwhelming. This is especially the case for people who have an extensive number of assets in Missouri. However, a few tips may help people who are starting this family law process to achieve the best results possible in their situations.

First, it is crucial that divorcing individuals complete inventories of their family assets as soon as possible. This process includes creating detailed asset lists that specify the assets' estimated values and approximate acquisition dates. The latest account statements can be used to verify the assets' valuations. In addition, tax returns can provide helpful information regarding what marital assets exist and thus are subject to property division.

Family law attorney can help with addressing life insurance

50460539_s.jpgGetting a divorce can no doubt be complex from a financial standpoint. Unfortunately, it is easy for divorcing individuals in Missouri to get so wrapped up in specific financial divorce issues that they neglect other ones that are just as important. One financial issue that is frequently overlooked during such family law proceedings is how to address life insurance.

As people embark on the process of divorce, they may want to think about what drove them to buy life insurance months or years ago. An attorney can then assist them in determining the roles that their current insurance policies will play in the aftermath of their divorce proceedings. In addition, the attorney may provide advice regarding whether to obtain new policies after they get divorced.

Planning ahead may make family law process of divorce simpler

41423721_s.jpgNothing about the process of divorce is easy. In fact, this type of family law proceeding can be incredibly confusing and emotionally overwhelming. However, making some moves early on in the divorce process may make navigating it easier for individuals in Missouri.

Before moving forward with divorce, individuals who are seeking marital breakups may want to establish emergency funds for themselves. These funds do not necessarily have to be large. Even a small fund may make a divorcing individual feel empowered to set off in his or her own direction as soon as possible.

Proactive planning may help make a divorce easier

44216733_s.jpgMissouri residents and others who are going through a divorce are encouraged to retain the services of a financial planner. While a financial adviser can't help with the emotional pain the end of a marriage could cause, he or she may be able to help resolve the matter in a reasonable and timely manner. This person might be able to work with both parties to the divorce to minimize conflict and reduce the overall cost of the proceeding.

In the beginning of a divorce proceeding, it is important to gather as much information as possible. This could include obtaining bank statements, mortgage statements and anything else that might make it easier to understand a person's financial situation. The information can then be organized into a formal document listing an individual's assets and liabilities. From there, an adviser can help a person understand how much an asset is actually worth after taxes are taken into account.

Prominent couple in divorce battle over art collection

47049422_s.jpgHigh-asset couples in Missouri who are going through a divorce may have to resolve complex issues regarding property division. This is the case for a prominent art collecting couple in New York. After a court appearance on Feb. 13, the judge told them they were too far apart on the issues they needed to resolve and scheduled a new hearing for April 2.

According to some sources, the woman wants custody of the couple's two children, but the man will not discuss custody until the two have reached an agreement regarding property division. However, the woman alleges that he is attempting to conceal assets. She says he moved a number of valuable pieces of art from their home, and sources say they were placed in an offshore trust. That trust may be broken by the court in order to distribute the assets if these allegations are true.

Divorce can have many financial consequences

46989473_s.jpgMissouri residents who have gone through a divorce may have lower credit scores and higher levels of debt. According to research from Debt.com and MoneyWise.com, divorce can cost a person $5,000 or more. The price tag includes attorney fees, court expenses and costs related to splitting property after the marriage officially ends. Someone who chooses to end their marriage may also be responsible for a portion of any joint debts accrued while with their ex-spouse.

Credit scores can drop by 50 points or more during and after a marriage comes to an end. This can make it more difficult for some people to obtain new lines of credit or get the lowest interest rates on lines of credit that they do qualify for. Individuals are encouraged to pay their debts on time to maintain their good credit or to improve their scores over time.

Addressing unique challenges presented by military divorce

50882793_s.jpgMilitary personnel going through a divorce in Missouri or another state know that there is no legal difference between the divorce process they go through and the one that civilians use. Still, there are additional factors that can impact divorce for military personnel or their spouse.

For example, the filing process may take longer if one of the divorcing parties is on active duty overseas or in a remote part of the world. Some states allow exceptions to their residency requirements for active-duty service personnel if they want to file for divorce in the state where they are stationed.

Why postnuptial agreements can be worth creating

92879647_s.jpgPostnuptial agreements are similar to prenuptial agreements in that they can specify how assets are to be divided in a divorce. They can also provide clarity as to what a couple will do with their money both now and after they retire. However, as the name implies, a postnuptial agreement is one that is created after a couple gets married. In some cases, this is because there wasn't enough time to finalize a formal arrangement before a wedding took place.

Couples may also opt for a postnuptial agreement because they are trying to implement a new financial management system months or years into their marriages. If a married couple starts a business together, it can be a good idea to have a formal agreement as to what happens to the company if the relationship ends. Having an agreement in place can be even more important if the organization is going to be passed down to a son or daughter at some point.

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  • Saint Louis County: 120 S. Central Ave., Suite 450, Clayton, MO 63105: Clayton Office
  • West County: 16024 Manchester Rd., Suite 103, Ellisville, MO 63011: Ellisville Office
  • Jackson County: 256 NE Tudor Rd., Lee's Summit, Missouri 64086: Lee's Summit Office
  • Jefferson County: 16 Municipal Drive, Suite C, Arnold, MO 63010: Arnold Office
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  • Franklin County: 5 S. Oak St. Union, MO 63084: Union Office
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  • St. Clair County: 115 Lincoln Place Ct., Ste. 101, Belleville, IL 62221: Belleville Office
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  • Sedgwick County: 2024 N. Woodlawn Street, Suite 407, Wichita, Kansas 67208: Wichita Office
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  • Tulsa County: 6660 S. Sheridan Road, Suite 240, Tulsa, Oklahoma 74133:  Tulsa Office
  • Oklahoma County: 2601 NW Expressway, Suite 411 W, Oklahoma City, OK 73112:  Oklahoma City Office
  • Monroe County: 116 W. Mill St., Waterloo, IL 62298 (by appt. only): Waterloo Office
  • St. Louis City: 100 S. 4th St., #549, St. Louis, MO 63102 (by appt. only): St. Louis Office
  • Jackson County: 2300 Main St., #948, Kansas City, MO 64108 (by appt. only): Kansas City Office

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