What Happens To Martial Property in Divorce
Many factors are taken into account when dividing marital property which is why it is critical to partner with a lawyer who can zealously represent you. At Access To Justice: Trial Attorneys we are about standing up for our clients. Using hard work and a dedication to justice, we focus on protecting your interests in a divorce.
Our clients include people throughout Missouri, ranging from those who have been married for years and have shared property and have children to those with no property and no children. Regardless of your situation, we are well-prepared to achieve the best possible results for you.
While at times is important and worth fighting over specific assets, there are times when, due to the emotional stake of the parties a more cost-effective approach is using alternative dispute resolution and at times the spouses themselves coming up with solutions.
Missouri is an equity division state and therefore courts aim to divide marital property and debts in a fair and impartial manner. Courts must first determine which property is "marital property" and which is not. Marital property is property that was acquired during the marriage, with a few exceptions such as gifts that were given only to one spouse, inheritance or things that were bought with assets obtained before the marriage. The Courts have a form, attached here, which allows it to dissect what is martial property and the valve of that property, https://www.courts.mo.gov/file.jsp?id=30795.
In some cases where there is property or a business that was acquired during the marriage then appraisers or business valuation specialists can be brought in to help show the court valuation, if valuation if the dispute.
An asset bought before the marriage but added value during the marriage. These assets can end up being commingled. If this has happened, it is important to work an experienced, diligent divorce lawyer.
Or a party might own certain property or assets prior to marriage and during the marriage, the assets might become re-titled in both or joint names, which can result in the assets being marital property.
The martial home can often be one of the most prized marital assets in a divorce. The marital residence can also be important as it relates to stability for children in divorce. Our lawyers can assist if this is the case for you.
Real Estate Appraisers: When residential or commercial property is owned in a divorce, ensuring that this property is properly valuated by a real estate appraisal can be critical in many cases. Our lawyer can help ensure you are referred to a competent real estate appraisal.
Inheritance: In many divorces, parties have either inherited, or stand to inherit, sums of money from their parents or other relatives. This can be a contentious issue in some cases in which our lawyers can help.
Investment Accounts: In many marriages, parties can have investments accounts where they are saving money in the hopes that they can have a better life, save for their retirement and have assets in which to provide their children and grandchildren. When a divorce takes place, it's vital that these assets be appropriately accounted for in the property division phase of a divorce.
Stocks and Bonds: Many married couples also have significant sums in stocks and bonds. It's vital to work with an attorney to have an accounting of what is out there and to ensure it is properly addressed in family court.
Life Insurance: Term life and whole life insurance policies are commonly held by parties in a marriage. When parties divorce, these life insurance policies can become critically important in terms of the possession of the policies, the beneficiaries that remain on them and who is to make the payments and/or have possession of the cash value in instance of whole life insurance.
Appreciation of Separate Property: In some dissolution of marriages, parties owned and possessed separate property prior to marriage. During the marriage, these assets can often increase in value due, in part, to the contribution of the other spouse. Our lawyers can help individuals in these instances.
Marital Debt: In many cases, debt can be a real problem as it relates to property distribution, albeit through support or marital debt. If that is the case in your divorce, our lawyers can assist.
Refinance: Many are not sure as well how to get a mortgage out of the names of both spouses after divorce. Find out more about refinance and divorce.
To learn more about property division in a divorce, contact us for a free consultation at our Joplin or Kansas City locations.
816-503-6739 or 417-553-4352