Grant, Miller & Smith, LLP 2024-03-18T13:43:09Zhttps://www.mgmlawfirm.com/feed/atom/WordPress/wp-content/uploads/sites/1303391/2020/10/cropped-favicon-32x32.jpgOn Behalf of Grant, Miller & Smith, LLChttps://www.mgmlawfirm.com/?p=2537142024-02-26T15:01:59Z2024-01-26T11:14:54ZWhen it comes to dividing assets during a divorce, ensuring fairness is important.
In Missouri, taking a strategic approach can promote an equitable distribution of assets without added complexities.
1. Open communication channels
Communication is key during a divorce. Open and honest discussions between spouses can pave the way for fair asset division. By openly sharing financial information and expressing individual concerns, both parties can gain a better understanding of each other's needs and priorities. This helps in creating a foundation for a more balanced distribution of assets.
2. Transparent documentation
Maintaining transparent documentation is a necessity. Keep records of all financial transactions, assets and debts. This includes bank statements, property deeds and investment portfolios. Having a clear paper trail ensures that there is no ambiguity when it comes to understanding the value of assets. Transparency minimizes the risk of disputes and helps in reaching a fair agreement.
3. Professional valuation services
Engaging professional valuation services can be instrumental in ensuring fair asset division. Appraisers can accurately assess the value of properties, businesses and other significant assets. This objective evaluation provides an unbiased perspective, helping both parties reach a fair settlement without the need for legal intervention.
4. Thoughtful consideration of future needs
Anticipating future needs is important in ensuring long-term fairness. Consider the financial well-being of each spouse post-divorce, especially if one party has fewer financial resources. Addressing future needs in the asset division process contributes to a more balanced outcome, prioritizing the well-being and stability of both individuals.
While divorce is an overwhelming experience, you are not alone. In 2021, Missouri had a divorce rate of 2.9 divorces per 1,000 population. As you navigate the process, there are ways to help ensure a more secure fresh start.]]>On Behalf of Grant, Miller & Smith, LLChttps://www.mgmlawfirm.com/?p=2537112024-02-26T14:55:26Z2024-01-17T19:19:22ZDivorce is a complex and emotionally charged process for anyone. However, when it comes to professional athletes in the St. Louis area, unique challenges often arise that require careful consideration.
From financial intricacies to public scrutiny, these individuals face a set of issues distinct from those the general population usually does.
Asset division
Three major men's sports teams play in St. Louis. The Cardinals play baseball, the Blues take to the ice for hockey and St. Louis City SC entertains fans on the soccer field. WNBA team, St. Louis Surge, is the city's women's professional basketball team. The area is also home to several minor league teams.
With many area athletes having lucrative contracts, endorsement deals and investments, determining a fair division of assets becomes an important aspect. In Missouri, where equitable distribution is the norm, negotiations for protecting your assets can become complex. This is because they usually involve substantial financial portfolios and high-value assets.
Alimony and lifestyle maintenance
In many divorce cases involving professional athletes, the issue of alimony, or spousal support, becomes a significant point of contention. The court often considers the standard of living during the marriage since maintaining such a lifestyle post-divorce can be financially demanding.
This aspect may be even more contentious in cases where the athlete's income fluctuates due to performance-based bonuses.
Child custody challenges
The demanding travel schedules and uncertainties of an athlete's career can complicate the establishment of a stable and consistent parenting plan. Courts in St. Louis prioritize the best interests of the child, but reconciling this with the demands of a high-profile athletic career adds an extra layer of complexity.
Public scrutiny and privacy concerns
Divorces involving professional athletes often draw intense public scrutiny. Media attention can exacerbate the emotional toll of the divorce process, impacting the athlete's mental well-being and potentially influencing legal proceedings. Maintaining privacy can be a delicate balance, as public figures grapple with the desire for personal space amid public interest.
Reputation management
Divorce can influence how community members and fans perceive an athlete. This may impact endorsement deals, team dynamics and overall career trajectory.
Navigating these complexities requires careful consideration and strategic planning to ensure a fair and equitable resolution.]]>On Behalf of Grant, Miller & Smith, LLChttps://www.mgmlawfirm.com/?p=2537072023-11-30T19:35:23Z2023-11-30T19:35:23Z
January often brings with it a surge in divorce filings as individuals seek a fresh start in life. It is not uncommon to have such a new beginning as a New Year's resolution.
Besides the connotations associated with the new year, people also often pick the first month to file for divorce because the responsibilities of the holidays are past and they may be more financially free, having filed for taxes. As they begin divorce proceedings, there are many factors they need to consider.
Lifestyle
One significant concern in high-asset divorces is the preservation of the lifestyle that both parties became accustomed to during the marriage. Assets, income and expenditures all factor into maintaining a certain quality of lifestyle. It can be difficult going from a two-income household to a one-income one or from being a stay-at-home parent to a working one. However, it is not enough to look at current assets, income and expenditures. Property distribution and alimony impact whether or not an individual can continue to maintain his or her way of living.
Missouri divides marital property based on equitability rather than equality. Judges generally award alimony based on years of marriage and the lower-income spouse's earning ability and income. However, spouses can negotiate with each other to come to an agreement before the judge steps in.
Child custody
Courts prioritize the emotional and financial well-being of children when determining custody. They consider factors such as the parents' financial stability, living arrangements and the ability to provide a supportive environment.
Family home
The family home often holds sentimental value. If the divorcing couple cannot decide who gets it, the court will. Sometimes, it may order the house sold and the profits divided between the spouses. They may not be able to handle the upkeep of the house on their own and have to sell it anyway. On the other hand, nesting, where the parents take turns staying in the home with the children, is a practice many consider to offer security and stability.
Reader's Digest called January the "Biggest Month for Divorce" in one article, stating the month has the unofficial nickname of Divorce Month because there is a noticeable trend of the number of divorces increasing in it. As people begin the process of embarking on a new, unmarried life, multiple considerations come into play.
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1. Set clear boundaries
Clear boundaries and defined expectations help to eliminate uncertainty for both parties. Setting boundaries for both of you will also reduce the risk of conflicts. Include expectations for discipline, your child’s routines and avenues for settling disagreements.
2. Create a detailed schedule
Research shows that children do best when they can spend at least 35% of their time with each parent. The parenting plan should include a clear, detailed schedule for visitation, holiday time and exchanges that considers this. The more detail you include in the schedule, the less room you have for conflicts and confusion. Your schedule should also include details about transportation responsibilities and requirements for handling any changes.
3. Define the guidelines for decision-making
As you raise your children, you face many decisions, including those related to healthcare, education and activity needs. Define which decisions each parent can make autonomously as well as those requiring mutual agreement and discussion.
4. Work with a mediator
When the relationship between you and your child’s other parent does not facilitate collaborative discussion, consider working with a neutral third party to draft your parenting plan and settle any disputes. This can help to reduce conflict and ensure a fair, reasonable plan.
Working together as co-parents can help you mutually support your children through this transition. Most parenting plans focus on co-parenting efforts, though parallel parenting needs a plan as well. These tips can help with both approaches.]]>On Behalf of Grant, Miller & Smith, LLChttps://www.mgmlawfirm.com/?p=2536782023-09-14T16:35:09Z2023-09-13T08:10:30Z
When a marriage comes to an end, financial matters easily get complicated, especially in high-asset situations.
Alimony (called Maintenance in Missouri) is one aspect that requires careful consideration during a divorce. If you find yourself in a high-asset divorce situation and are seeking ways to lower alimony payments, there are several steps you can take.
1. Full financial disclosure
Both parties must provide accurate and complete financial information. This transparency ensures that the courts determine alimony payments fairly. Make sure to gather and present all relevant financial documents, including income statements, tax returns and property ownership records.
2. Collaborative divorce process
In a collaborative divorce, both spouses work together, often with a team of professionals, to reach a mutually agreeable settlement. This process can lead to more balanced and tailored alimony terms.
3. Offer non-financial assets
Instead of solely relying on monthly payments, you might consider offering non-financial assets like property, investments or business interests as part of the divorce settlement. This approach could potentially reduce the need for high alimony payments.
4. Future financial planning
Demonstrating that the receiving spouse has a plan for becoming financially self-sufficient can influence alimony decisions. Presenting evidence of job training, education pursuits or career advancements can be persuasive.
5. Emphasize retirement plans
Discuss retirement plans openly. If one party is nearing retirement, this could affect their ability to pay alimony. Exploring how retirement might impact finances can lead to mutually agreeable solutions.
Approximately 689,308 divorces happen nationwide every year, many of which involve one spouse providing spousal support. Approaching alimony discussions with a fair mindset is important to achieving a resolution that respects the contributions and needs of each individual.]]>On Behalf of Grant, Miller & Smith, LLChttps://www.mgmlawfirm.com/?p=2536822023-10-05T13:21:42Z2023-09-11T13:18:14Z
Divorce can be a complex process, especially when assets like a family-owned business are on the table. In such cases, understanding the true value of the business becomes a central issue in the separation.
This is where a professional business valuation comes into play. As an entrepreneur, you should understand how a business valuation serves to ensure a fair division of assets in your high-asset divorce.
Determine the value
One of the primary roles of a business valuation in divorce is to determine the accurate value of the business. When a couple decides to separate, they must fairly divide their assets, including the shared business. A forensic accountant assesses the company's financial statements, assets, liabilities and future earning potential to arrive at an objective value.
Equitable asset division
A business valuation helps the court make informed decisions about how to divide the business or its value between the spouses. Without a clear valuation, one spouse may end up with more than their fair share, leading to potential conflicts and legal disputes down the line.
Negotiating power
Understanding the value of the business provides you with a strong foundation for negotiation. Armed with this knowledge, you can lead the discussion about how to handle the business in the divorce settlement. This can result in a more amicable agreement and reduce the need for contentious legal battles.
Statistics suggest that the divorce rate for entrepreneurs may be as high as 48%. With this potentiality in mind, accurately valuing your business can be a powerful step toward securing your future.]]>On Behalf of Grant, Miller & Smith, LLChttps://www.mgmlawfirm.com/?p=2536752023-09-14T16:57:32Z2023-08-29T04:38:25Z
After the divorce finalizes and you start building a new life, changes eventually happen. When you have children, some of those changes can affect the custody arrangements.
Although SB35, which would require the courts to default to equal, or approximately equal, parenting time, has yet to get signed into law, the courts often still presume a child’s best interest involves equitable time with parents. When circumstances change, modifying the arrangements comes with some nuances to ensure fair time continues.
1. When can I request a modification to custody arrangements?
A number of reasons allow you to file for a parenting plan modification. Keep in mind that any changes must directly relate to the child’s best interest. If you get a new job with different hours, you must present evidence regarding how the change in circumstances will affect a child. When the parents have friction, it requires additional legal steps.
2. Do I need to modify the parenting plan?
For exes who can work together and agree to a parenting plan change, you can file the agreement with the courts. This may or may not lead to a formal hearing. If you and your spouse can not agree, each parent will need to present their case to the judge.
3. What steps do I need to take?
In situations in which you cannot agree, it will require going through the legal process. This includes filing the initial modification request. In some instances, the courts may request you complete a parent education program to help resolve the dispute. Once filed, the process may involve a pre-trial hearing and trial to determine the outcome.
Child custody modifications happen very frequently, especially as children’s needs change as they grow. Preparing for this eventuality may help make the process easier.]]>On Behalf of Grant, Miller & Smith, LLChttps://www.mgmlawfirm.com/?p=2536372023-07-24T16:52:02Z2023-07-17T05:05:46Z
Deciding to end a marriage is a significant and often challenging decision. In Missouri, the process of divorce involves many considerations and legal procedures. Misconceptions can complicate an already difficult time, potentially leading to unnecessary conflict and misunderstanding.
It is helpful to understand some of the common misconceptions associated with filing for divorce in Missouri so you can make more informed decisions and ensure a smoother transition toward your new life.
Misconception 1: Divorce requires fault
A common misconception is that you need to prove your spouse was at fault to file for divorce in Missouri. In reality, Missouri is a "no-fault" state. This means that you do not need to provide a specific reason for the divorce beyond the irretrievable breakdown of the marriage.
Misconception 2: The mother always gets custody
Another misconception is that mothers always get primary custody of children. The truth is, Missouri courts prioritize the best interests of the child above all else. They consider many factors, including the wishes of the child, the parents' ability to meet the child's needs and the stability of each parent's home environment.
Misconception 3: Divorce always leads to financial ruin
While it is true that divorce can bring financial changes, it does not have to result in financial disaster. Missouri courts strive to distribute marital property equitably between both parties. Factors such as each spouse's economic circumstances, contributions to the marriage and the value of non-marital property can affect this distribution.
Misconception 4: All divorces end up in court
A common belief is that all divorces end up in a courtroom battle. However, many couples in Missouri resolve their issues through negotiation or mediation. These alternatives to court can save time, money and emotional stress.
Breaking away from these misconceptions about divorce can empower you to make the best decisions for your unique circumstances.]]>On Behalf of Grant, Miller & Smith, LLChttps://www.mgmlawfirm.com/?p=2536382023-07-14T20:05:30Z2023-07-13T05:51:02Z
A lot of times, you can rescue your relationship. However, sometimes you can damage a marriage to the point where you cannot revive it.
Here are some signs that it is time to consider divorce and start a new chapter in your life.
A lack of arguments
Spouses argue. Avoidance and silence are not good. Something is missing from your relationship if you do not argue or go out of your way to avoid a disagreement. Although not every fight will be life-altering, even little ones are a good sign. It should end with you both fighting for the relationship. If you do not have any fight left, it might be time to move on.
Winning is everything
The way couples argue may indicate that it is time to consider marriage dissolution. An ideal argument concludes with a solution that preserves your relationship. When fighting becomes more about the partners trying to win, you think about power, not connection. That is a bad sign.
A fight is your goal
Finally, if you are constantly looking for a fight, it is time to admit you want a divorce. That is often a sign that your subconscious wants you to move on, but you are afraid. In other words, if you intentionally leave something out in the open that will provoke your spouse, see the signs and move on.
Confusion is not usually confusion. It is usually a lie. Chances are, you are blocking your answer by telling yourself you do not know what to do. In reality, you probably know but are afraid of the next steps. If you notice any of these signs and feel confused, you should consider getting started on the divorce process.]]>On Behalf of Grant, Miller & Smith, LLChttps://www.mgmlawfirm.com/?p=512592023-06-08T21:03:35Z2023-05-31T04:53:14Z
International adoption is a type of adoption that involves bringing home a child from someplace outside of the adoptive parents' home country. There are pros and cons to this type of adoption, and many families feel that this process is the right way for them to go. However, as with pursuing any type of adoption, it is important for the prospective parents to make certain considerations.
Here are three things for Missouri families to know when considering international adoption.
1. The cost
Adoption can be a long and expensive process, so cost should be one of the considerations that families make prior to starting the process. In general, the cost of an international adoption is greater than that of a domestic adoption. This is largely due to the various application forms that parents must submit ahead of time.
2. The rules and regulations
Another challenge of international adoption is learning the individual rules and regulations that each country has regarding adoption. For example, some countries may not allow same-sex couples to adopt, while others may look at the health status of prospective parents.
3. Information regarding the child may vary
It is possible that in some cases, prospective parents may not receive much information regarding the medical and family history of children who are up for adoption. This may not matter much to some prospective parents, however, it may matter more to others.
Before beginning the adoption process, people should consider the challenges that they may face along the way.]]>