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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.

When it comes to property division, all marital property and assets will be divided. People who love their jewelry may think that their precious gems are exempt from property division. But, if the jewelry was given by the other spouse during the course of the marriage, the jewelry will be subject to property division. However, if that jewelry was given by another party, or owned before the person was married, it may not be a subject to property division. That is why it is important for spouses to declare gifts and inheritances as sole and separate property.

Property division is all about trust. If one party decides to hide assets from the other, the process can turn into an unfair and unjust settlement. It can also drag the divorce out into a lengthy process, especially if one party thinks that the other is hiding some property or assets. For transparency, a divorcing spouse may hire forensic accountants who can list all marital assets and value them. By doing this, both parties will have a clear picture of the family's finances.

Here in St. Charles, an attorney can guide individuals who are dealing with property division and other divorce-related issues. The attorney can explain all the details of the case, allowing the spouses to reach a settlement that can benefit both of them.

Source: Wotv4women.com, "Who keeps the jewelry in a divorce?," Gail Saukas, June 16, 2014

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