Married couples in Missouri tend to accumulate quite a bit of marital property over the years. While this might not seem like that big of a deal, it can be difficult to wade through marital assets during a divorce. There are a few things divorcing couples should keep a sharp eye out for when going through property division.
What happens to the house?
Real estate is often one of the biggest financial investments most people will ever make. What happens to that investment during a divorce can have financial repercussions in the future, especially if one person keeps the property but is unable to keep up with the mortgage, upkeep costs or taxes. Some couples may be dealing with more than just the marital home, too. Other types of properties that tend to show up during property division include:
- Vacation houses
- Business properties
- Rental properties
Watch out for debt
Unfortunately, debt that is jointly owned does not disappear during a divorce. Instead, it has to be divided up just like any other asset. Spouses should be careful during this process, because it is possible to end up having to pay back a debt that may be in either both or just one person’s name. Regardless of what the divorce settlement may say about repayment, creditors will target the person listed on the account in event of nonpayment.
Decisions made during the divorce process can affect one’s financial stability in the future. It is important to have a clear understanding of how processes like property division, child support and alimony might play a role in that stability. For further clarity regarding these matters, some divorcees in Missouri choose to reach out to a knowledgeable attorney.