While the divorce process itself can be costly, many divorcing couples worry about what their finances will look like after the divorce. Life will change dramatically and handling your finances may be a little different. However, it doesn’t have to be a change for the worse when you have an experienced divorce lawyer on your side.
Typically, Missouri courts allow for marital property (including both assets and debts) to be divided equally during a divorce. The goal is to provide each spouse with an equivalent lifestyle. In some cases, this may mean that the lower earning spouse is awarded alimony paid by the higher earning spouse for a period of time after the divorce. Typically, this is temporary and only lasts while the lesser earning spouse receives training or education to allow them to live independently. Generally speaking, the court will not allow one spouse to become destitute while the other is financially well off. Under the law, property division will be as equitable as possible.
Although the division of assets in a divorce is equal, your lifestyle, budget and finances will be very different. When you split one household into two, there are inherently more expenses. There will be two mortgages, two sets of utility bills, and other expenses that are now doubled. You may need to change to your spending habits in order to accommodate this change. However, with the help of an experienced divorce attorney, the goal will be to minimize the changes you have to make.
If you are considering a divorce, or are already involved in the process, and are concerned about your finances, it is critical to speak with a veteran divorce lawyer. Don’t hesitate to reach out to the seasoned legal team at the Haefner Law Office today to discuss your needs and to learn more about what your rights are during the divorce process and what may or may not be in your best interest.
We are available now for a consultation by calling (314) 200-6101.