Protecting your separate property

On behalf of Stange Law Firm, PC posted in High Net Worth Divorce on Thursday, September 12, 2019.

A common concern that many of those preparing for a divorce in Springfield have is what sort of financial obligations the dissolution of their marriages will leave them with. For example, you may be fine with having to pay for the continued support and care of your children, yet you may not share the same affinity for doing so for your ex-spouse (particularly when their own actions have comprised your financial standing). Many of those in your same situation have come to us here at the Stange Law Firm PC concerned that even the separate property they hold will end up being impacted by a divorce.

If you also worry about this, you should know that state law affords you certain protections in this regard. Section 452.170 of Missouri’s Revised Statutes states that if your spouse’s actions give you justifiable cause to live separate and apart from them, you may petition the court to ensure that any property you hold in your own right be reserved for your sole benefit.

What does this mean to you? Say that you established your own business prior to your marriage. While ownership of the business remains yours alone, any appreciation in value that it experienced during your marriage might be considered shared. Yet if your spouse’s actions justify it, you can attempt to exclude them from benefiting from their affiliation with your company (such as being entitled to ownership shares or a portion of profits). Any actions committed by your spouse that are either criminal in nature or demonstrate ill-usage of your separate property may warrant you taking such a step.

More information on protecting your financial rights during a divorce can be found by continuing to explore our site.

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