Points to ponder as you consider divorce, property division

When Missouri couples begin divorce negotiations, they can easily become caught up in the details, emotions and difficulties inherent in this process. Questions of asset and property division may be settled rather quickly, but experts believe that moving more at a more measured pace may benefit both partners in the long run and avoid financial problems.

While some couples want to minimize the length of a divorce and consequently end up rushing through the settlement process, they may find that what they have given up costs much more than it would have to simply take their time over the negotiations. Divorce attorneys advise that couples remain truthful about their financial assets, take care of major details such as splitting retirement accounts and utilize the advice of financial experts regarding the true value of their assets.

Family law attorneys also advise couples to choose the right time to file for divorce rather than acting on emotion. They suggest that they separate what they can prior to the divorce through separate accounts or other financial measures.

If a prenuptial agreement exists, its terms should be followed regarding property division. As such, one partner should not agree to a settlement that gives the other more than the prenup allows simply because it will speed up the divorce. Finally, if one partner opts to change his or her will to reflect the changes brought by divorce, a lawyer should be consulted. In fact, some states freeze assets involved in a will or invalidate them upon divorce.

The advice of a family law attorney may be valuable if you are thinking of filing for a divorce or if you are already going through the separation process. Understanding the divorce laws that directly apply to Missouri residents can positively benefit settlement negotiations and give you confidence when reaching an agreement.

Source: Fox Business, “Divorce attorneys share their tips to avoid financial mistakes when splitting up,” Kate Rogers, Feb. 19, 2013