Marriage demands that you join your life with your spouse’s in almost every sense. As you begin a partnership, you will likely share finances and belongings as well as your home. This is not necessarily a bad thing, but when your marriage is coming to an end, it can make the ensuing separation a complicated issue. There are a few things every divorcee should know about property division.
The following are two essential facts for anybody about to go through a divorce. Having this knowledge can make the process easier and ensure that your investments are protected. You deserve to emerge from your marriage with your fair share of the marital assets.
1. Property settlements are final
When you begin negotiations, you may find that your spouse and his or her attorney offer you a property settlement that seems appealing. A modification is possible for many other aspects of a divorce–such as custody agreements, alimony and child support–to account for changing circumstances in the future. Property settlements, on the other hand, are generally unchangeable.
According to the Missouri Office of State Courts Administrator, marital property includes any property that either you and your spouse acquired since you married, and these assets will be the focus of your property division and settlement.
2. Hiding assets is dangerous
Too many people make the mistake of attempting to hide their assets in the midst of a divorce. You might think that doing so will help you retain them, but it is a risky endeavor, and it will likely get you into trouble. Forensic accountants and other professionals know how to find concealed investments and valuables, so rather than try to conceal your personal property and accounts, you should find professionals who will help you get your fair share.