Marital Property and Debt During a Divorce
When parties get divorced, they generally have to report to the court all the marital property and debt that they have. Depending on location and jurisdiction, the format of these terms differs. This is why it is vital to speak with an attorney about the particular details that may occur during your case.
The problem is that a lot of parties think that listing all their marital property and debt is enough and that nothing else needs to be done. But in most instances, the best thing to do is get supporting documents to your attorney as well, so that there is legal documentation as well.
These supporting documents can involve all kinds of particular items from:
- Deed to the home
- Mortgage statements
- Bank account documents
- Credit card documents
- Retirement account documents
- Vehicle titles and current
- Investment account documents
- Life insurance documents
- Student loan support information
- Documents relating to any other assets and debts that might be out there.
So many people will probably wonder or ask why this is necessary or why can’t an attorney just render advice based on what is put on the forms by the client? The answer is that, at the end of the day, the attorney has a duty to give competent, communicative and diligent advice. As part of doing this, it is important that an attorney confirm what is being told to them by the client, for legal purposes. Maybe the client has missed or omitted critical details that the attorney might need in order to give important advice. This is just one of the many reasons that prove why doing this is so important.
Furthermore, in order to settle a case, the other party and attorney might require this information to comprehend a settlement proposal given to them. This information would also be needed in most instances to correctly draft settlement documents.
If a case goes to trial, it is also important for a judge to have access to this information in order to make an appropriate division of property and debt. Otherwise, it might be tough for a judge to justly divide the marital property and debt in an appropriate way, without having all the tax information they need.
Stange Law Firm, PC: Divorce Lawyers in St. Louis, Kansas City, Columbia, Springfield and Beyond to Better Assist
If you are going through a divorce or family law matter where the case is having trouble settling, Stange Law Firm, PC can help. You can call us at 1-855-805-0595 or contact us online.