Divorce can be a very sticky situation, particularly when it comes to the division of assets, debts, benefits, and retirement plans. When you decide to go your separate ways, who is responsible for any debts, and how are assets such as the family home or rental property, a family business, or employment benefits and retirement plans handled? As you can imagine, it is a very complex and complicated matter. It is vital for those who are contemplating divorce to consult with an experienced family law attorney in Kansas City who is skilled and knowledgeable regarding these matters. At The O'Connor Law Firm, we work tirelessly to ensure your voice is heard, and your legal rights protected in the event of the dissolution of your marriage.
Many couples assume that when
their marriage ends, marital assets will be distributed equally. This is not the case in Missouri; there are
specific factors considered which impact which spouse is entitled to certain
assets. Some of these factors include:
Regarding debts, those acquired during the marriage are usually divided equitably, which simply means each spouse is responsible for the debt he or she incurred individually. However, if the debt is a joint debt such as in the case of a loan or credit card in both spouse's names, the debt would be divided equally between both spouses.
Retirement plans, IRAs, and other benefits can be a complicated area when it comes to divorce. Retirement benefits are often a substantial portion of the estate for married couples, and in some cases there are steps that must be taken following a divorce in order for benefits to be fairly divided. In some cases it is required that a QDRO, or Qualified Domestic Relations Order is used in division of retirement plans. Every couple's case is unique; it is vital to work with a Kansas City family law attorney who is knowledgeable in this sensitive area of divorce.
In most cases the longer spouses have been married, the more assets and debts they may have accumulated. Most retirement plans and benefits increase in value over the years, and can have a significant impact financially when it comes time to retire. A divorce where there is much at stake financially can be extremely difficult and even acrimonious. To settle all of the details in a way that is fair and ensure your legal rights are protected, we urge you to contact The O’Connor Law Firm today at 816-842-1111.
Matt O’Connor was previously a professor of the law of evidence, and he knows what it takes to successfully defend or assist anyone who is dealing with family law issues. When you hire his team, you will get unparalleled personal attention and care that you won’t receive from any other law firm. Matt O'Connor has over 20 years experience in the court room, and has often times been called upon as a legal contributor for programs like the national Fox News channel and many other local Kansas City stations.