Going through a divorce is a complicated and highly emotional experience, especially for those with a high net worth. If you own a business or bring home a salary greater than $100,000 a year, it’s important to understand the legal requirements and implications of seeking a divorce in Missouri.
Legal Separation vs. Divorce
In Missouri, legal separation and divorce are two distinct processes.
Legal separation allows a married couple to live apart while they’re still married. It addresses issues similar to those of a divorce, including child custody, property division, and support. That said, a separation doesn’t end the marriage.
Divorce, on the other hand, legally terminates the marriage. Once the divorce is finalized, the former spouses are free to remarry.
Couples aren’t required to be legally separated before they file for a divorce in Missouri. However, anyone considering either a separation or a divorce needs to understand the differences between the two arrangements so they can make informed decisions about their future.
Safeguarding Your Assets Through Separation
While it may not be required for couples to legally separate before they go through divorce proceedings, doing so can offer certain advantages. For those with a high net worth, it can be especially beneficial in the following ways:
- Health Insurance: One spouse may be able to stay on the other’s health insurance plan, which can be crucial if they rely on it
- Financial Considerations: Separation can protect one spouse’s financial interests, especially if they own significant assets or a business
- Time to Reconcile: Legal separation provides time for couples to evaluate their relationship and consider reconciliation without the finality of a divorce
Ultimately, the decision to legally separate before a divorce is a personal one and should be made in consultation with financial and legal professionals. It may not be necessary in every situation, but for couples with substantial assets, it could be the better option.
Your Roadmap to a New Beginning
If you’ve decided that you’re ready to move forward with a divorce, there are certain steps you’ll need to take and things you’ll need to keep in mind. For instance:
- At least one spouse must have been a Missouri resident for at least 90 days
- You must file a Petition for Dissolution of Marriage with the correct court
- The other spouse must be formally served with the divorce papers and given time to respond
- High-net-worth divorces often involve complicated negotiations regarding assets and family responsibilities
- If an agreement can’t be reached, the case may go to court so a judge can make final decisions on the contested issues
Navigating high-end divorces requires specialized knowledge. An experienced family law attorney can provide you with the guidance and representation you need to go through the necessary proceedings with a sense of confidence and security.
Invest in Your Future
Divorce can present numerous challenges that are difficult to face alone. A qualified family law attorney can protect your rights and help ensure that the marital assets are fairly divided in the split, which could be critical for starting your next chapter on the right foot.