Divorce is emotionally and personally stressful, and it is also incredibly financially stressful. There are many immediate costs to divorce, as well as long-term financial implications. A skilled Lee’s Summit, Missouri, divorce attorney is critical to navigating these financial issues and protecting your assets and other financial interests.

It can feel counterintuitive to hire an attorney, but an attorney can help you secure fairer property division and support payments, and consider other financial issues like the tax implications of splitting certain assets.

Immediate Costs of Divorce

The divorce process itself is costly, even before considering the decisions of the final divorce orders. Not all divorces have the same costs, however. Some divorces can be resolved with one court hearing to approve a separation agreement, while litigated and contested divorces may take numerous trial dates. The financial differences between contested and uncontested divorces are important to consider.

Some of the immediate costs you will want to consider in any divorce include:

  • Filing fees.
  • Serving papers.
  • Divorce attorney costs.
  • Court costs for a hearing or multiple court dates.
  • Financial professionals, accountants, and forensic account fees.

The costs for these services and actions can range significantly based on your local laws and the complexity of your divorce. High-income or high-asset divorce will likely require more work from more financial professionals, which can increase the costs.

Attorney costs are a large part of the immediate costs of a divorce, but getting a divorce without an attorney can cost you more than it saves. Depending on the type of divorce you are getting, an attorney may directly protect your rights and interests or mediate the negotiations between you and your spouse to ensure fair and legal determinations.

This knowledge and advice is valuable, as it can prevent you and your spouse from creating a financially unfair agreement. Even spouses who are amicable and trying to find a beneficial resolution to their divorce can make mistakes that create financial hardship for their spouse.

Long-Term Costs of Divorce

Divorce has overarching financial effects, from the direct consequences of court orders to the general financial effects of two people now living separately from their individual income. Some of these costs include:

  1. Property division. In any divorce, spouses have to split their marital assets, meaning they both end up with less property. This may include assets like retirement plans, bank accounts, and personal property that were obtained during the marriage.
    Several factors can affect the division of assets, including the existence of a prenuptial agreement, the value of each spouse’s separate property, and the conduct of each spouse during the marriage. Property division can be decided by the court or negotiated by spouses.
  2. Spousal maintenance and child support. Spousal maintenance is not awarded in every divorce, but any divorce with children involved is likely going to involve child support. These payments can cut into one spouse’s income and assets considerably after a divorce.
    In some cases, one spouse will be paying both payments. It is important to ensure these amounts are fair to financially support a custodial parent or less-well-off spouse without causing financial harm to the other spouse.
  3. Decreased income. A married couple typically operates with two combined incomes. Following divorce, each spouse only has their own income in addition to having fewer assets because of property division. If only one spouse earns income during the marriage, this can leave the other spouse in a difficult financial position after a divorce.
  4. Increased expenses. Certain expenses can increase significantly for both spouses. Instead of each spouse splitting the cost of their home, each is now fully paying for their own separate living space. This change in expenses can affect many other aspects of each spouse’s life.
  5. Child custody. After a divorce with children, one spouse may have more significant custody of their children. That parent will have significantly more childcare expenses, which are not always fully covered by child support.

FAQs

Q: How Are Assets Divided in a Divorce in Missouri?

A: Assets in a divorce in Missouri are divided under equitable distribution laws, meaning the assets that are considered marital property are divided based on what is considered fair. Missouri courts focus on a just division and determine what is just based on numerous factors, including:

  • Each spouse’s economic situation at the time of separation.
  • The contribution of both spouses to securing and maintaining marital property.
  • The value of each spouse’s separate property.
  • Each spouse’s conduct during the marriage.
  • The custody determination for any children.
  • The importance of providing the family home to the spouse with custody.

Q: What Are the Financial Implications of Divorce?

A: Divorce is a costly process, with many immediate financial consequences and long-term financial implications for both spouses. Divorce costs both spouses in attorney’s fees, court costs, and filing fees.

Spouses must also split their assets, and have to manage their budget with less income. If one spouse has primary custody of children, this will significantly limit their finances. Not all divorces are the same, however, and there are ways that spouses can limit the financial effect of divorce, including by keeping their divorce from being litigated.

Q: How Many Years Do You Have to Be Married to Get Alimony in Missouri?

A: There is no set number of years you must be married to get alimony in Missouri, although the length of the marriage can affect how long spousal maintenance is awarded or the amount of the maintenance. The court might allow maintenance if it is requested by a spouse who meets the following requirements:

  • Does not have enough property to cover reasonable needs, even after the division of property.
  • Is not able to get support through employment or is unable to seek employment outside the home due to the needs of a child in their custody.

Q: How Can You Protect Your Finances in a Divorce?

A: One important thing you can do to protect your finances in a divorce is inventory your assets and create a new budget for yourself based on what your new income and expenses are likely to be following a divorce. This can help you plan ahead and save money. There are also options for less expensive divorces, like alternative dispute resolution.

It’s important that you do not remove money from shared accounts or anything that would be considered hiding assets.

Finding the Right Divorce Attorney in Kansas City

The financial challenges of divorce can be better addressed with the right attorney. An experienced family law attorney can help you determine how to protect your assets during the process of a divorce. Contact Stange Law Firm today.