A Missouri divorce is never easy, especially when it comes to money. There are a lot of financial hurdles that need to be overcome, and it can be difficult to know where to start. The good news is that when you understand the most common financial hurdles in divorce, you can be better prepared to handle them. These hurdles include the following:
Dividing up assets
Depending on the assets that you and your spouse have, this can be one of the most difficult parts of getting a divorce. For instance, if you have a lot of property, you will need to figure out who gets what. This can be a very complex process, and it is important to get professional help if you are struggling with it.
Another thing to consider is how your assets will get divided up if you have children. In many cases, the custodial parent will get the majority of the assets. This is because the custodial parent is typically the one who provides more financial support for the children.
Dealing with debt
If you and your spouse have a lot of debt, it can be tricky to figure out who is responsible for what. In some cases, the court may order one spouse to pay off all of the debt. However, this is not always the case. Sometimes, the debt is divided up between the two spouses.
It is important to remember that you are not responsible for your spouse’s debt. However, if you have joint accounts, you may be liable for some of the debt. Therefore, it is important to close any joint accounts that you have as soon as possible.
Figuring out child support and alimony
If you have children, you will need to figure out how much child support you will need to pay. Child support is typically based on the income of both parents. However, there are a lot of other factors that can affect how much child support you will pay. For instance, if one parent has sole custody of the children, they may receive more child support. Alimony is typically paid by the higher-earning spouse to the lower-earning spouse. However, there are a lot of different factors that can affect whether or not you will have to pay alimony.
There are many other financial hurdles that you may face during your divorce. However, by being prepared for these common ones, you can make the process a lot easier for everyone involved.