While tax season may be half a year away, if you are thinking about a divorce or deep in the middle of the process, you should remember to always consider the tax consequence of your choices. There are many elements of a divorce that affect your taxes and many of the financial elements of your divorce should be calculated in light of how taxes will affect the actual sum you may receive.
One issue with a divorce is that it upsets the routines a family has grown accustomed to. A father and mother separate and the children are shuttled between them. What had been normal is no more and something has to fill that space. You can fill it with conflict, disputes and acrimony. Or you can decide to work with your child's other parent to do what is best for your children.
One element of a divorce that may be lost in all of the emotional trauma and other legal dealings is the effect of a divorce on a will, life insurance or other estate plans. While it is likely that creating a child custody or parenting plan or dealing with issues related to child support may take much of your attention, you should not ignore these other aspects of your divorce.
Divorce is, at its core, a legal procedure. In dissolves a marriage in Missouri, separating the property and debts of a couple. If you have children, it also contains the custody order or parenting plan that will govern the parent's relationship with their children and with each other until those children reach the age of majority.
Previously, we began speaking about current Missouri law, which does not provide that joint physical custody involves equal time with each parent. As we pointed out, the statutory language only guarantees "significant" time with each parent, which can obviously be up to the interpretation of the judge assigned to the case.
Divorce is typically a significantly disruptive event for everybody in the family, both couples and their children. Certainly, children are particularly vulnerable in the divorce process, and need the emotional and financial support of both parents during and after the process. The arrangement a couple has regarding parenting time can make a difference.
One of the problems with a divorce is that even when you do everything right, the outcome may not be exactly as you hoped. This can occur in a wide variety of situations, but one man describes a situation that may not be all that uncommon.
When a person notices that a friend or someone in their family is going through a general type of life experience they have also gone through, like a divorce, one of their first inclinations might be to provide advice based on their own experience. So, one thing divorcing individuals may get a lot of over the course of their divorce is advice from friends and family members who have gone through a divorce.