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Springfield Divorce & Family Law Blog

How do I split a retirement account?

13371859_S.jpgIf you and your spouse have decided that you are going to get divorced in Missouri, you have no doubt wondered how you will split your assets and your liabilities. For many people, a home and a retirement account tend to be the largest and most valuable assets they have. While it may seem that splitting a 401K account should be relatively simple, special care must be taken in order to avoid paying out high penalties and taxes that essentially eat up a lot of your hard-earned savings.

The United States Department of Labor explains that when a person removes money from a 401K account for reasons other than for retirement, they may be assessed early withdrawal penalties as well as income tax. You may be able to prevent these assessments by using a qualified domestic relations order. This allows your spouse to be named as an alternate payee on your account. Money can then be distributed directly to them, taking you out of the equation altogether.

Divorce issues and stress

49160602_S.jpgWhether you are in the early stages of planning your divorce or have already split up with your spouse, you may encounter stress as a result of divorce issues. At Stange Law Firm, we know the variety of reasons why this occurs in Missouri. For example, someone who is preparing to file a divorce petition may be unsure of the way that divorce will impact them and they may worry about having financial consequences or how ending the marriage will affect their ability to spend time with their kids. Even after a divorce is finalized, spousal support, child support, and other family law matters can generate anxiety.

In order to combat the emotional toll of splitting up with a spouse, there may be various strategies you should consider. For example, speaking with your marital partner may help prevent confusion and simplify the process of divorce. That said, this is most certainly not possible in some cases, especially divorces which are very contentious. By going over the details of your divorce case and understanding how laws could affect you (such as the way in which courts determine how to split up marital property), you may be able to enjoy some peace of mind through preparation.

Seasonal work and child support obligations

42892638_S.jpgAs a parent who is required to pay child support, you may have all sorts of concerns, questions, and responsibilities. For example, you may have fallen behind on your child support payments or worry about your ability to stay caught up. At Stange Law Firm, we also know that some non-custodial parents encounter child support problems due to the seasonal nature of their job.

Some people do not have steady income throughout the entire year for many different reasons. For example, some jobs may have an abundance of work in the summer and relatively little in the wintertime. Or, workers in certain fields may be laid off during a particular time of year. If your income changes substantially, you may have a hard time paying your child support. However, it is essential to keep in mind that child support obligations do not automatically vanish just because a worker is facing financial problems due to being temporarily laid off or even fired.

Can fault affect spousal support?

54898560_S.jpgFor couples going through divorce, an array of legal challenges can create complications. In Springfield, and around Missouri, some couples struggle with spousal support, also known as alimony. For example, they may disagree on how much should be paid or one party may worry that they will be unable to make payments on time. For couples in this position, speaking to a legal professional may help. Moreover, it could be useful to go over the ins and outs of spousal support, such as understanding how courts determine how much should be paid.

According to the Utah Legislature, there are an array of issues that are reviewed by courts when making decisions related to spousal support. While many people are aware of factors such as each party's income and financial standing, some do not realize that fault can play a role in how alimony is awarded. In fact, if one party was at fault in a way which played a substantial role in the couple's decision to split up, the court will review what happened. Examples of fault include a person threatening the life of his or her spouse or child, physically hurting a spouse or child, and committing adultery.

Handling a former spouse's refusal to pay spousal support

42706524_S.jpgFrom child support to the distribution of a couple's marital property, there are a wide variety of family law matters that arise in Springfield, and across all of Missouri. However, spousal support can be especially tricky for different reasons. For example, a former spouse may not want to fulfill their obligations because they are bitter with their former marital partner. At Stange Law Firm, we know how these issues can impact entire families and believe it is essential for people on all sides of these disputes to strive for a healthy outcome.

If your former spouse is not paying his or her spousal support, you may want to try talking with them. Unfortunately, this often does little to encourage them to start fulfilling their obligations. Sometimes, people going through these challenges decide to take their case to court. If you are thinking about taking this action, it is vital to make sure that you are prepared. On the other hand, some spouses are unable to continue paying alimony because they were laid off or are going through financial hardships for another reson. It should also be noted that some people facing these hurdles are able to modify their spousal support order, which can be beneficial for both parties since they will be able to stay current on their payments.

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Stange Law Firm, PC

Stange Law Firm, PC
901 E. St. Louis
Suite 404
Springfield, Missouri 65806

Phone: 417-799-7887
Fax: 417-799-3344
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