It is becoming more and more common for couples to live together before they get married. It allows Missouri couples to get to know one another well and determine if their relationship has a chance to survive in the long run. it has the added benefit of allowing couples to split electricity, gas and cable bills and share vehicles and invest in property together. The big mistake couples make when living together is not considering what will happen to their assets and debts if they do not end up together.
Property Division Archives
Divorce brings with it many complicated family law issues and property division is one of them. When a couple separates, their marital assets are divided amongst them depending on the property divisions laws of that state. In order to ensure that asset division takes place property, it is essential that those assets be valued. This seems like a straightforward process-the parties choose a date and the assets are valued as of that date. Unfortunately, it is not as straightforward at all and in fact can end up being quite complex.
The period between an engagement and the wedding ceremony is perhaps the most romantic time for a couple-the anticipation, excitement and elation that one feels before getting married is unparalleled and simply talking to one's future spouse is a delightful experience. But when the conversation turns to a prenuptial agreement, all the romance goes out of the equation. Discussing how to divide property and debt in the event of a divorce, before the couple even gets married, is a damper on all joyful emotion.
Many couples in Missouri may think nothing of opening joint bank accounts after they get married, and depositing all money or paying all bills from that account. Where that ordinarily may be fine, if their marriage does not last, it could end up being a problem as the court would have to determine how to split the property between them. In Missouri, the courts assume that property acquired after the couple got married is marital property. This means that property can be divided in the event of a divorce.
Divorce is never easy to initiate. Even when spouses believe that the timing is right and it is the best step for them to take, it is an emotional and often complex process. Additionally, dissolution requires spouses to make serious and complex decisions. This can result in disputes, and even a lengthy process to sort through the issues and reach a resolution.
For Missouri couples deciding to get a divorce, they likely thought the biggest and most challenging decision they needed to make in the process was to file for dissolution. While this is a major and life-changing choice, there are many important decisions to make and factors to consider throughout the divorce process. One contentious issue during the divorce process is property division. Many spouses find themselves disputing over who gets what and whether they are entitled to something over their ex.
A Missouri resident who is contemplating divorce, or who has been served with divorce papers, needs to take some steps to prepare for the property division process. One of the first and most important steps is getting a handle on one's own financial situation. A spouse facing divorce will have to figure out what they own, what it is worth and whether it will be categorized as marital or non-marital property.
We have spoken in the past about the benefits of a prenuptial agreement. It allows a couple to discuss each's wishes when it comes to many aspects of the marriage during happier times when it is more likely that a couple will work with one another to assure that both sides are happy when it comes to things like property division. When you discuss these things while under good terms, you will prevent allowing animosity or negative emotions affect the decisions you make.
In the past, we have spoken about the benefits of drafting legal document prior to or after a marriage. Creating a prenuptial agreement before a wedding may feel like an uncomfortable discussion to have, but it is a discussion that should be, at very least, considered. For couples who decide to create a prenuptial or postnuptial agreement, it is also important to understand what is required and what could potentially nullify or invalidate a prenuptial or postnuptial agreement.
When couples in Missouri and elsewhere face marital problems, this means either taking steps to resolve these problems or coming to the conclusion that dissolution is the best option. Divorce is never and easy process to initiate, go through and even complete; however, it is a necessary step for a married couple to officially part ways.