personal assets

If you disagree with a court order, make sure you hire a good St. Louis divorce lawyer experienced in the economics of divorce to ensure a good outcome for you.

The division of assets is one of the most delicate parts of a divorce. Unfortunately, it often leads to more conflict between the separated spouses, as they are splitting their previous shared life. The division of assets can affect your living arrangements, business, financial status, and quality of life, so it is clear that it needs to be done with equity and objectiveness.

If you are in the middle of a divorce and feel that the division of assets was done to your disadvantage, you can appeal to the trial court’s decision and defend your case. But, as it involves such a big part of your separation, it is a delicate matter that needs to be handled with the help of a good St. Louis divorce attorney.

Division of Assets in Missouri

The property that the spouses acquire during their marriage is called “marital property.” This will be the property that will be divided during a divorce. This is the first thing to check during the division of assets, as the state of Missouri automatically considers any goods that were purchased during your marriage as common goods unless you prove otherwise. So, if you have certain goods you purchased with your own finances, you should provide the necessary evidence to get them off the marital goods list.

The second principle that you must know about the division of assets in Missouri is that a judge will not necessarily divide your marital assets equally but in an equitable way. This will depend on what financial status the other spouse will be left with, how much you both contributed to marital or commingled property, how much of non-marital properties you two have, and what custody arrangements you have in place for your minor children.

What Conditions Must Be Met for You to Appeal?

First of all, the appeal must be done in a certain span of time from the court’s initial decision. In Missouri, you must file your appeal for twenty days from the signing of the court decision, and the court is obliged to solve your settlement in twenty days from your timely appeal.

To support your claim, you must provide evidence that non-marital property was included in the division of assets or what was considered equitable is actually putting you at a disadvantage. This is not easy to demonstrate without papers and written records of your property ownership, sources, or other factors that usually influence a judge’s decision when dividing marital assets.

If you disagree with a court order, make sure you hire a good St. Louis divorce lawyer experienced in the economics of divorce to ensure a good outcome for you. They can advise on the proper steps to appeal the court’s decision.

Splitting up physical items comes down to knowing what you want, being willing to compromise, and preparing yourself for some level of negative emotion.

One of the most contentious points in a divorce comes when couples divide their assets. The reason is that many of these items have a significant amount of sentimental value, and if they’re physical, they cannot literally be split up.

What is Equitable Distribution?

The first thing you should understand about divorce in Missouri is that it runs on an equitable distribution system. What this means is that every marital asset will be split as fairly as possible. At the same time, some assets may be exempt from this process because one party individually owns them. Figuring out which of your belongings fit into which category is best discussed with a lawyer. Ultimately, every item that you share with your spouse should be split between you.

Build a Comprehensive List of Assets

Before you start to split up your assets, you must understand them. You can do so by making a comprehensive list. This step should not be brushed aside, as you don’t want to miss anything. Some of the most common of them include homes, other forms of property, cars, pets, collectibles, electronics, and furniture.

Give Them Monetary Value

As you can imagine, none of these assets can be split cleanly. As an example, a car cut down the middle is no use to anyone. What you can do instead is assign monetary values to each item. What this allows you to do is obtain half the cash equivalent of each asset, rather than losing it entirely. One thing to note is that some assets, like a home, will require an expert to appraise them. You cannot estimate the values on your own and move on with the process.

Be Prepared to Compromise

When you begin your negotiations with your ex-spouse, you will likely both have attachments to your items. Very few people want to cash out their half of every asset. Instead, they fight for the ones they think are most important. In the process, you’re going to want something your partner wants, and you’ll have to come to some sort of agreement on how you’ll work that issue out. The most common method is looking at all of the most contentious items and deciding which you care about the most about and which you could do without.

Be Prepared for Some Heartache

One of the most painful things about divorce is losing the items that you love. As we explained above, you’ll have to compromise on certain assets if you want to keep the divorce moving. Unfortunately, doing so can lead to heartache, as you lose things that you are incredibly attached to. Preparing for this disappointment is a great way to beat it once it presents itself.

As with the rest of your divorce, splitting up physical items comes down to knowing what you want, meticulously keeping track of records, being willing to compromise, and preparing yourself for some level of negative emotion. Call The Betz Law Firm today at (314) 801-8488 or fill out our online contact form. We are committed to guiding our clients through the court process with same level of professionalism that we would wish for our own family members. We are aware of the trust our clients place in us with the future of their family and we strive daily to earn it.