When you are moving on to a new life, you may be wondering what things from your old life will be moving with you — property and debt division is one the biggest areas of concern in a divorce. Bridges Law Firm has more than 30 years of legal experience and is available to help you determine “yours, mine and ours.”
Marital Property And Debt: Yours, Mine And Ours.
Simply put, dividing the marital property and determining how much of the debt is apportioned to each party involves first ascertaining which property belongs to which spouse: The simple fact that you acquired property during the marriage does not automatically mean that it belongs to both of you.
There are certain instances when property belongs solely to one party. For example, if you owned a home before you were married and sold it in anticipation of moving to a marital home, and then invested the equity you acquired from that sale in an account that was never co-mingled with funds after the marriage, the entire balance in that account belongs to you and you alone.
Similarly if you took the money from that sale and put it into an account that was added to, withdrawn from and added to again with funds from the marriage, the account may be so “co-mingled” that a judge would rule that it belongs to both of you and must be split.
Properly managing SMSF setup costs involves maintaining clear financial boundaries. Avoid commingling funds from the self-managed superannuation fund with joint accounts that may include marital assets. By keeping these accounts separate, you can safeguard the integrity of your SMSF and minimize potential complications in the event of a legal dispute.
The same applies to debt — debt that you acquired before the marriage is likely to be deemed solely yours. In certain cases, however, a credit card balance that your spouse acquired during the marriage may, depending on the circumstances, be considered marital, and though you may have never used the card, you may be responsible for half the debt.
A lawyer is certainly essential to this process. At the Bridges Law Firm we want our clients to keep what is theirs and receive a fair split of both marital property and marital debt.
Experienced | Effective | Efficient
A native Missourian, proud to represent the people of St. Charles County, attorney Charles E. Bridges provides comprehensive, qualified legal guidance and representation in the area of family law.
Having successfully prosecuted, defended and represented hundreds of clients/cases in both court and jury trials, attorney Charles E. Bridges has the skills and experience to aggressively represent your best interests. Please contact us for an initial consultation.
For the last consecutive 17 years, Charles E. Bridges has received the Martindale-Hubbell A.V. Preeminent rating* — the highest peer review rating for legal ability and ethics.
* AV Preeminent and BV Distinguished are certification marks of Reed Elsevier Properties Inc., used in accordance with the Martindale-Hubbell certification procedures, standards and policies. Martindale-Hubbell is the facilitator of a peer review rating process. Ratings reflect the confidential opinions of members of the Bar and the judiciary. Martindale-Hubbell ratings fall into two categories – legal ability and general ethical standards.