St. Louis Divorce & Family Law Attorney - The Betz Law Firm

St. Louis Divorce & Family Law Attorney - The Betz Law Firm

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How to Move On Financially After Your Divorce

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It is essential to protect yourself emotionally and financially. Here are some suggestions for moving forward financially after your divorce.

After a couple divorces, they are often riddled with questions. How will you move on emotionally? When and how will you see the kids? Where are you going to live? How are you going to pay rent and other bills? Will your job give you a raise? How will our debt be divided?

In the beginning, it seems like there are so many questions but too few answers. Your divorce attorney can help you when it comes to decisions on child support and custody agreements, but you may also want to consult a financial expert. Not only is it essential to protect yourself emotionally, but also financially. Here are some suggestions for moving forward financially after your divorce.

Set a Budget

The first step to moving forward financially is to sit down and balance your income with your expenses. Figure out how much money is coming in each month from work, alimony, etc., and then look at what expenses you currently have going out.

It might be better to think of it as a plan rather than a budget. Knowing where your money is already being spent is essential. There will be new expenses you might not have thought about yet, so this is also the time to refrain from spending extra money.

Update Your Will and Beneficiaries

Another thing that should be at the top of your to-do list is to update your will and your beneficiaries. Your spouse was likely listed as your beneficiary during your marriage, but now that may not be correct.

A divorce does not automatically terminate your ex-spouse’s rights to your retirement plan, bank account, or life insurance policies. Therefore, you will need to submit a change of beneficiary form to each financial institution.

While updating your beneficiary designations, you can also easily edit your will. Your attorney can discuss your state’s laws regarding updates to your will, power of attorney, and advanced medical directives.

Plan for the Unexpected

When you were married, you could rely on your spouse’s income if you lost your job, faced a medical emergency, or had a significant unplanned expense. Now that you’re divorced, what will you do if something happens? You should create an emergency fund and add to it whenever possible to protect yourself. This will give you some peace of mind, helping your emotional well-being as well as your financial situation.

Work With a Financial Advisor

Your divorce attorney can help you with many decisions, but a financial advisor can help you sort through the financial complexities. Most financial mistakes individuals make after their divorce could have been prevented had they consulted with a financial professional.

The Betz Law Firm

Going through a divorce and then moving forward with your life is a difficult and challenging time. At The Betz Law Firm, we are committed to guiding our clients through the court process with the same level of professionalism that we would wish for our family members. We are aware of the trust our client’s place in us with their family’s future, and we strive to earn it.

Speak With an Experienced Attorney

Our firm uses experience, good communication, and availability to help families get through life changing events.

Call (314) 801-8488

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Feb 27, 2022 @ 4:49 pm

How Divorce Proceedings Differ When One Party is Self Employed

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When one party is self-employed, it is often harder to assess their financial situation.

The reason why almost every person seeking a divorce hire a St. Louis divorce attorney is that these legal proceedings can be incredibly complicated. One way in which they often are is when one person is self-employed, either as a freelancer or a business owner. Under this condition, the financial situation of that party is often harder to assess and thus more difficult to creates divorce terms around.  Here are a few reasons why.

self employed divorce

Greater Ability to Hide Income

If your spouse has a typical job, then income is usually no mystery. That person will get a regular paycheck, and you can easily show how much money is coming in every month. In the case of a self-employed worker, this dynamic changes. The reason is that these workers report their income as a balance between revenue and costs. If they want to reduce the amount of money they make on paper, they can increase their costs by purchasing items or assets. Doing so can artificially deflate their income, a method they occasionally use to decrease spousal support.

Obtaining Documents is That Much More Important

No matter which side of the equation you are on, obtaining documents is crucial. Those that are divorcing a self-employed spouse must carry out this task because if they do not, they could end up with fewer benefits. The reverse is true as well, as a self-employed people’s spouses might overestimate how valuable their businesses are. The best way to avoid both of these traps is to collect financial documents that reflect the truth.

Plan Before You File

Most income hiding issues come after you file for divorce. The person who owns the business may then “cook the books” and change how it looks on paper. This is why you should make a plan before you go ahead with the divorce. A crucial piece of doing so is collecting financial documents before your spouse has a chance to alter them.

Be Ready For a Difference of Opinion on Value

Having a self-employed partner may lead to ambiguity regarding how valuable that business is. What often happens in a divorce is that one side will vastly overestimate that value, while the other will underestimate. This issue is one you’ll have to negotiate over with the help of your lawyer and a financial professional.

Hiring a Forensic Accountant

One of the best things you can do to ensure a fair process is hiring a forensic accountant. What this expert will do is delve into you or your spouse’s business assets and figure out precisely how valuable it is. Once this step is over, you and your lawyer can decide how you want to manage your case going forward.

Any family law attorney will tell you that self-employment complicates divorces. Fortunately, changing your strategy in a few crucial ways will protect you, no matter which side you’re on. The two most important actions to take are often collecting financial documents and bringing in a forensic accountant. After that, you and your attorney can handle your case with confidence.

Aug 2, 2019 @ 3:53 pm

What Are the Financial Consequences of Adultery in Missouri?

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Although Missouri is a no-fault divorce state, that does not mean that having an affair can’t impact your divorce agreement and hurt you financially.

Divorce Attorney in St Louis

Missouri is a “no-fault” divorce state, which means that you don’t have to prove that one spouse did something wrong to ask for a dissolution of marriage or for the court to grant you a divorce. Even if your spouse cheats on you, that doesn’t really matter when you go before the court in relation to having your marriage dissolved. Under Missouri law, two people can get divorced without proving that there is a reason that the marriage can’t be preserved.

However, there may be financial repercussions for having an affair. When you go before the court, it can have an impact on child custody, property division, spousal maintenance, and visitation.

If You Do Choose to use Adultery as Grounds

If you do state the reason for your petition for dissolution of marriage is that one person cheated on another, then it can have an impact on things like visitation rights, who is responsible the attorney’s fees, and other financial arrangements. If you use adultery as grounds, then it won’t make it any harder or easier to have your petition approved, but it can significantly alter how things go for each spouse financially.

To Prove that Your Partner Cheated on You

If you say that your spouse having an extramarital affair is the reason for your seeking a divorce, then you will have to prove that there was adulterous contact between your spouse and someone else. If you choose to use adultery as a cause, then it might draw things out a long time and be highly expensive to prove. Things you can use as proof are credit card statements, eyewitness accounts, and photographs of your spouse with the other person. But unless you have strong evidence, sometimes the small advantage that you gain might end up costing you more in the long run, both financially and emotionally.

What is the Financial Impact?

If you can prove that your partner has had an affair, then you might be able to plead to the court to ask for more financial support than you would be privy to if there were no grounds for a divorce. The judge who grants the divorce might seek to compensate for your emotional distress by giving you more in spousal support or dividing property differently. If you can show that your spouse was unfaithful and your children knew, or that your spouse had the other person around your children, then it is possible for you to gain custody of your children, or limit visitation rights for the well-being of the children involved.

Although Missouri is a no-fault divorce state, that does not mean that having an affair can’t impact your divorce agreement and hurt you financially. As adultery is looked down on by many judges, if you can prove that your spouse has been unfaithful, it might help you to get more than you would otherwise. But make sure that you have evidence and that you are ready to put the time and resources in, both emotionally and financially, to fight longer and maybe not get all that much more. The only way to know for sure if using adultery as grounds in your divorce is a good idea is to consult a St. Louis divorce attorney for advice.

The Betz Law Firm

At The Betz Law Firm, we are committed to guiding our clients through the court process with the same level of professionalism that we would wish for our own family members. We are aware of the trust our clients’ place in us with the future of their family and we strive daily to earn it.

Call us today at (314) 801-8488 or fill out our online case evaluation form to request a free 30-minute phone consultation.

Dec 11, 2020 @ 8:00 pm

Financial Stability After a Divorce – Divorce Attorney St. Louis

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Caregiving responsibilities demand time from a working woman, affecting financial stability after a divorce.

St. Louis Divorce Lawyer

According to a recent article that was published in U.S. News, divorce brings more financially instability to women than men. The article goes on to explain why women should strive to re-think and understand their personal financial situation after ending their marriage. In this article, we will discuss how divorce can impact a woman financially.

Managing the Reins of Finance

A divorce tends to be stressful and emotionally challenging for everyone, especially women. However, apart from having to bear the heartache, women also have to take on the burdens of managing their own finances. Despite the fact that many women today are as competent in their careers as men are, a divorce can lead to more complications for women when it comes to financial matters.

The first and foremost advice that divorced women should heed to, is to get educated about their finances to overcome any fear about taking over the reins of their own financial life. While alimony in divorce can offer women some respite in terms of having a financial edge over men, statistics compiled by the Bureau of Labour Statistics (BLS) have revealed a different picture.

According to the statistics, the median weekly earnings of married women were about 20% more than those of women who were separated, divorced, widowed or never married. The data showed that married women even earned 9.6% more than unmarried men. However, things go downhill for women after divorce. A married women’s average household income is about 23.4% lesser than married men. However, the figure drops steeply once divorced from an average of 41%, which is double the income loss that men experience.

Reasons for the Reduced Income

According to the BLS, there are a few reasons why divorce is detrimental to the household income of women. Overall, women earn lesser than men. For example, for each dollar that men earn, women earn only 82 cents. This difference between their earnings also tends to increase depending on the type of jobs and surprisingly, their race.

The statistics for 2017’s first quarter show that the median weekly for white men was $977, whereas white women earn $790. According to the jobs and professions that men and women hold, it was seen that the disparity was the highest for professional financial advisors – $1714 for men and $953 for women.

Socio-Cultural Factors

The problem is more a societal and cultural issue and the traditional gender roles of the society have a bigger effect on the differences between men’s and women’s earnings. Considering gender roles, the responsibilities of caregiving (predominantly made and set for women), whether for children or the aged, contribute to the dip in a woman’s lifetime earnings.

Caregiving responsibilities demand time from a working woman. That essentially translates into fewer hours at work, leading to lower Social Security benefits that in turn provide working divorced women with lesser opportunities to gather savings.

The gender roles set by society impact the numbers despite the fact that the gap between the incomes of men and women is slowly reducing due to changing work dynamics.

By nature, women are not often placed in charge of the household income, and managing home finances has predominantly been the husband’s forte. Divorce changes everything, and taking control of their own finances after divorce can prove to be a burden for women.

St. Louis Divorce Lawyer

St. Louis family law issues can affect just about any aspect of your life, from your financial situation, to where you are going to live, or even how much time you are going to have to spend with your minor children. With so much at stake, you should not settle for anything less than the best legal representation possible.

Call The Betz Law Firm at (314) 801-8488 or fill out our online contact form.

Aug 2, 2019 @ 3:58 pm