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Who owns what regarding property division during a divorce?

During a divorce, one of the most contentious issues that may arise is over the division of property and assets. In the United States, there are two ways each state handles property division: common law property or community property. Most states, including Missouri, are common law property states. What are the differences between common law and community property division?

Providing sound legal advice in property division

Divorce is often about division of property obtained over the course of a marriage. Here in Saint Charles, Missouri, many divorced couples focus on property division because they know that the outcome will affect their financial standing. Another reason why people take property division seriously is because they want to obtain their fair share. However, divorcing spouses need to understand that the process itself often comes with complications, especially when determining which property is marital and which is separate.

What happens to debt during divorce division of marital property?

Anyone who has experienced divorce understands that property division is usually complicated. The process itself is simple if both parties are willing to cooperate when divvying up property and assets. However, that is not always the case. In contentious divorces, spouses find it difficult to divide marital property because they are afraid of getting less than what they deserve. It is also important for divorcing individuals to understand that when courts refer to property division, debt is also likely to be discussed.

Which marital property and assets are often overlooked?

Divorce necessarily means that both spouses must look at their finances and figure out what will become of their property and assets. Dividing marital property can be complicated anywhere in the country, including in Missouri. The final resolution will likely have a great effect on both parties' financial footing, which is why they should be aware of all of their assets before property division.

The essence of identifying separate and marital property

Our team of legal professionals knows the difficulties of property division negotiation. The process itself can have long-term effects on your financial health, which is why it is imperative to focus on property division especially in determining property that is marital and which is not. Missouri is a dual-property state which means that property or assets identified as marital will be divvied up between the divorcing individuals, while separate property will not be subjected to division.

Marital property laws shape outcomes of high-asset divorces

One of the most important issues that has to be settled in any divorce case is property division. Divorcing individuals who have little in the way of property or assets may find their division relatively easy compared to divorcing couples who have amassed considerable properties. Missouri residents may be familiar with high-asset divorce cases involving high-profile individuals such as celebrities and politicians. In most of these cases, divorce became contentious because considerable properties and assets were involved.

What factors affect property division in Missouri?

Ending a marriage is not a simple legal process. Any Missouri resident currently going through a divorce may be wondering who will get the house, the art collection, the cars, the stocks and bonds and the bank accounts. You and your spouse may be thinking of simply selling everything and splitting the proceeds.

Jewelry can also be subjected to property division

People in St. Charles, Missouri who have gone through a divorce know that it can be one of the most difficult chapters in their lives. The legal process alone is difficult because it brings up a number of complex issues such as property division. Divvying up the accumulated assets can be a daunting task, especially if both parties have no idea what they are dealing with. It is important for divorcing individuals to take the matter seriously because the outcome of the property division can affect their finances and stability after the divorce.

Effectively managing assets and surviving property division

Dividing one's assets and property while being emotionally distressed can be considered a lethal combination. However, many couples do just that in a divorce. In order to finish the divorce process as soon as possible, they take what they can or what is given to them and wish for the best. At times, the outcome is not as rosy as expected. Financial expectations fall short, which makes it harder to start a new life.

Simplifying stock division for divorcing Missouri couples

At times, dividing assets during a divorce is not just limited to retirement accounts, a house and marital property. Some couples have significantly more assets than others. Others have stocks under their names. Whether the stocks are from a business ownership or from being an employee of a fledgling company, stocks tend to make property division more complex. However, there are ways to simplify and fairly divide stocks during a divorce in St. Charles, Missouri.

Joseph J. Porzenski
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