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Marital vs Non-Marital Assets In Divorce

Posted by Drama Free Divorce | Mar 03, 2020 | 0 Comments

marital vs non-marital assets in divorce

Drama-Free Divorce will provide expert guidance if you're searching for information about 'marital vs non-marital assets in divorce'. We also offer affordable financing solutions beginning as low as $500 per month for individuals living in Kansas City - specifically Missouri or Kansas - needing divorce. Flexible payment options will fit your divorce proceedings seamlessly, transparent pricing guarantees fixed costs without surprises. We eliminate court appearances to reduce stress. Our team of compassionate, sensitive lawyers understands what a challenging time this can be and offers professional treatment accordingly.

Understanding the legal landscape is integral for successfully navigating a divorce, particularly when dividing marital assets from non-marital ones. In this article we'll look at differences between marital assets and non-marital ones, strategies to protect your assets, and the necessity of hiring an attorney.

 

What Is Marital Vs. Nonmarital Property?

Divorce requires distinguishing between marital assets and non-marital ones. Marital property typically refers to any items acquired during marriage while non-marital assets include items obtained before union or as inheritance/gift.

Equitable asset division during divorce proceedings is key for an easier, smoother process and to ensure each party receives what is owed to them.

 

How Are Non-Matrimonial Assets Different From Matrimonial Assets In Divorce?

Divorce proceedings often divide assets into two buckets: Marital and Non-marital. The difference lies in when and how the assets were acquired. Assets acquired during the marriage will typically be subject to equitable distribution, meaning they'll be distributed fairly but not necessarily equally between spouses. Non-marital property can sometimes be exempted from division if it falls outside of its timeline or was given as an inheritance or gift.

 

How Can I Safeguard My Assets During Divorce?

Planning is essential when it comes to protecting your financial interests in a divorce. Below are a few steps you can take to safeguard your assets:

  • Prenuptial Agreements: Before getting married, consider creating a prenuptial contract to protect assets during any possible divorce and avoid possible disputes over division. This document can provide clarity as well as help reduce disputes when assets need to be divided among you both in a way that doesn't lead to confusion and tensions between spouses.
  • Document Contributions: When purchasing assets jointly, keep careful records of financial contributions made towards purchasing those assets. Such documentation can serve as evidence of ownership.
  • Open Communication: Be open with your spouse about all financial issues. Transparency is the cornerstone of successful asset division.

 

Why is hiring a divorce attorney better than going it alone?

Divorce can be emotionally taxing and the legal proceedings complex. While some may opt to navigate this journey alone, hiring an attorney provides several advantages during this process:

  • Legal Expertise: Attorneys have the expertise necessary to guide their clients through the complexities of the legal landscape.
  • Negotiation Skills: Experienced attorneys excel at negotiation and work to achieve the best result for their clients.
  • Emotional Support: Consulting with an attorney during this difficult process is invaluable in terms of offering guidance and support during what can often be a very trying time.

 

When is the right time to hire an attorney?

Hiring the appropriate divorce attorney at the right time is critical. Seek legal advice as soon as you suspect separation and divorce proceedings have begun - being proactive will enable you to make more informed decisions right from the beginning.

 

What criteria must be considered when searching for an attorney?

Consider the following factors when selecting legal representation:

  • Experience: When hiring an attorney to represent you in family law cases and divorce, choose an experienced attorney with ample experience handling such cases.
  • Reputation: Review client testimonials and reviews to gain an idea of an attorney's reputation.
  • Communication: Choose an attorney who keeps you updated at all times.

 

Why Choose Drama-Free Divorce?

Drama-Free Divorce is a divorce firm that specializes in fair and equitable asset distribution. Here are a few reasons we stand out:

  • Experienced Legal Team: Our lawyers possess many years of experience working in family law, so you can be certain they will provide expert guidance in this area.
  • Positive Reputation: We take great pride in the reputation we have built thanks to our clients' satisfaction and our unwavering dedication in handling their cases.
  • Transparent Communication: We take great pride in maintaining an atmosphere of honesty and will keep you informed throughout the entire divorce process.

 

Suggestions for Action

To navigate the complex nuances surrounding marital assets vs non-marital property during divorce:

  • Educate Yourself: Learn the legal distinctions between marital assets and non-marital ones.
  • Consider a Prenuptial Agreement: It is wise to negotiate and create a prenuptial agreement to clarify how assets will be divided upon marriage.
  • Document Financial Contributions: Keep meticulous records of any financial contributions made towards assets.
  • Seek Legal Counsel Early: If a divorce appears imminent, seek legal advice as soon as possible.
  • Research Attorneys Thoroughly: Experience, reputation, and communication abilities should all be key considerations when selecting an attorney.

By following these steps, you can navigate the divorce process with confidence and clarity. Seeking professional guidance may also play an essential role in reaching a fair outcome for both parties involved. Contact us today at 816 615-5555 or send us an email on our Contact Page.

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