Columbia MO Divorce Attorneys Blog | Missouri Child Custody Lawyers

Breaking through the myths about mediation

On behalf of Amy Salladay of Knight & Salladay Law Offices posted in Divorce Mediation on Wednesday, May 15, 2013.

When making the important and often difficult decision to divorce, many people feel overwhelmed by the number of decisions that have to be made. Chief among these decisions is whether the process will be best served by litigation or mediation. While litigation is the traditional route, mediation is a way to greatly reduce the costs associated with divorce and attain a settlement that fits within the needs of the family.

Through litigation, costs may reach upwards of $30,000 while mediation could see a price tag of $3,000 to $5,000. With so many pros to choosing mediation, it is a wonder most people don't choose this route. It is most likely due to the fact that there are many myths about this process. One myth is that the mediator takes the place of legal consultation. Another myth is that a spouse must 'served' with divorce papers, which can be highly embarrassing and is far from necessary. Many people also believe that all issues need to be resolved during mediation. The truth is that settlements can address many issues and leave some to be decided at a later date.

How an attorney can help you safeguard assets in divorce

On behalf of Amy Salladay of Knight & Salladay Law Offices posted in High Asset Divorce on Friday, May 10, 2013.

Residents of Missouri may be interested to learn that the divorce of Kim Kardashian and Kris Humphries came just a few months after the wedding, and the Kardashian mogul had to take steps to protect her assets in the divorce. The marriage lasted 72 days, and he asked for a share of his wife's assets in the divorce. While a settlement was reached between the couple, a complex asset divorce was avoided because she knew how to protect her assets.

Ms. Kardashian had help as she moved through the divorce process and severed ties with her husband. Celebrity attorney Laura Wesser worked closely with her to protect her assets in the divorce. Understanding the steps they took before and during the divorce can help anyone facing a high asset divorce protect their accounts and personal interests.

Some advocate dissolution of permanent alimony

On behalf of Amy Salladay of Knight & Salladay Law Offices posted in High Asset Divorce on Wednesday, May 1, 2013.

Many states still have permanent alimony laws that entitle one spouse to support for the rest of his or her life. In a high asset divorce case, this could feasibly mean that the supporting spouse pays thousands of dollars per month for life and that the spouse receiving the support might receive alimony for more years than the marriage existed. Opponents say that these laws need to change to reflect modern social and economic realities.

Permanent alimony is typically awarded in cases in which the spouses have been married for a long time, but some states, including New Jersey, Florida, and Vermont, may award permanent support for marriages ending after as little as 10 years. Both men and women pay spousal support although the majority of those assessed with alimony payments are male.

The changing face of divorce and its impact on women

On behalf of Amy Salladay of Knight & Salladay Law Offices posted in Divorce on Friday, April 26, 2013.

In Missouri and across the country, there was a time when most men earned more than their wives, so women going through a divorce would often ask for spousal support. While this continues to be the norm, it is slowly changing along with the work force. It is estimated that in 16 percent of dual-income households, the woman earns more than her partner. There is also a growing trend of women who have more personal assets than their husbands, and these women may have different needs in the event of a divorce.

Prenuptial agreements are important for any spouse who has more assets, regardless of gender. This agreement protects one's assets and determines what will be considered marital property during the property division that is part of the standard divorce process. Experts encourage women to keep some of their money separate to maintain some level of financial independence and control. They also recommend divorce-proofing a business with a prenuptial agreement or a domestic asset protection trust that will keep the spouse's business separate from marital assets. There are also buy-sell agreements and other types of trusts that can be used to help protect a business as well.

Understanding mediation can help keep divorce on track

On behalf of Amy Salladay of Knight & Salladay Law Offices posted in Divorce on Friday, April 19, 2013.

Missouri residents who decide to divorce generally want proceedings to go quickly, and many seek help from a divorce lawyer to go through the process of dissolving a marriage. Individuals who hope to reduce the length of time it can take to obtain a divorce might consider choosing divorce mediation instead of going through a traditional litigated divorce.

The divorce process involves more than ending a marriage. There are properties and other assets to divide, alimony and child support to determine, and child custody and visitation to decide. Both parties need to disclose all pertinent information so that lawyers have the facts to formulate settlements and agreements. For a litigated divorce, the lawyers file motions and documents for issues with the court that has jurisdiction, and then they must wait for a certain number of days for a response in each instance before moving ahead. In contrast, the parties only focus on areas of dispute in a mediated divorce.

Lotto jackpot winner found to be delinquent on child support

On behalf of Amy Salladay of Knight & Salladay Law Offices posted in Child Support on Wednesday, April 10, 2013.

After a 44-year-old New Jersey man won his state's Powerball jackpot prize of $338 million, it was revealed that he was delinquent on child support payments. According to the sheriff's office of Passaic County, the overdue support payments dated back to 2009, and they totaled a grand sum of about $29,000. The sheriff also revealed that the New Jersey Lottery Division generally satisfies such of judgements prior to disbursing the prizes to their winners.

The authorities visited the man's apartment one day after he picked up a lump-sum check for $152 million, but nobody came to the door upon their arrival. The Passaic County Sheriff also said that the man may be arrested until his warrant is satisfied. The corner store where the winner formerly worked was found to be listed for sale, and the exact identities of which of his five children are eligible for support payments is as yet unknown.

Steps to take before a divorce

On behalf of Amy Salladay of Knight & Salladay Law Offices posted in Divorce on Friday, April 5, 2013.

When Missouri residents are considering a divorce, they usually take their time before they decide to end their marriage since it can sometimes be a complex or potentially contentious process. When do finally make the decision to separate, however, they should take some financial steps to first prepare for divorce in order to minimize its financial impact.

First, they should review their credit report to ensure the information is accurate regarding their loans and credit card debt. The three major credit reporting agencies, Experian, Transunion and Equifax, will give people a free copy of their credit report every year. In addition, people can ask for a credit report from the website annualcreditreport.com.

How debt may affect a divorce

On behalf of Amy Salladay of Knight & Salladay Law Offices posted in Divorce on Thursday, March 28, 2013.

Missouri spouses who divorce commonly have to decide how to divide any assets acquired during the marriage as well as address child custody or support issues. Further, it is now becoming more common for them to have to decide an additional issue as property division now requires that spouses assign debt acquired during the marriage.

With assets such as a car or the house, the liability belongs to all persons who sign the loans, regardless of who keeps the asset. The lender has a right to hold either spouse liable for repayment of the debt and is not bound by a divorce judge's order. There is usually a clause in consumer loan agreements requiring consumers to notify the bank if there is a change in their lives such as divorce. The lender can then review the options for allowing one spouse to take over any joint loans.

Older divorcing couples and asset division

On behalf of Amy Salladay of Knight & Salladay Law Offices posted in Divorce on Friday, March 22, 2013.

The aging population of Missouri and the United States has been increasing, which has resulted in an increase of gray divorces. Gray divorces, where a couple over the age of 50 files for divorce, accounted for one in five divorces as of 2009, which is double the number in 1990. Divorces come with financial and emotional challenges, but divorces among older couples have some unique hurdles, especially when it comes to property division.

When older individuals divorce, they usually have a larger and more varied amount of assets than younger couples. Additionally, people who are older are often close to retirement. This means that property division is more difficult and offers less room for error for couples who are more advanced in years.

Methods for finding the value of one's home during a divorce

On behalf of Amy Salladay of Knight & Salladay Law Offices posted in Divorce on Monday, March 11, 2013.

One major issue that Missouri residents commonly run into during the process of getting a divorce is dividing their assets. When both partners are involved in the process of
property division, it is important that they assign accurate values to what they own. One of the largest assets most people have is their home. If one of the members of the divorcing couple intends to keep the home or the proceeds from the sale of the home after the divorce, it is essential that the actual value of the home is known.

If a home is under- or overvalued, a couple's assets will not be split fairly. The two best ways to determine the value of a home are to have a home appraisal done or have a competitive market analysis completed. Home appraisals are more expensive, but they are more accurate. During a home appraisal, a real estate agent will determine the precise and current value of a home based on its condition and its neighborhood.

Columbia MO Divorce Law Blog