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Preparing for Property Division in an Equitable Distribution State

To end your marriage in the Midwest, you must prepare for a difficult and complex property division process. Divorce is not only the legal process of terminating a marriage contract but also of dividing ownership rights over the couple’s property. Every state enforces different statutes concerning property division in divorce, and most US states use the equitable distribution standard. As the name suggests, a property division process that unfolds under the equitable distribution standard aims for the fairest possible division of marital assets. However, one person’s interpretation of what would be “fair” in divorce may conflict with their soon-to-be ex-spouse’s

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How Long Does a High Asset Divorce Take?

When a couple is facing divorce, they are likely dealing with immeasurable anxiety and ready for the process to be over so they can begin the next chapter of their lives. Stories of divorce cases that drag on for years only add to the stress of the situation, but most cases can be resolved more quickly, depending on factors such as: One spouse running a business that constitutes a majority of the couple’s assets Whether the couple has children How many contested items there are The experience and skill of the parties’ lawyers When a couple has acquired significant assets

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Tips for Protecting Your Business in Divorce

If you are planning to end your marriage in the near future, the divorce process will present multiple financial issues you must address. Divorce can be difficult for anyone regarding the economic factors involved, but it can be especially trying for business owners. It’s essential to do everything you can to protect your business from your divorce proceedings, but it’s vital to understand that you may be limited in this regard. Depending on when and how you created your business, it may qualify as divisible marital property in your dissolution proceedings. One of the best things any business owner can

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Estate Planning After Divorce

Divorce poses several complex financial problems to everyone who goes through the process. While the concept of divorce may seem straightforward at the outset, many people are unprepared for the complex financial issues that must be resolved in a divorce and the long-lasting implications divorce is likely to have on both spouses. Most people going through their divorces are focused on more immediate financial concerns such as property division, child support, and alimony, but it is essential to look to the future. If you have any estate plan in place that you created while you were married, it’s vital to

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Equitable Distribution vs. Community Property

Every state in the country enforces unique rules pertaining to divorce. When it comes to property division, states follow either equitable distribution or community property law. Only nine U.S. states enforce community property, and they include Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin. All other states uphold equitable distribution laws. If you are divorcing in the Midwest, it’s a good idea to understand equitable distribution laws. However, if you ever move to a community property state, you should understand how this form of property division works as well. What Is Community Property Law? Many people who

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Your Guide to Property Division in Divorce

Divorce is a difficult and emotionally stressful process for everyone who experiences it. While your impending divorce may involve a child custody determination and other sensitive personal issues, property division is likely to be a major point of contention in your divorce case. If you are preparing for a divorce, it’s vital to not only know your state’s laws pertaining to property division but also the value of legal representation as you navigate this challenging process. Divorce entails not only the end of a marriage contract but also the establishment of separate property ownership rights over the divorcing couple’s shared

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Community Property Vs. Equitable Distribution in a Midwest Divorce

If you are planning to end your marriage in Missouri, Illinois, Oklahoma, or anywhere else in the Midwestern United States, it’s important to know the legal statutes that will come into play as your divorce case unfolds. Many people hold misconceptions about how property division works in a divorce, and every state upholds unique laws for the property division process. However, property division laws at the state level are divided into two general categories: equitable distribution laws and community property laws. An experienced attorney can help you prepare for property division in divorce by outlining which property division laws will

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Reclaiming personal assets after a divorce may be simple

On behalf of Stange Law Firm, PC posted in Property Division on Wednesday, June 24, 2020. When you feel the desire to get married, you want to be all in. You want to state to the world that this is the person for you and you are for them. You are in for their successes and their failures, and you may be willing to stake your assets to protect them. But what if it’s time to consider your assets to protect yourself? Divorce is never something that people think about when they are sure about marriage, which is why it is often difficult to separate out

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Not sure what to do with the family home? Decide, or a judge will

On behalf of Stange Law Firm, PC posted in Property Division on Wednesday, June 24, 2020. When you decided to divorce your spouse, you hadn’t thought about how you were doing to split your home. That’s where most of your money is held, and by selling your home, you think you’d get enough to put a down payment on your own. Your spouse has said that they would like to remain in the home, but they don’t have the money to buy you out. That has put you in a tough position because you think selling is the best option. Negotiating can help you

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You can seek more than half your property, but is it fair?

On behalf of Stange Law Firm, PC posted in Property Division on Thursday, May 28, 2020. You and your spouse have kept most of your assets separate. During your marriage, you focused on buying the things you needed for yourself and they bought what they needed for themselves. It was rare that you’d invest in anything that was truly shared, other than furniture or appliances. Now that you’re divorcing, you find it shocking that your spouse is trying to keep many of the assets you purchased during the marriage. You had always thought that they’d be reasonable, but all of

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How does divorce affect property in Missouri?

On behalf of Stange Law Firm, PC posted in Property Division on Wednesday, May 27, 2020. No one is thinking about it when they say their vows, but roughly half of people who get married end up getting divorced. Divorce is usually not quite so simple, as people need to recreate individual lives with their own assets. So who gets what assets? How does Missouri work out property division in a divorce? Some states operate on a “community property” rule and will usually divide the marital assets in half. Other states, including Missouri, have equitable distribution, which gives the courts

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Can’t divide your assets? A judge will do it for you

On behalf of Stange Law Firm, PC posted in Property Division on Friday, May 1, 2020. Divorce is tricky for even the calmest couples, because there can be a large amount of money or a great number of assets at stake. Since Missouri is an equitable distribution state, judges can decide how to divide your property for you in a way that they believe is fair based on your contributions to your marriage. To avoid having a total stranger divide your assets, it’s a good idea to work with your spouse to divide your property instead. Some of the assets

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