Property Settlement During A Divorce Is Handled By The Family Law Practice At Levy Craig

Property settlement is one of the many services offered by the Family Law Practice at Levy Craig in Kansas City. In a vast majority of divorce cases, the parties are able to reach a settlement. Their property settlement agreement will include issues such as:  division of the property and debts of the marriage, child custody, child support, spousal support and attorney fees. 

Sometimes referred to as a marital settlement agreement, a divorce settlement agreement, or separation and property settlement agreement, a property settlement agreement (PSA) outlines how assets and debts should be divided between two separating spouses. Some PSAs focus exclusively on the financial aspects of divorce, while others delve into a variety of other concerns, including child custody, child support and alimony. 

Full and complete disclosure of the assets and debts of the marriage is necessary before the parties can enter into a binding property settlement.  In some cases, both parties are completely knowledgeable about all of the family’s finances.  In many cases, however, one party does not have complete information about the family’s finances.   

For that reason, that person’s lawyer will need to investigate, using the discovery process as provided by the court’s rules. The Family Law Practice at Levy Craig in Kansas City can help with this. The court requires the parties to complete a financial form(s) providing important information about assets and debts as well as income and expenses.  These forms are signed under oath so they can be relied upon as trustworthy. 

When parties to a divorce reach a settlement, the lawyers prepare a property settlement agreement detailing the specifics about how each asset is divided, who will be responsible for payment of marital debts, child custody, child support, spousal support, and how the costs of the divorce will be paid.  

After the property settlement agreement is signed, it is presented to the court.  The judge reviews the terms of the settlement agreement and determines whether the agreement is fair and if it should be approved by the court.  If the court approves the property settlement agreement, the court enters a Judgment and Decree, which is a court order requiring the parties to honor the terms of their agreement. 

In most cases, settling your case and entering into a settlement agreement, saves the parties money.  The preparation for a contested trial, as well as the trial itself, is expensive for both parties.  When considering a settlement agreement, parties should factor in the cost of litigation. 

The Family Law Practice at Levy Craig is ready to help. Attorneys Nathalie Elliott and Kim Scheuerman represent clients in Missouri and Kansas who need representation in matters involving divorce, child custody, mediation, and many more services. Family law clients also benefit from the expertise of the other Levy Craig attorneys who practice in the areas of estate planning, real estate, tax and commercial litigation. The firm has three offices in the metropolitan Kansas City area for the convenience of their clients. 

For information about property settlement, call the Family Law Practice at Levy Craig Law Firm at (816) 454-7474.