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What Is Marital Property?

Posted by Unknown | Apr 27, 2020 | 0 Comments

what is marital property

If you are searching for 'What is marital property?' then Drama-Free Divorce is committed to answering your inquiries. We offer flexible financing solutions beginning at $500 a month to residents of Kansas City particularly in Missouri and Kansas. Our transparent pricing eliminates any unexpected expenses through our fixed-cost pricing, while court procedures are minimalized with minimal or no court appearances required. Our attorneys understand the emotional strain associated with divorce proceedings while offering professional yet sympathetic assistance during this difficult period.

Understanding marital property is vital when going through the divorce process. In this article we'll look at what constitutes "marital property", what qualifies as such, and why professional advice is crucial - from hiring divorce attorneys to how to separate assets may change over time.


What is the definition of marital property?

Divorce means the division of marital assets and debts accumulated during marriage - from vehicles and real estate purchases, bank accounts and investments, etc. When couples decide to divorce, all assets acquired during this period are divided among themselves accordingly.

Understanding the details pertaining to marital assets is crucial for an equitable, amicable, and peaceful divorce process.


What Counts As Marital Property In A Divorce?

As part of an equitable division process, it is crucial that property belonging to both spouses is identified. Assets acquired during marriage generally fall under this category, for instance:

  • Real estate
  • Vehicles
  • Bank accounts
  • Investments
  • Retirement plans
  • Business Assets

Separate property such as inheritances or gifts received during marriage will not be subject to division.


How Does Separate Property Become Marital Property?

Separate property typically does not fall under the jurisdiction of divorce, though certain circumstances can blur this boundary. Understanding how separate assets become marital is crucial, an asset could reclassify itself due to factors like comingling of funds or joint ownership.

Due to its complexity, navigating this minefield requires thoughtful consideration and often legal expertise.


Why hiring a divorce attorney is better than not having one?

A divorce attorney is essential for many reasons:

  • Legal Expertise: Attorneys have the knowledge to guide you through the complex laws pertaining to divorce.
  • Negotiation Skills: Attorneys are trained negotiators who can protect your interests while helping you come to a fair agreement.
  • Objective Perspective: Emotions may cloud one's judgment during divorce proceedings. To help guide decision-making processes objectively and with clarity. An attorney provides this service.
  • Paperwork and Procedures: An attorney will ensure all paperwork and court procedures are adhered to, from filing documents to adhering to proper court procedures.


When should you hire an attorney?

Timing is of the utmost importance when hiring a divorce attorney, so when should you seek legal advice?

  • There can often be disputes surrounding child custody, child support, and property division.
  • Your communication has fallen off track between you and your spouse.
  • Divorce can become contentious or complex.


What criteria can be used to find an experienced attorney?

Consider these criteria when selecting your attorney:

  • Experience: Consulting an experienced attorney can bring invaluable experience.
  • Reputation: Reviews and testimonials can help to examine an attorney's reputation.
  • Effective Communication: An attorney with excellent communication skills should keep you up-to-date and communicate clearly.
  • Fee Structure: Any reliable attorney should offer transparent and fair fee structures.


Why Choose Drama-Free Divorce:

Drama-Free Divorce encompasses all the qualities necessary for an effortless divorce process. Our experienced team of attorneys is known for its excellent communication and we keep you updated at every stage of the process. Additionally, our transparent pricing demonstrates our dedication to fairness.


Suggestions for Action

  • Consultation: Make an appointment with an attorney to discuss your circumstances and explore available solutions.
  • Document Gathering: For a thorough assessment, gather all financial and legal documents pertinent to the business to provide a holistic perspective.
  • Open Communication: Keep open lines of communication with your attorney throughout the entire process.
  • Explore Mediation: A more amicable divorce can be accomplished using mediation as an alternate dispute resolution strategy.
  • Prioritize Self-care: Divorce can be emotionally exhausting. Make sure to prioritize your own well-being and seek assistance whenever needed.

To conclude, it is vital to take a strategic approach when handling complex matters of divorce and marital property division. Gaining knowledge of all of its intricacies while seeking legal advice immediately can ensure a more seamless process for everyone involved. Contact us today at 816 615-5555 or send us an email on our Contact Page.

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