On behalf of Stange Law Firm, PC posted in divorce on Saturday, November 5, 2016.
Whether you are thinking about splitting up with your spouse or are already in the middle of a divorce, there are a number of factors you may need to take into account, such as child custody and other legal issues. However, divorce can have a significant financial impact on you as well and it is important to understand how property may be divided. For example, if you live in Jackson County and have an annuity, it is important to know how these assets are handled when couples divorce in Missouri.
According to the Missouri General Assembly, annuities issued after 2000 are considered marital property and subject to division. When dividing annuities, courts must establish how much of the annuity is to be divided each month. However, this amount cannot be greater than 50 percent of the total proceeds an annuity accumulated over the course of a couple’s marriage.
In addition to annuities, there are many other examples of marital property that courts divide between couples when they divorce, such as the family home and other assets that were acquired while a couple was married. When it comes to divorce, preparing for the possible financial consequences is imperative. By developing a solid understanding of how property is divided and other legal matters concerning divorce, you may be able to simplify your experience while preventing costly and time-consuming problems.
Please understand that this piece was written to provide general information on the division of marital property and is not to be taken as legal counsel.