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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.

Our law firm, Turken and Porzenski LLC, has helped many individuals with property division. First, we make a list of marital assets that are subject to division. Marital assets can be a house, car, joint bank accounts, retirement plans and offshore accounts. The assets require valuation, which may require help from an independent appraiser. Once the value of each asset is determined, both parties can come to a decision on how to distribute them. It is important to understand that Missouri uses an equitable distribution model, which means that marital property will be divided fairly between divorcing individuals. The division does not necessarily mean 50/50 but it is presumed to be fair or equal.

Separate property, on the other hand, will not be subject to division during the divorce. Separate property is property obtained prior to the marriage. This can be an inheritance or heirloom or gifts from third parties. Such property can be disputed if it was combined with marital property, for example, in joint bank accounts.

Divorcing spouses may be spared from property division dilemmas if they have drafted a prenuptial agreement or postnuptial agreement. Readers can learn more about property division and other divorce-related issues on our website. They may find the information extremely valuable.

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