One of the central concerns a person has when they realize they will be getting divorced is how they will survive without their spouse’s income. Couples who purchase real estate and other property based on two incomes often wonder which they’ll be able to keep and how they will support their children. Maintaining a similar lifestyle after divorce is not impossible, but it takes some planning. A divorce attorney in Jefferson County, MO, could help a client examine his or her current financial situation to determine how life might look like after the divorce.
Many spouses do not know their rights when it comes to divorce. They may assume that because their husband or wife owned their home before they got married, the spouse has the right to a portion of its value. In fact, in many cases the property may be considered marital property and subject to division, especially when the property was refinanced after the marriage or the deed was changed to include both spouses. A divorce attorney may explain the factors that can affect whether the property belongs to a couple or a single spouse.
Another asset that confuses some spouses as they begin to prepare their post-divorce budget is their retirement accounts. Many people believe that their employer-sponsored accounts are separate property and they will be able to keep their balance after the divorce. However, if the account was funded during the marriage, there is a good possibility it will be counted as a marital asset. A divorce attorney in Jefferson County, MO, may investigate to determine if his or her client’s spouse has retirement accounts they aren’t aware of, so that money can be divided equitably in the divorce.
Veteran benefits and pensions may also be subject to division. Before agreeing to a divorce settlement, it’s very important for a spouse to consult an attorney who understands the relevant laws and could ensure the client receives everything they are entitled to in the divorce. Separating from a spouse can be emotionally exhausting, but it doesn’t have to result in financial distress. Potential clients can visit the website for more information and to get in touch with a lawyer.
