Divorce - what a complex issue this can be. Whether you're going through your first divorce or you've been through this before and unfortunately, it's happening to you again, it's never easy emotionally. However, information can help ease your worries. Having the answers you need to be well-informed throughout this process can really help put your mind at ease. Our divorce lawyers at the Lake of the Ozarks are here to give you answers to a few frequently asked questions about property division in divorce, in this week's blog. If you have even more questions, please call Gibbons Law Firm today for your free consultation. We can be reached at 573-348-2211.
Property Division FAQs
Q: WHAT HAPPENS IF MY SPOUSE AND I CAN'T AGREE ON ANYTHING?
A: If you and your spouse are not able to come to an agreement, the alternative is to allow the Court to decide. The Court will divide your marital assets in an equitable (but not necessarily equal) manner. When determining how to divide the assets, the Court will consider a variety of different factors including both spouses' current income, both spouses' earning potential, and how each spouse handled their finances during the marriage. Based on these (and other) factors, the Court will determine an arrangement that will meet each spouse's needs in a way that is fair and equitable.
Q: WHAT HAPPENS IF MY SPOUSE AND I DO AGREE ON HOW WE WANT TO SPLIT OUR PROPERTY?
A: If you and your spouse are able to be amicable and cooperative, designating your own plan for dividing assets may be an ideal solution. This generally the most desirable option since it allows both you and your spouse to have complete control over the division of your property. You can work together to devise an agreement that will accommodate both of your needs.
Q: WHAT QUALIFIES AS MARITAL PROPERTY?
A: The first step is to determine your collective assets. The ultimate goal will be to divide the total assets fairly and equitably, but in order to do that, the Court must first have a realistic understanding of the assets involved in the divorce. Marital assets may include:
- Retirement accounts
- Investment accounts
- Bank accounts
- Life insurance
It's important to note that as a general rule, the only property that will be up for division is that which is considered "marital property." Generally, any assets acquired after the wedding date is automatically considered marital property unless specifically designated otherwise.
No one wants to be going through a divorce, especially during the holiday season, right? If you are in this sort of unfortunate situation, though, please do not hesitate to give us a call with any questions you may have. Our law firm provides consultations and your first one is free. This is a good opportunity to get the questions you have answered. We can be reached at the phone number listed below. You can also stay up to date on all of the helpful information we offer by following us on our social media channels listed below.