Missouri spouses considering divorce know it is certainly not an easy decision to make, or an easy process to get through. Another significant hurdle in the process of dividing your lives into separate pieces is the division of assets. Divorce is a financial decision as well as an emotional one, and it reaches beyond choosing which spouse winds up with the house and car.
Once you and your spouse have made the tough decision to end your marriage, you will likely face many more challenging decisions. If you are like many other couples in Missouri, how to split your assets and your debts will be some of the most difficult decisions you will need to wrestle with. While many people assume that if a debt is in one spouse's name only that person will assume all responsibility for it after a divorce, that may not necessarily be the case.
If you are one of the many people in Missouri eyeing a divorce this year, you will want to start learning how you may protect your assets. Certainly you know that splitting some assets with your current spouse is likely to be part of your ultimate divorce settlement. However, it is reasonable for you to seek ways to minimize some of your losses. If you expect that you may need to split a 401K or other employer-sponsored retirement account, you will want to know about the qualified domestic relations order.
If 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.