Beyond High School: The Cost of College for Divorced Parents

Divorce often brings about its fair share of financial challenges, and the hidden cost of college expenses only adds to the burden. As parents navigate the complexities of child support laws in Missouri, they must also consider the additional financial obligations that come with supporting their child's college education. This can catch many parents off guard, as they may not have anticipated the need to financially support their child beyond high school. It is crucial that parents know their rights and responsibilities under Missouri's child support laws.

Understanding Missouri Law

Under current Missouri law, child support continues past high school until age 21, as long as the child attends college or a vocational school.  In addition, parents can also be obligated to pay college expenses until the age of 21.  Pursuant to Section 452.340.5 of the Missouri Revised Statutes, for child support to remain in place and for parents to be responsible for college costs, the following requirements must be met:

The law provides exceptions to the requirements above, including but not limited to a physical disability or other diagnosed health problem. In addition, the court will consider other circumstances that may justify a delay in starting school by October 1 after graduation or require a child to take a semester off.   

If a child fails to meet the requirements above, the parent paying child support will need to file the appropriate documents with the court to initiate the court process to terminate child support.

 If the child is enrolled in an institution and meets the requirements above, the parent paying child support, or the child, may petition the court to have child support payments paid directly to the child instead of paying the other parent.

How Collaborative Divorce Can Help

While the court in contested cases can only obligate parents to pay for certain expenses until age 21, many parents agree as part of their divorce judgment to pay for expenses past age 21 and to include these agreements as part of their settlement agreement. For example, both parents will pay 50% of college expenses for eight semesters or even later if the parents wish to pay for graduate school or medical school.

Through the collaborative divorce process, parents can reach creative agreements for post-high school expenses that will work for everyone. In a traditional divorce case, the attorneys and judge often do not have the capacity or ability to explore creative options. With the support of the financial professional and the cooperative dynamic of the entire collaborative divorce team, parents can explore options for dividing property or setting aside assets to capture the most available funds for the entire family.  

Consulting with a collaborative divorce attorney will ensure that you are educated not only about the law, but about your options for working through the divorce process.

Breaking Apart While Pulling in the Same Direction

When most people think of divorce, what come to mind are words like “divisive,” “conflict,” “adversarial,” “battle,” and other terms describing anger, unhappiness, and disappointment. So how can a divorce be “collaborative,” and why is that a good thing?

A couple going through divorce started their marriage walking down the aisle together, planning a life together, and raising children together. Even when problems arose, the couple may, together, have sought the assistance of a marriage counselor or spiritual advisor.

Yet, if the couple decides the marriage has no future and they need to separate, the usual path is to hire attorneys and take what was a joint venture onto the battlefield where they will begin lobbing grenades at each other trying to achieve an all-out victory or, at best, a truce.

What’s wrong with this picture?

For starters, if the divorce war rages on, the children are inevitably caught in the crossfire, making everyone in the family miserable. Parents have an obligation to work together for the kids’ benefit in a partnership that doesn’t end when the children graduate college but, rather, that lasts a lifetime. Beyond that, each spouse’s life will be weighed down by continued sniping, which can lead to bitterness and endless resentment.

The Collaborative Divorce Process offers a radically different approach to divorce. It lets a divorcing couple focus on their future rather than on the sins of the past. It invites a couple to work together towards common goals, such as financial independence, a sound co-parenting relationship, and mutual respect in their post-divorce lives. It recognizes that divorce litigation rarely produces a clear winner and a clear loser but, rather, ends in a Pyrrhic victory, draining financial and emotional resources that take years to replenish.

In a collaborative divorce, spouses are supported by their own lawyers as well as by unaligned mental health and financial professionals, each of whom brings a different set of skills to the table. The lawyers, rather than focusing on strategic maneuvering, collaborating to help their clients work together to benefit the entire family.

Couples who choose the collaborative divorce process recognize that preserving their family’s well-being will require being attentive to the needs of all members of the family, including their soon-to-be ex-spouse. That doesn’t mean giving in; it does mean being willing to listen, and, in turn, being heard.

Judges have limited tools and limited time as they deal with an endless flow of divorce matters. Couples using the collaborative divorce process avoid the standardized approach of the courthouse. By rejecting a war and, instead, embracing a cooperative approach, they are much more likely to emerge well-prepared for their post-divorce lives.

Divorce represents both an end and a beginning. The collaborative divorce process invites couples to keep their eyes on the road ahead to create a better future for themselves and for their children.

Maximizing Your Property Division Agreement Through the Collaborative Divorce Process

Divorce can be a complicated and emotionally draining process, especially when it comes to dividing assets. Property division can quickly become a contentious issue, with both parties fighting tooth and nail to get what they believe is rightfully theirs. However, there is a better way to handle property division during a divorce. Collaborative divorce is a process that allows both parties to work together and come up with a mutually beneficial agreement. This approach can save time, money, and emotional stress for everyone involved. Through the collaborative process, you can maximize your property division agreement and ensure that both parties walk away feeling satisfied with the outcome.

What is Property Division and Why is it Important?

When a couple decides to divorce, one of the most important issues is the division of their assets and debts ("property division"). The property can include real estate, personal property, financial assets, and retirement benefits. It is important to note that not all property is subject to division, and the laws governing property division vary from state to state or based on other rules. For example, company stock owned by an employee-spouse may not be transferrable to the non-employee spouse.

Property division is important because it can impact the financial well-being of both parties after the divorce. The division of property can also be emotionally charged, as each party may have a strong attachment to certain assets. Property division can also have implications for child custody and support, as the division of property can impact each party's ability to provide for their children.

The Traditional Approach to Property Division During Divorce

Traditionally, property division during a divorce has been a contentious and adversarial process. Each party hires their own attorney, and each attorney advocates for their client's interests. The parties may also hire experts, such as appraisers or accountants, to help determine the value of the property.

The traditional approach to property division can be time-consuming and expensive. The parties may spend months or even years fighting over their property in court, which can take a toll on their emotional and financial well-being. Additionally, the traditional approach can be unpredictable, as the outcome is ultimately determined by a judge who may not be familiar with the parties' unique circumstances.

How Collaborative Divorce Can Save Time, Money, and Emotional Stress During Property Division

Collaborative divorce is a process that allows both parties to work together to reach a mutually beneficial agreement. In collaborative, each party hires their own attorney, but the attorneys are trained in collaborative law and are committed to working together to help the parties reach an agreement. Additionally, the parties may also hire experts, such as financial planners or child specialists, to help them make informed decisions.

Collaborative divorce often saves time, money, and emotional stress because it allows the parties to avoid the adversarial and time-consuming process of traditional litigation. The parties work together to identify their goals and interests and then brainstorm ways to meet those goals, rather then the approach the court often applies which is splitting all assets 50-50. Collaborative divorce is particularly beneficial in property division because the parties can work together to determine the value of the property and identify creative solutions for dividing it.

Steps for Dividing Property in Collaborative Divorce

The parties first meet with their attorneys and identify their goals and interests. The parties then work together to identify their assets and debts and gather information about their value.

Once the parties have gathered all the necessary information, with the help of the financial neutral, they work together with the professional team to brainstorm options for dividing the property. The parties are able to explore unique solutions that work for them in attempt to meet everyone's goals, such as dividing certain assets or debts, selling certain assets and dividing the proceeds, or trading assets of equal value. The financial neutral on the team is able to speak to tax implications of dividing or trading certain assets, providing a helpful perspective during these meetings.

Once the parties have agreed on a property division agreement, the attorneys draft a formal agreement that is signed by both parties. The agreement is then submitted to the court for approval.

After the Judgment is entered, the team helps ensure that all property is properly divided and assist in transfers titles on real property and motor vehicles.

Tips for Maximizing Your Property Division Agreement Through Collaborative Divorce

If you are considering collaborative divorce for property division during your divorce, there are several tips that can help you maximize your agreement:

  1. Be open-minded: collaborative divorce involves working together to find creative solutions. Be willing to consider options that may be outside of your initial preferences.
  2. Be honest: collaborative divorce requires open and honest communication. Be upfront about your goals and interests, and be willing to listen to the other party's goals and interests.
  3. Be patient: collaborative divorce can take time, but the end result can be worth it. Be patient and trust the process.
  4. Work with experienced professionals: collaborative divorce requires attorneys and other professionals who are trained in the collaborative process. Work with professionals who have experience in collaborative divorce and are committed to helping you reach a mutually beneficial agreement.
  5. Keep the focus on the future: collaborative divorce is about finding solutions that work for both parties. Keep the focus on the future and what will be best for you and your family after the divorce.

Common Misconceptions About Collaborative Divorce and Property Division

One misconception is that collaborative divorce is only for amicable divorces. In reality, collaborative divorce can be beneficial in any divorce situation, including those involving contentious property division issues, as long as parties are committed to fully disclosing all financial information requested and being respectful. Even in contested cases, most all financial information is disclosed through formal and informal discover in a divorce case.

Another misconception is that collaborative divorce is not effective in complex property division cases. In reality, collaborative divorce can be extremely effective in the most complex property division cases, as long as the parties are committed to working together to find creative solutions.

Finally, some people believe that collaborative divorce is more expensive than traditional litigation. In reality, collaborative divorce can be more cost-effective than traditional litigation, as it can help the parties avoid costly court battles and lengthy court proceedings.

Next Steps for Utilizing Collaborative Divorce in Your Divorce Proceedings

Property division can quickly become a contentious issue, with both parties fighting tooth and nail to get what they believe is rightfully theirs. However, there is a better way to handle property division during a divorce. Collaborative divorce is a process that allows both parties to work together and come up with a mutually beneficial agreement. This approach can save time, money, and emotional stress for everyone involved.

If you are considering collaborative divorce, the first step is to find an attorney who is trained in collaborative. Your attorney can help you understand the collaborative divorce process and can help you identify your goals and interests. From there, you can work together with your attorney and the other party to identify creative solutions for dividing your property.

Collaborative divorce can be a powerful tool for maximizing your property division agreement and ensuring that both parties walk away feeling satisfied with the outcome. By working together, you can avoid the adversarial and time-consuming process of traditional litigation and instead focus on finding solutions that work for everyone involved.

Special Considerations: Grief During Divorce When You Have a Special Needs Child

Parents of special needs or medically complex children move through their life with a certain amount of grief always present.  Grief is the name of the process we are hard-wired to experience when we face loss or transition.  Parents are deeply connected to the hopes and dreams they have for their children often years before they have them.  Some say it is important for parents of special needs children to grieve the child they didn’t have, the child associated with their hopes and dreams.  I advise parents to also grieve for the parent they didn’t get to be.

Similar to the way parents have hopes and dreams for their children, married couples have hopes and dreams for their partnership.  When a marriage ends and the couple has a special needs or medically complex child the grief is compounded and can feel overwhelming. 

5 Ways to Manage Complex Grief During Divorce

There are a number of practical business matters that need to be addressed in a divorce, grief can complicate and delay this process if it is not acknowledged and dealt with.    Below are 5 ways to manage complex grief during a divorce.

  1. Talk about it! Shutting down your grief by working more, drinking more, spending more time on your phone etc. will not actually make the grief go away. 
  2. Reach out and Get out.  It is important not to be isolated during a divorce.  Many parents of special needs or medically complex children are already isolated from their community or family and are at risk of feeling even more alone when they go through a divorce. 
  3. Increase respite care.  Increase the time you already have or if someone wants to know what they can do to help, ask them to babysit.  You may have to train someone new on how to take care of your child’s special needs but it will be worth it - you will need time to find and prepare documents, attend meetings and process the loss and transition ahead.
  4. Increase self-care.  Unapologetically, without guilt or shame, do things that nurture and re-charge you.
  5. Find a therapist.  Complex and compounded grief may be too much for someone to handle on their own.  Be brave and find a therapist to help you through the process.

Your Divorce Process Matters

Collaborative divorces allow for flexibility and creativity that you are unlikely to find through the courts.  In a collaborative divorce you are not bound by standardized forms or one-size fits all protocols.   If you are raising a special needs child you already know that many people do not understand the additional time, energy and money you put into meeting your child’s needs.  If you have decided to move forward with a divorce you will need a team who understands the many complicated issues involved with ending your marriage while also preserving a safe and consistent environment for your child.

About the Author: Dena Tranen

Dena Tranen, LCSW is a trained collaborative law professional, licensed clinical social worker and former member of CFLA. She works as a mental health coach, therapist, and co-parenting specialist. To learn more about your Missouri divorce process options give her a call today.

Special Considerations: Getting a Divorce When You Have a Special Needs Child

Getting divorced when you are the parent of a special needs or medically complex child can seem like a daunting task that could put an unbearable amount of additional stress on an already stressed-out family system.  Many couples with a special needs child make the default decision to stay in an unhappy marriage because the unique issues they face seem impossible to manage on their own or in separate households.

Co-Parenting Complexity

For all parents, one of the scariest parts of a divorce is the co-parenting plan.  When parents of special needs or medically complex children get divorced there are additional issues that may arise in the process. Some of these issues may include:

Because of these and other unique circumstances associated with divorce when there is a special needs child it may be necessary to deviate from the standard parenting plan or child support formulas provided by the courts.  If this is the case, the collaborative divorce process is almost certainly the best route for the whole family. 

Consider a Flexible & Support Divorce Process

Collaborative divorces allow for flexibility and creativity that you are unlikely to find through the courts.  In a collaborative divorce you are not bound by standardized forms or one-size fits all protocols.   If you are raising a special needs child you already know that many people do not understand the additional time, energy and money you put into meeting your child’s needs.  If you have decided to move forward with a divorce you will need a team who understands the many complicated issues involved with ending your marriage while also preserving a safe and consistent environment for your child.

Dena Tranen, LCSW is a trained collaborative law professional, licensed clinical social worker and former member of CFLA. She works as a mental health coach, therapist, and co-parenting specialist. To learn more about your Missouri divorce process options give her a call today.

Property Division in Divorce: How to Figure Out Who Will Get All the “Stuff”

Even in relatively short, and certainly during longer marriages, couples acquire and accumulate property.  This property might include cars, real estate, furniture, artwork, and miscellaneous “stuff.” Some of the items (for example, kitchen dishes, utensils, and glassware) may not have a lot of value if one went to sell them but could cost a fair amount of money to replace. When divorce is on the horizon, people often wonder how all of it will be divided and they want to make sure they get their fair share.

If your divorce is litigated in court, property division can be very complicated and contentious.  All property must be (1) “characterized” or identified as marital or joint (with both parties having an interest), separate (belonging only to one party) or partly marital and partly separate, (2) valued, and (3) allocated (awarded) to one or both parties.   Each of these determinations can be both complex and time-consuming and, consequently, expensive.

Identification of property as marital or separate

To determine what property is marital the court will try to determine when it was acquired (if during the marriage, it’s probably marital), whether it was inherited by or gifted to one party and kept separate from the other party during the marriage (this is probably separate property), or whether it was brought by one party to the marriage and then shared with the other party (this might be part separate and part marital).  Property that is part separate and part marital might include retirement assets or real estate.

Valuation of property

Each item of property must also be assigned a value.  Some property can be valued using online resources (like Kelley Blue Book for cars) or even by the parties (an owner of real estate can estimate its value). More valuable property (for example, real estate, artwork or antique furniture) may need to be valued by a professional appraiser.  Arguments often erupt over property valuations because one party or his/her appraiser may arrive at a value wildly different than that arrived at by the other party or

His/her appraiser.  A “battle of the appraisers” at trial then ensues, leaving it to the judge to decide who is right. This is a very expensive scenario.

Division of property

In a litigated divorce, the judge will decide who gets what and in what proportions.  One party could be given a greater percentage of the property if there is marital misconduct, or if other circumstances are present which persuade the judge that an unequal division is “equitable” or fair. Judges often split the assets equally between the parties even when there is bad conduct by one party.

Complicated and a bit maddening, right?

Division of property in collaborative divorce – the story of the lemon

In collaborative divorce, making decisions about property is so much more civil. There is a story in collaborative circles about dividing an item of marital property: a lemon.  In a litigated divorce the judge is likely to order that the lemon be cut and one-half of it be awarded to each party. On the surface, this would seem to be fair.  When one considers, however, that one of the parties wanted the juice of the lemon to make lemonade and the other party wanted the zest of the lemon to make pie, the result no longer seems fair or equitable since the lemon is now unusable by both parties for their respective intended purposes.  This is why, in collaborative practice, the parties focus on the needs and interests of each.  Why do you want the lemon? Do you need all of it or will less than the whole meet your needs? Could you take the peach instead?

In the collaborative process the parties can together assign values.  If they can’t agree on value, they can together choose one or more appraiser(s) to assign value(s) and decide how they want to use those values.  Most important, the parties can, with the help of the collaborative team, decide who gets what and in what proportions:  one party might get more of one asset and less of another, or it will be a 50-50 split of all property, or that one party will stay in the house for a period of time and that it will then be sold, or any number of creative solutions that make sense for your family.

When you and your spouse focus on your respective needs and interests, as you will in the collaborative process with the help of your collaborative team, you can reach unique solutions that are individualized for your family.  As much as a judge may want or try to do that, he or she is unlikely to reach a result that is exactly right for your family. And you will have spent a lot of money in the process.

Choose collaborative divorce.

Deciding upon and transitioning property in divorce can be daunting.  Certain divorce processes support a better planned transition than others.  To learn about your Missouri divorce process options contact one of our experienced St. Louis Collaborative Law professionals today.

Cynthia Garnholz is a St. Louis family law attorney, collaborative law professional and trained mediator.  She is experienced with helping one or both spouses achieve settlement.  To learn more about your Missouri divorce options give her a call or visit her website.

Phone: 314-725-5430

Website:  http://GarnholzLaw.com

Collaborative Practice and the Economics of Divorce

Facing a divorce is a daunting, sometimes frightening prospect, and “How much will my divorce cost?” is perhaps the most consistent concern among those considering ending their marriages. As with so many other divorce-related issues, the answer is usually, “It depends.”

Aside from issues such as valuation, misconduct, hiding assets, addiction, and dissipation, all of which can add to the cost of a lawyer’s services, the process by which the divorce takes place can play a major role in increasing or decreasing the overall cost.

In a collaborative divorce, each spouse has a lawyer, and other professionals, including a financial specialist and mental health coach, are routinely included as part of the problem-solving team. A child specialist may also participate in the process. With all of those professionals involved, it may sound as if a collaborative divorce is unaffordable for many couples.

There are, however, good, solid reasons a collaborative divorce will likely save you money in the long run. Here are two:

The Right Professional for the Job:

Lawyers know the law and they know about negotiations. They are not, however, as well-versed in financial issues as a financial advisor or CPA. The financial professional assists not only in gathering the financial information but also in analyzing tax consequences, and suggesting ways of saving taxes. The mental health professional keeps the divorcing couple on task by helping them cope with the challenging emotions they are experiencing, and uses their knowledge of child development to help the parents create a workable parenting plan to serve the children’s best interests.

Creating a Positive Track Record Today for Success Tomorrow:

Because the traditional divorce process is based upon the civil courts model of one party opposing the other, divorcing spouses find themselves having both to attack their partner and defend themselves, often at the cost of upsetting and alienating their children. Then, when the divorce is complete, the warring parties have to figure out a way to engage in cooperative parenting. Having spent months or more staring at each other across battlements, they now have to figure out a way to sit together at parent-teacher conferences, cooperate around scheduling changes, and plan birthday parties together.

A collaborative divorce is conducted using interest-based negotiations, a system of coming up with solutions to difficult problems by taking into account what each person needs and wants, rather than by pointing accusing fingers. When spouses learn to listen to each other, a skill that is constantly reinforced in the collaborative process, they discover that, even though they no longer want to be intimate partners, they can learn to work together for their children’s benefit. Then, when changes need to be made to the parenting plan or to the support arrangements, they know that, having worked peacefully through their divorce, they can return to the bargaining table, rather than starting new battles, thereby saving both their financial and emotional resources.

When considering how you want to conduct your divorce, think not just about your immediate pain or anger but also consider what you want your future and that of your children to look like. Avoiding future conflict will bring peace to you and your family, and will save you thousands of dollars as you avoid court battles over enforcement and modification of your divorce judgment.

Navigating and transitioning the divorce process can be daunting.  Certain divorce processes support a better planned transition than others.  To learn about your Missouri divorce process options contact one of our experienced St. Louis Collaborative Law professionals today.

Alan Freed is a St. Louis family law attorney, collaborative law professional and trained mediator.  He is experienced with helping one or both spouses achieve settlement.  To learn more about your Missouri divorce options give him a call or visit his website.

Phone: 314-244-3653

Website: http://pcblawfirm.com

How To Tell Kids About the Divorce?

More goes into telling your kids about divorce than just having a one-time, prepackaged sit down and delivering the information.

The stage of development that your child is in will have a big impact on how you have the conversation about your divorce and what to expect next.

Children who are young, under 5, are very egocentric, which means everything is about them. They also have a limited ability to talk about their feelings and no capacity to understand the complexities of something like divorce.

When having the divorce talk with your young child keep it simple.

Focus on what is going to happen, like who will live where and who will be taking care of your child. Make certain they know their basic needs will be met. Put yourself in their shoes. What does a 4 year old worry about? Here is a simple question you may need to answer: “Where will I sleep, who will tuck me in?”

Expect to answer the same questions over and over as they move through this stage of development. Your child may even leave one parent’s home and go to the next with questions of, “when is mommy or daddy going to be home”? This is quite normal.

Children ages 6-11 have more understanding of their feelings but see things very black and white.

If your child is in this age group, they often place blame on one parent or the other, or may even feel that it is their fault that the divorce happened. A child of this age may think that he or she said or did something that finalized your decision to move out or that they gave you the go ahead to break up their family.

Having ongoing discussions with your child about the divorce to reiterate the important things they should know is normal and in good practice.

The experience of your divorce changes over times as they grow and have their own life experiences. When they are children it is important to let them know who will care for them and that they came from love even though you are no longer married. As they get older something that may be important for them to hear is that not all marriages end in divorce and your path isn’t theirs.

Teenagers understand a lot more as they are more abstract thinkers than their younger selves.

Keep note of how your teen behaved before the divorce compared to after. Teens are tricky because they are generally moody creatures, so it can be hard to tell if they are moody from hormones or moody from the stress of divorce. One thing is for certain, they are impacted and may play the blame game as well.

Adult information is adult information.

Every situation is unique and if you need a consult do so, but a rule of thumb is that your teen may seem mature enough to hear the nitty gritty details about how your spouse cheated or said this or that, but keep it to yourself. This information will not gain their alliance long term and WILL NOT serve them well.

Even though you are getting a divorce, do your best to at least stay united on the parental front.

The more parents can come together in the consistency of their message to the kids about the divorce the healthier the kids will be. The happier the family will be. Never try to get your child to take one side or the other because that will only tear them in two.

Collaborative divorce will offer you more of an opportunity to do this because it makes space for emotion and healing whereas litigation focuses on legality.

If you need more guidance on this subject, Collaborative Law or other issues that arise in divorce you can contact me or any professional on the collaborative website.

About the Author : Kristin Craren

Kristin is a former member of CFLA.

Collaborative Divorce Process: 6 Insights From a Collaborative Divorce Coach

Divorce is on your horizon and having experienced professionals in your corner will make the collaborative divorce process less time consuming and arduous.

If you are seeing a therapist, hopefully you are, your therapist should be one of those helpers getting you through the emotional obstacle course, as well as providing you logistical information.

Even after you decide on the Collaborative Approach to divorce, the idea of sitting in the same room with your soon to be ex is an unnerving thought.

Many clients find comfort in knowing exactly what that experience is going to be like. What can you expect from the professionals in the room? What are you allowed to say? What will that first session be like?

Everyone knows what litigation is like; get an attorney and start the fight, wait, e-mails, extensions…

Collaborative divorce is going to offer you the opportunity to sit in the same room with your spouse which is going to eliminate the grape vine scenario between your attorneys and yourselves. You will know what is going on every step of the way and all the professionals in the room will have the same goals as you which is to come to a timely agreement you are comfortable with.

There's room for your feelings and genuine thoughts in the collaborative divorce process in a way that isn't readily available to you in traditional divorce.

Many counseling clients ask, “Will I be able to say how angry I am or that he/she doesn’t seem to care about my wellbeing at all after 12 years of marriage?” The answer is, yes! These feelings and others are what drive the process or hinder it.  The collaborative divorce process is definitely the place to get it out.

You may be willing to enter into this process, but you are not excited about standing in the elevator with your spouse.

That is quite fine. Details like this are worked out at the very beginning of collaborative divorce process. The professionals guiding you will make sure that you understand what to expect of them, as well as jointly create expectations for how you will interact with each other.

It will get better.

So much support is offered with this style of divorce that you will heal much faster than you’d expect. As you have consistent team meetings it will become easier to meet with, and interact with, your soon to be ex.  All of this lays the groundwork for effective emotional healing and co-parenting if you have children.

Collaborative divorce supports a calmer, better planned transition than others.  To learn about your Missouri divorce process options contact one of our experienced St. Louis Collaborative Law professionals today.

About the Author : Kristin Craren

Kristin is a former member of CFLA.

Buying a House After Divorce

If not already, then at some point in the future you and your spouse will live separately.  Like many people, you may think about buying a house after divorce.  If this is your goal, then there are several things you will need to consider.  Protecting your finances will need to be a top priority.  The sooner you start planning the more prepared you will be to accomplish your goal.

Here are 4 Financial Tips to Buying a House After Divorce

Establish Your Income

It will be important to establish your own income.   For you, this may be easy or challenging.  Perhaps you're established in your career and currently earn income.  Or, perhaps you are receiving income from a pension, social security, dividends or interest.  Regardless of your situation, it will be important for you to establish your income because lenders consider income as part of your ability to repay a mortgage.  Sporadic income will reflect negatively on your ability to repay a mortgage.

Establish Your Cash Flow

The amount and frequency of your income will impact how much house you can afford.  It will also determine the funds available to pay your monthly expenses.  You will need to do an evaluation of the money available for housing expenses.  This is calculated as:

Income - Basic Expenses (before housing) = Money Available for Housing Expneses

You will then need to calculate the expenses associated with buying a house after divorce.  It might help to think of your expenses and how they fall into these categories:

Once you know your ongoing monthly housing expenses you will calculate how much money you have left after basic needs and housing expenses - this is called discretionary income:

Money Available for Housing - Ongoing Monthy Housing Expenses = Discretionary Income

Helpful Tip:  It can be challenging to think of all the potential expenses related to buying and owning a home.  Here are some things to keep in mind about one-time purchase expenses and ongoing monthly expenses:

One-time Expenses of Buying a House After Divorce:

Ongoing Expenses of Buying a House After Divorce

Establish Your Credit

You will want to establish your own credit as soon as possible.  This could take some time if you have little credit history or when your credit has been established jointly with your spouse.  While married, you may not have opened loans or charge cards in your name individually.  Most joint loans and credit cards are closed during the divorce process.  The closing of those accounts can negatively impact your credit.

If this happens, then it can be difficult for you to qualify for loans and charge cards in your name solely.  There are steps you can take to establish credit before, during and after divorce.

 Protecting Your Credit

Unless you are paying cash, your credit will be the most important factor in your ability to buy a house.  Therefore, it is very important to protect your credit before, during and after divorce.  The best approach is to be proactive.

Here are some steps you can take today to protect your credit:

Transitioning the divorce process while planning for your future is multifaceted and requires a multipronged approach.  Certain divorce processes support a calmer, better planned transition than others.  To learn about your Missouri divorce process options contact one of our experienced St. Louis Collaborative Law professionals today.

Nicole Davis is a trained collaborative law professional.  She is experienced with helping couples achieve a good financial settlement.  To learn more about divorce finances give her a call or visit her website.

Phone: 314-272-0727

Website: https://www.reliancefinancialadvisor.com