During the stressful time of divorce, one of the main causes of that stress is the battle over assets and how it may affect your finances. Distribution of marital assets can be complicated, especially when dealing with a lot of high-value assets.
During a divorce, you need an experienced Missouri divorce attorney who knows the ins and outs of handling finances and protecting your rights to assets. You do not have to face this complicated process by yourself.
Assets and Finances During Your Divorce
Fighting for your rights to assets and protecting your finances is a critical part of the divorce process.
Missouri uses an equitable distribution system when determining which spouse gets what assets. It is the division of marital assets and liabilities that were acquired during the marriage. Equitable distribution is not always a true 50-50 split but rather is a system based on fairness.
The more assets and debts a couple has, the more complicated the process can be. However, with an experienced divorce attorney at your side, you can know with confidence that your rights to assets are protected.
High Asset Divorce
Spouses with a high net worth who initiate divorce proceedings face special challenges. Whether the property is real estate, personal property, or your retirement accounts, it is important to be able to correctly value those high-value assets to ensure they are fairly distributed. This is also true if you came into the marriage with certain assets, as they may not be subject to equitable distribution.
Equitable distribution will apply to the couples' retirement accounts as well as everything else. This includes
- 401(k) accounts;
- 403(b) accounts;
- IRAs, simplified employee pension IRAs, and Roth IRAs;
- employee stock options; and
- life insurance accounts.
Each of these retirement types has their own unique challenges to divide, and at times your other spouse may not be entitled to all of your retirement.
After a divorce, one spouse may be entitled to maintenance--also referred to as alimony or spousal support. Its purpose is to assist the dependent spouse in maintaining the standard of living he or she was accustomed to during the marriage. When one spouse is better financially situated than another, spousal support may be appropriate.
Why Should I Hire an Attorney?
You deserve to get what assets you are entitled to during the divorce process. However, evaluating your assets and proving to the court what you are entitled to can be difficult without trained legal help. This is especially true when considering complex retirement accounts and the tax implications of asset allocations.
With knowledgeable legal assistance, you can walk into the negotiation process or even trial knowing your rights are being protected by a lawyer with years of divorce experience.
Consult a Missouri Divorce Attorney
Making sure you get what you deserve can be difficult on your own, but with experienced Cass County attorney Joshua Wilson, you can feel confident that your divorce is handled correctly and know that you are not alone during this difficult time.
Contact the Joshua Wilson Law Firm today at (816) 331-9968 for a consultation.