What happens to property?
The guiding principle in a proceeding to dissolve a marriage is to ensure an equal division of the parties’ property, not only their assets, but also their liabilities. This does not necessarily mean an equal division of the property.
The division of property includes both real, i.e., land, and personal property, i.e., household furniture, belongings, etc. In the event the parties can arrive at an agreement as to the division of their property and debts, the Court has the authority to approve such an agreement.
In order to determine an equitable division of property and debts, the Court considers a number of factors outlined by the state law or prior judicial case law.
Any judicial decision must first include a determination as to what assets and liabilities constitute marital property subject to division. If a party can show that some of the property which was accumulated during the course of the marriage was a non-marital property that belonged to that party, then, obviously, that property would not be subject to division by the Court.
If you’re considering filing for a dissolution of marriage, our divorce lawyers are here to help. At Busald Funk Zevely, we partner with our clients and fight to ensure we reach the best possible result. If you have questions about a dissolution of marriage in Boone County, contact us today.