Verification of Property and Debt

Verification of Property and Debt

Documentation Needed to Conclude Divorce in Missouri, Illinois, Kansas, Oklahoma, and Nebraska

Resolving the property division portion of a divorce can be more difficult than many think. To settle a divorce, the marital settlement and separation agreement must indicate who is getting every piece of marital property and debt. In doing this, many parties going through a divorce are surprised by the need for identifying information to draft the final settlement documents. For example, as it relates to marital property and debt, being less than clear about who is getting specific marital property and debt is often not enough to satisfy a judge. In other words, with real property, the legal description of that real estate must be in the marital settlement and separation agreement. Without it, most judges will not sign the divorce decree. Consider other items of marital property and debt as well like automobiles. The vehicle identification (VIN) numbers for automobiles should be in the settlement paperwork to satisfy a judge and to transfer the title to the state licensing bureau, if necessary. Otherwise, most judges will not sign the divorce decree. The same standard applies to boats, trailers, and other vehicles. Additionally, with bank accounts, investment accounts, 401s, IRAs, and other important assets, account numbers must be contained in the settlement documents. Or, in some jurisdictions, the last several digits of the account number, and the name of the institution where the account, is located minimally may be needed to satisfy a judge. In most instances, leaving that information out will result in many judges refusing to approve the settlement. The same applies to marital debt. Only listing “Visa” or “MasterCard” is almost always problematic in settlement paperwork. Instead, most parties want to at least include the last four digits of the account number, the precise type of Visa or MasterCard, and the balance owed.

What if the Judge Signs the Documents Without Verifying Information?

Should the family court judges sign and approve settlement documents without information like this, future litigation could often result. In other words, it could cause parties to disagree about what was agreed upon. It might result in third parties (like banks, lending institutions, licensing bureaus, investment companies, retirement account companies, etc.) not enforcing the terms of the settlement. While it might feel like a scavenger hunt, it is critical that a party going through a divorce gather all of this documentation at the beginning of this case. If they do not possess it, it is normally wise to let their attorney know where they might get it. If a party is not sure what is necessary and what is not, it is important to discuss this with legal counsel. However, when there is uncertainty, it is almost always better to play it safe and retrieve the information, if possible. If a case cannot settle and the trial results, it is vital that the judge have this information as well. Without it, it can be very difficult for the judge to divide marital property and debt fairly and effectively in the divorce judgment without it.

Contact Our Multi-State Property Division Divorce Lawyers in Missouri, Illinois, Kansas, Oklahoma, and Nebraska Today

If you are going through a divorce with assets, Stange Law Firm, PC can help. You can contact us online or call us at 855-805-0595. We have locations in St. Louis, Chicago, Kansas City, Springfield, Columbia, Wichita, Topeka, Oklahoma City, Tulsa, Omaha, Lincoln, and beyond.


Helpful Information Regarding Property and Debt Division From our Webpage

We also have pages on numerous other topics related to property and debt division from our webpage, including the pages below and on our menu:
High Asset Divorce
If you are considering divorce and have a high net worth, it's important that you have legal counsel in your corner. It is also vital that you have an attorney that is diligent on your behalf.
Divorce Financial Planning
If you will be going through a divorce, conducting divorce financial planning can be critical to ensuring that you can move on with your life on sound financial footing.
Commingling Assets
In many divorce, parties own some assets prior to marriage and then buy additional assets after marriage. Often, these assets can end up being mixed together (or commingled). If this has happened in your case, it is important to work a diligent lawyer.
In some cases, a party might own certain property or assets prior to marriage. After marriage, the assets might become re-titled in joint names, which can result in the assets being transmuted into marital property. Our lawyers can help you if this is what has happened in your case.
Complex Property Distribution
In many high asset divorces, property distribution can be complex and complicated. Our attorneys can help you with difficult property distribution.
The Marital Home
The martial home can often be one of the most prized marital assets in a divorce. The marital residence can also be important as it relates to stability for children in divorce. Our lawyers can assist if this is the case for you.
Real Estate Appraisers
When residential or commercial property is owned in a divorce, ensuring that this property is properly valuated by a real estate appraisal can be critical in many cases. Our lawyer can help ensure you are refered to a competent real estate appraisal.
Many parties have either created trusts for their family, or stand to inherit funds through a trust outside of the probate court. In many cases, this can be an important issue in a divorce in which our lawyers can help.
In many divorces, parties have either inherited, or stand to inherit, sums of money from their parents or other relatives. This can be a contentious issue in some cases in which our lawyers can help.
Investment Accounts
In many marriages, parties can have investments accounts where they are saving money in the hopes that they can have a better life, save for their retirement and have assets in which to provide their children and grandchildren. When a divorce takes place, it's vital that these assets be appropriately accounted for in the property division phase of a divorce.
Stocks and Bonds
Many married couples also have significant sums in stocks and bonds. It's vital to work with an attorney to have an accounting of what is out there and to ensure it is properly addressed in family court.
Life Insurance
Term life and whole life insurance policies are commonly held by parties in a marriage. When parties divorce, these life insurance policies can become critically important in terms of the possession of the policies, the beneficiaries that remain on them and who is to make the payments and/or have possession of the cash value in instance of whole life insurance.
Appreciation of Separate Property
In some dissolution of marriages, parties owned and possessed separate property prior to marriage. During the marriage, these assets can often increase in value due, in part, to the contribution of the other spouse. Our lawyers can help individuals in these instances.
Marital Debt
In many cases, debt can be a real problem as it relates to property distribution, albeit through support or marital debt. If that is the case in your divorce, our lawyers can assist.
Jumbo Mortgages
Jumbo mortgages can be an issue in some divorces. If this is the case for you, you can talk to our lawyers.
Property Issues for Unmarried Couples
For many unmarried couples, they can accumulate property and debt. When they separate, the property and debt they own together can become a contentious issue. Our lawyers can often help if this is the case through a partition action.
Quit Claim Deed
Some people wonder how to transfer title out of joint names after a divorce. Our lawyers can help explain how a Quit Claim Deed works.
Many are not sure as well how to get a mortgage out of the names of both spouses after divorce. Find out more about refinance and divorce.
Gift Affidavits
Parties oftentimes have to transfer title to their vehicles as part of a divorce. Find out more about how gift affidavits work.
Commissioner to Sell Real Estate
Some divorcing parties are unable to work together to sell their real estate as part of the divorce. You might be interested in knowing more about the possibility of a Commissioner being appointed.
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