One of the more challenging aspects of divorce is the period after the breakup in which a person must start over again with a new set of finances. Of course, the feeling of independence after a marriage has ended is one of the positive features of ending a marriage. One can increase the likelihood of enjoying the independence if he or she carefully plans for the financial reset. For these matters of property division and spousal support, individuals in Missouri look to family law.
Taxes can be a big concern for those in the immediate aftermath of divorce. If the couple files jointly, they are also jointly liable for any tax debt, even if one spouse earns most or all of the income. A person may apply for a special tax waiver if he or she feels that he or she is not responsible for this debt, however.
During the divorce, financial disclosure will also help a person receive a fair settlement. It can be tempting to rush through some portions of the divorce process because of painful emotions, but keeping a business-minded attitude can help an individual reach a settlement that allows them a more comfortable and independent outcome after the divorce. Marital property is shared, and individuals shouldn’t let emotions rob them of their fair portion.
Navigating the many financial and property decision after divorce can be daunting, and state family law can often be difficult to understand. In Missouri, many people who go through divorce choose not to do it alone. Some choose to rely on the skills and experience of a seasoned attorney in order to have help with the more challenging aspects of divorce.
Source: montereyherald.com, “Barry Dolowich, Tax Tips: Navigating taxes after a divorce“, Barry Dolowich, May 1, 2018