In our last post, we began speaking about annulments as an alternative or additional step to take beyond divorce, and potential grounds for obtaining an annulment in Missouri. Here we'll take a look at the financial implications of annulments.

In terms of finances, courts generally attempt to restore both parties to their original financial state. Money and property, as well as debt, brought into the marriage will go back to those who brought it. Courts will attempt to equitably divide joint assets and debt accumulated during the marriage.

Debts accumulated jointly during the marriage are the full responsibility of both parties, so creditors may come after either party seeking the entirety of the debt.

Couples can prepare for joint responsibility of such debt by slitting the amount owed and each paying their share. If one party is pursued for the entirety of the debt, he or she can later sue the other party for half. It is generally a good idea to pay any debt off and allow a former partner to reimburse, as this will avoid any problems with credit score reduction.

If a couple foresees separation, whether or not they end up with divorce or annulment, it is wise to come up with an agreement as to who owes what. Of course, some couples will be unable to agree and will need the intervention of a court.

Annulments do have the advantage of avoiding some of the drawn-out financial disputes often present in divorce, but they aren't always easy to obtain.

One final thing to keep in mind is that many states have time limits for filing annulment based on when the ground for annulment occurred.

Source: creditcards.com, "Annulment vs. divorce: How it impacts finances," Tamara E. Holmes, December 30, 2011.