On behalf of Stange Law Firm, PC posted in High Asset Divorce on Tuesday, July 18, 2017.
In all matters of divorce in Missouri and throughout the nation, the court has the final say regarding any type of settlement, agreement, child custody, visitation or property division issue. In some situations, that’s no big deal, and spouses merely formulate their agreed upon plans ahead of time, then seek the court’s approval. Other times, however (especially when it comes to the equitable division process), problems arise that prompt concerned spouses to seek outside support.
There are only nine states in the nation that govern their property distribution process under community property guidelines, meaning that all marital assets (and debts) are equally owned and divided 50/50 in divorce. Far more common (and current in this state) is the equitable division process, wherein marital property (and debts) are not always divided 50/50 but are split fairly between parties, according to the court’s discretion. Here’s where things can go wrong.
There have been many situations where spouses do not want former partners to retain ownership of particular items, properties or assets, and because they fear the court is leaning toward awarding said items to those parties, the spouses in question will commit acts to illegally transfer funds or otherwise hide those assets. This is strictly prohibited and can make for a very contentious situation. There are several ways to spot evidence of hidden assets, and any person concerned with such issues may want to look into ahead of time.
If a problem arises, it often helps to seek assistance from an experienced family law attorney. By requesting a consultation, you can take the first step toward protecting your rights in the equitable division process. Stange Law Firm, in Missouri, is fully prepared to investigate hidden asset situations and to aggressively litigate any issue as needed.