In a divorce, dividing marital property and debt is a critical component. In states where there is equitable division like Missouri and Illinois, a court has to set the separate property to each of the parties. The marital property and debt is to be divided in a just manner when considering various factors.
In both states, parties are to fill out financial statements relative to their marital property and debt as well as the property they believe to their separate property. In many instances, parties going through a divorce think their word alone is enough to give a family court judge enough information.
The reality is that supporting documents are essential. Without supporting documents, a family court judge in actuality does not have enough information in most instances to make a fair and just division of the marital property and debt.
This means that if the parties own a home, the deed to the home and up-to-date mortgage statements are important. In cases where there are automobiles, the deeds to the car as well as statements showing the balance owed are important. In cases where there are bank accounts, investment accounts and retirement accounts, it means that a party ought to have statements that show the current value and any other necessary information. As it relates to other property and debt issues in divorce, the same general rule applies.
On top of this, in instances where a parties believes that they owned certain property prior to marriage, a party has to be able to prove this is the case. Having copies of deeds and current account statements can often go a long way in proving this is the case.
In addition to needing to have these supporting documents, an attorney needs to be able to admit this evidence at trial. This often means that a custodian of records affidavit or a records custodian in court to testify will be necessary.
While parties pay look at this as arduous, the reality is that obtaining a positive result in a case often revolves around having the necessary supporting documents.
If you are going through a divorce or family law matter where property division is a critical issue, Stange Law Firm, PC can help. You can call us at 1-855-805-0595.