Dissolution Discovery By the Law offices of Piedimonte and Associates, P.C. Suite 101 221 W....

66
Dissolution Discovery By the Law offices of Piedimonte and Associates, P.C. Suite 101 221 W. Lexington Independence, MO 64050 (816)836-8900

Transcript of Dissolution Discovery By the Law offices of Piedimonte and Associates, P.C. Suite 101 221 W....

Page 1: Dissolution Discovery By the Law offices of Piedimonte and Associates, P.C. Suite 101 221 W. Lexington Independence, MO 64050 (816)836-8900.

Dissolution Discovery

By theLaw offices of

Piedimonte and Associates PCSuite 101

221 W LexingtonIndependence MO 64050

(816)836-8900

Overview

bull 1 In the first section we will look at some general concepts you should keep in mind while filling out your marital property statement

bull 2 In the second section we will actually go through step by step and fill out the form

bull 3 Go at your own pace Hit the space bar for the next slide

What is Discovery

bull Court has rules that you must follow to exchange informationndash One of the rules is that all parties must complete

certain information and exchange that information with the other party

ndash The information must be completed within a certain period of time In most cases that time is 30 days

What happens if you do not follow the rules

bull If you do not complete the information or you do not complete it in time the other party through hisher lawyer may file a motion with the court asking that you receive sanctions Sanctions are another way of asking the court to punish you for not following the rules

Sanctionsndash You can be sanctioned for not completing the

Discovery or not completing it on timendash Sanctions (Punishment) can include not being

allowed to go forward with your case The Court can dismiss your case and order you to pay the other parties attorneyrsquos fees if you do not follow the rules and complete the required information

Avoid Sanctions

bull The purpose of this material is to assist you in completing your discovery accurately and on time

Marital Property Statement

ndash One of the rules requires you to fill out a marital property statement This is probably the single most important document you will complete in your discovery packet

A few principles when you complete your marital property statement

bull You must list all of your property ndash If you leave out property or fail to list it your dissolution may

not be final The Court is required to divide all marital property If you forget to put something down you may find even years later your spouse can come back to court and ask that that property be divided

bull You must value your propertyndash The value of the property is ldquomarket valuerdquo This means what

would someone pay for your property today in the condition it is in Sometimes we refer to that as ldquogarage sale valuerdquo It is not what it costs to replace the item or what you originally paid for it

Property is divided equitably

Generally speaking the Court is going to divide the property ldquoequitablyrdquo This does not necessarily mean exactly ldquoequalrdquo but as a practical matter each side is going to be entitled to approximately frac12 of the property There are exceptions to this rule and your attorney will help you with how to handle those situations

Dissipated assets

bull One exception is if your spouse has taken property and spent it or hidden it We call that a dissipated asset In such a case you should still list the property but note it and talk to your attorney about it

You need to decide who has the property and who will get the property

ndash Keep in mind that this is the first document the other side will see about the property Just because you put it down one way doesnrsquot mean you canrsquot change it later as to who will get the property It may be that you are asking for it now but later you may decide to give it up

You will need to designate if the property is marital or non-marital

ndash You should start out with the idea that All property acquired after the date of the marriage is considered martial property

Marital vs Non-marital

An exception would be if you personally received a gift even if it was from your spouse That would be a non-marital piece of property Example- your wedding ring

ndash Another exception would be if you received an inheritance

Marital vs Non-marital (cont)

Property you had before the marriage is generally non-marital property

Property can be non-marital but then turned into marital property

If you got an inheritance and deposited into a joint bank account that could turn the property into a marital asset In those kind of situations your attorney needs to know how the property was acquired and how it got into the joint account Be sure to discuss any situations that you are unsure how to designate whether your property is marital or non-marital with your attorney

Complete each section of the marital property statement

There may be changes along the way as to who you would like to have the property and changing values What you are trying to do by completing the form is to give your attorney enough information to know where there may be problems and in the end to help you determine what is a ldquofairrdquo division of the marital estate

Now wersquoll start to complete the Marital Property Statement

Real Estatendash In the first box you are asked to give

bull the interest including lease holds If you own the property with someone else be sure to list with whom you own it

bull addressbull legal description bull and name of lender The name of the mortgage

holder where you pay your house payment

The legal descriptionndash The legal description is found on your deed or your deed of trust It

is usually in that big pack of papers you got when you bought your house

ndash The legal description will look something like lot 4 Highland Heights a subdivision in Independence Jackson County

Missouri according to the recorded plat thereof ndash Sometimes the legal description will be a long description like

beginning at the SW corner of Section 41 township 12 range 8 then east 150 ft thence proceed south for a distance of 200 ft thence west 140 ft thence on a straight line to the point of beginning

The Legal Description (cont)

bull Do not rely on your tax assessment card These descriptions are often abbreviated It is important that you get the correct description because it is from this marital property statement that other deeds may be drafted if you were to get the property as your own

Fair Market Valuebull This is the value that you think someone would pay

for the property if it were up for sale today in the condition it is currently in It may be more than what you paid for the property or it could be less It is tempting to ldquofudgerdquo on the value You might thinkrdquoif my spouse is going to get this property I want to list it at the highest possible price so hersquoll owe me more moneyrdquo However you might end up with it Your best course of action is to be as accurate as you can If you are unsure how to come up with the price discuss that fact with your attorney

Amount Owed

bull Most of the time this is the mortgage What is the payoff You may have to call your mortgage company to get this information if it is not available on your mortgage statement when you pay your house payment each month

Equity

bull Equity is the difference between the ldquofair market valuerdquo and the ldquoAmount Owedrdquo

bull (fair market) ndash (Amount owed) = Equity

Who should have the property

bull You have to state who will get the house If you want it put down H or W as the case may be in the ldquoTordquo column If you want to sell it put down HampW and note ldquosell and splitrdquo

Possession

bull You have to state who has possession of the property If you are in the house and your spouse is living else where put down (H or W) for yourself as the case may be If you are both in the house put both ldquoHampWrdquo

Motor VehiclesYou are asked to list

ndash all automobiles boats trailers aircraft recreational vehicles and campers

ndash yearndash makendash modelndash vehicle identification numberndash leasehold interest

Vehicle Identification Number

ndash Located on the dash in the left hand side up by the windshield or on the car title Get the number correct It will be used to draft documents later to give you the vehicle so you can have the vehicle put in your name with the department of motor vehicles

Fair Market Value

you can obtain the fair market value from your banker buy a book at the bookstore like Kelly Blue Book look in the newspaper or go to used care values on the internet like wwwkbbcom

Amount owed

This is the payoff You may need to contact your bank or finance company where you pay your car payment to get the ldquopayoffrdquo figure

Equity

This is the difference between the Fair Market Value minus the Amount owed (FMV-Amount owed = Equity)

Who gets it and who has it

ndash To H Wbull who should get itbull put in H or W (husband or wife)

ndash Possrsquon H Wbull who has it

Bank Accounts

You are asked to list all your ndash Savingndash checkingndash money marketndash certificates of deposit

Bank Accounts (cont)bull You are asked to list

ndash the names on the accountndash the institution (The bank or credit union where the

account is kept)ndash the account numberndash balance in the account

Bank Accounts (cont) Namesbull If you have money in an account whether your

name is on the account or not and whether you can sign on the account you need to list the account

bull If you think your spouse has an account even if you donrsquot know all of the information list that account here with what information you do know

Fair Market Value and Equity

ndash Fair Market Value is the balance

Amount Owed

ndash Amount Owed could be any loan against the account This would be rare

Equityndash Equity is generally the balance Itrsquos the

same figure (Unless there is a loan against the account)

Who gets it and who has itndash To H W

bull who should get itbull put in H or W (husband or wife)

ndash Possrsquon H Wbull who has it

Securitiesbull List your stocks bonds and mutual funds here bull For fair market value put in the value on the

date you are completing the form and put the date next to the value As it will change this will help with when the stock or mutual fund was valued Sometimes you may not know the actual stocks but you will know the brokerage house and the account number Any information you have that would help locate or identify the account will help

WholeUniversal Life Insurancendash The name of the company that holds the policy and the policy

number are important This information is used to transfer the policy from one person to another Without the policy number you may not be able to have the policy put in your name alone if your spouse was also on the policy

ndash Having a copy of the policy is the best way to insure you are getting all of the correct information If you do not have a copy talk to your attorney about what you need to do to help complete this section of the marital property statement

Face Amount and Beneficiariesbull Put the face amount along with the other

information requested in the first column bull Beneficiaries of the policy should also be noted

in the first column It may be that your spouse is a beneficiary and that will have to be changed later

WholeUniversal Life Insurance (cont)

bull The Fair Market value is not the face Amount It is the cash valuemdashsometimes called the loan value

Value of the Policybull The Fair Market Value of whole life policies is

sometimes difficult to figure Most policies have a table in the policy itself that can be used to calculate value Your attorney can help you with this if you have a copy of the policy Otherwise you may have to write or call the company to determine the value

WholeUniversal Life (cont)bull It is equally important to determine if there is a loan

against the policy You would put the loan amount in the column for the Amount Owed and make a note to discuss that with your attorney

bull Again the difference between ldquofair market valuerdquo and ldquoloan amountrdquo is the ldquoequityrdquo

WholeUniversal Life (cont)

bull Who gets the policy Even if the insurance is on your spousersquo life you can be an owner of the policy and decide who will be the beneficiary

bull Possession of the policy is who has the physical policy

Term Life Insurancendash Most policies that are provided by your employer are term

policies That is to say you will not have the insurance once you stop working for your employer As such these policies do not have any ldquofair market valuerdquo Put in $0 for ldquofair market valuerdquo and $0 for ldquoequityrdquo Of course you still want to designate who gets the policy and who has the policies in the last 2 columns

ndash Sometimes however couples buy term insurance for a variety of reasons Again getting a copy of the policy and showing it to your attorney if you are in doubt will help you complete this section

Retirementpension or profit sharing

ndash Some pension plans will have values that you can determine from the reports that you get from the employer These accounts like 401Krsquos or thrift savings accounts will be relatively easy to determine the fair market value Simply put in the amount from the statement or report

Retirementpension or profit sharing (cont)

bull Other types of pension plans will not be as easy to determine the ldquofair market valuerdquo The pensions that report how much money you will receive ldquomonthlyrdquo at sometime in the future will need to be calculated for ldquofair market valuerdquo The ldquofair market valuerdquo is not just the monthly amount Your attorney will help you calculate the value and explain just what ldquopresent valuerdquo means to you Often these values are one of the largest assets in most marital estates

Retirementpension or profit sharing (cont)

bull Also remember you are listing your spouses retirement information Even if your spouse started work before you got married you may be entitled to list a portion of the pension as marital property Your attorney will help you determine how that is done

Loans against Pension Plans

ndash Sometimes loans are taken against the pensions or thrift plans That information should be noted in the column for Amount Owed

ndash If you donrsquot know what to put down put as much information as you do know and leave the values blank Your attorney will help you complete the rest of the information

Debts owed to youIf someone owes either you or your spouse money list it here Put in the name and address of the person and if the debt is not yet owed but will be owed in the future put in the date it will be do The amount owed will generally be put under ldquofair market valuerdquo However if the debt is uncollectible you might be

listing it as ldquofair market valuerdquo $0

Debts owed to you (cont)ndash Sometimes this will be investments where you

have sold property and someone owes you for the property and is paying it off on a monthly basis Your attorney will help you determine the value in those situations

ndash Again do you want the debt paid to you or do you want it paid to you spouse will be your decision by placing H or W in the column as to who should get the debt

Sole proprietorships joint ventures partnerships

ndash List the business name and whether it is a corporation and who else may be involved in the ownership of the business and their percent of ownership Your attorney will help you fill out the rest of that portion of the form if you are unsure what to do This is the most difficult asset to determine itrsquos ldquofair market valuerdquo In many cases the value is nothing but in other cases the value may be significant Your attorney may also discuss with you the possibility of having the business professionally appraised in some circumstances

Claims or lawsuit against others

Put in all the information called for in the first column Your attorney will assist you in valuation after discussing this item with you The value of a lawsuit is not what your asking to collect Additionally there are certain laws that impact how to figure ldquomartialrdquo values in the case of workers compensation claims or other types of claims

Claims or lawsuit against others (cont)

ndash Also be sure to note on the form if you owe any support to another person This will affect the value of the claim and should be discussed with your attorney It may be a lien on what ever proceeds you ultimately get in the suit

Cash on handndash While most people think of this as the money you

have in your billfold do not forget the change jar money in the back yard refrigerator or where ever cash money is being kept Even if you canrsquot find it right away because your spouse has taken it list it here but note who has it The coin collection could be listed here or under ldquoother assetsrdquo in ldquoMrdquo below A coin collection may be worth more than the value of the coins

Household and Personal Goods

ndash Start on the pages 6789 attached for listing your personal property You will then total and go back to page 3

Page 6

Page 3

Household and Personal Goods

ndash The property in your possession generally furniture and household items list individually You can list general items such as Pots and Pans or ldquosheets and towelsrdquo as one item and value the total If you have a particular item or items that you want to make sure you have list it out If it is not on this list you cannot be sure you will get it

Household and Personal Goods (cont)

bull Valuing personal property is sometimes a tricky business Think of ldquogarage sale valuerdquo on your furniture Even though you paid $1500 for the couch last week you would be lucky to get $150 for it in a garage sale Most folks have a tendency to over inflate the value of their furniture

Household and Personal Goods (cont)

ndash You want to list both what you have and also what your spouse has These values will go into the overall value of the property division and may help you get your fair share of value in the marital estate If you are in doubt put it down on the list

Household and Personal Goods (cont)

ndash Some folks have heard itrsquos a good idea to value the property your spouse has high and the property you have low Try not to go there The Court has seen parties that inflate values Remember the Court could give you the inflated item ndash saying in effect if you think itrsquos worth that much then you get it

Other Assets

ndash Anything else that you have if you donrsquot know where to list it put it here

ndash This is a good place to put your pets Also remember ldquoFidordquo may be worth a lot to you but he may not be worth anything to someone else

Non-Marital propertyndash Definition of Non-marital Property

bull Everything you had coming into the marriagebull Gifts you personally have received from others or even

your spousebull Money or property you have received from inheritance

You will want to discuss with your attorney what to do about money that you have deposited in joint accounts with your spouse or money you have used to purchase other items for both you and your spouse

bull Money received from someonersquos life insurancebull Items you have that have replaced property you might

consider non-marital property

Non-Marital property (cont)

ndash Non-marital property is not used to value the division of marital property so try to list everything that is non-marital both for yourself and for your spouse

DebtsPlease be as accurate as possible on the debts that you owe Fill out all information requestedndash It is very helpful to list account numbers for credit cardsndash List if you are both obligated or just one of you on the debtndash You should also discuss with your attorney what happens on

a particular debt if you or your spouse doesnrsquot pay what he or she is supposed to pay

Final Thoughtndash Now you have completed your marital property

statement Drop it off at the attorneys office If you have followed these instructions you will have very few questions asked of you If you have not completed the form fully the attorney or his staff will be in touch as to getting additional information

ndash Remember the more information you can supply at the beginning will save you money in attorneyrsquos fees later

  • Dissolution Discovery
  • Overview
  • What is Discovery
  • What happens if you do not follow the rules
  • Sanctions
  • Avoid Sanctions
  • Marital Property Statement
  • A few principles when you complete your marital property statement
  • Property is divided equitably
  • Dissipated assets
  • You need to decide who has the property and who will get the property
  • You will need to designate if the property is marital or non-marital
  • Marital vs Non-marital
  • Marital vs Non-marital (cont)
  • Property can be non-marital but then turned into marital property
  • Complete each section of the marital property statement
  • Now wersquoll start to complete the Marital Property Statement
  • Real Estate
  • The legal description
  • The Legal Description (cont)
  • Fair Market Value
  • Amount Owed
  • Equity
  • Who should have the property
  • Possession
  • Motor Vehicles
  • Vehicle Identification Number
  • Fair Market Value
  • Amount owed
  • Equity
  • Who gets it and who has it
  • Bank Accounts
  • Bank Accounts (cont)
  • Bank Accounts (cont) Names
  • Fair Market Value and Equity
  • Slide 36
  • Slide 37
  • Who gets it and who has it
  • Securities
  • WholeUniversal Life Insurance
  • Face Amount and Beneficiaries
  • WholeUniversal Life Insurance (cont)
  • Value of the Policy
  • WholeUniversal Life (cont)
  • Slide 45
  • Term Life Insurance
  • Retirementpension or profit sharing
  • Retirementpension or profit sharing (cont)
  • Retirementpension or profit sharing (cont)
  • Loans against Pension Plans
  • Debts owed to you
  • Debts owed to you (cont)
  • Sole proprietorships joint ventures partnerships
  • Claims or lawsuit against others
  • Claims or lawsuit against others (cont)
  • Cash on hand
  • Household and Personal Goods
  • Slide 58
  • Household and Personal Goods (cont)
  • Slide 60
  • Slide 61
  • Other Assets
  • Non-Marital property
  • Non-Marital property (cont)
  • Debts
  • Final Thought
Page 2: Dissolution Discovery By the Law offices of Piedimonte and Associates, P.C. Suite 101 221 W. Lexington Independence, MO 64050 (816)836-8900.

Overview

bull 1 In the first section we will look at some general concepts you should keep in mind while filling out your marital property statement

bull 2 In the second section we will actually go through step by step and fill out the form

bull 3 Go at your own pace Hit the space bar for the next slide

What is Discovery

bull Court has rules that you must follow to exchange informationndash One of the rules is that all parties must complete

certain information and exchange that information with the other party

ndash The information must be completed within a certain period of time In most cases that time is 30 days

What happens if you do not follow the rules

bull If you do not complete the information or you do not complete it in time the other party through hisher lawyer may file a motion with the court asking that you receive sanctions Sanctions are another way of asking the court to punish you for not following the rules

Sanctionsndash You can be sanctioned for not completing the

Discovery or not completing it on timendash Sanctions (Punishment) can include not being

allowed to go forward with your case The Court can dismiss your case and order you to pay the other parties attorneyrsquos fees if you do not follow the rules and complete the required information

Avoid Sanctions

bull The purpose of this material is to assist you in completing your discovery accurately and on time

Marital Property Statement

ndash One of the rules requires you to fill out a marital property statement This is probably the single most important document you will complete in your discovery packet

A few principles when you complete your marital property statement

bull You must list all of your property ndash If you leave out property or fail to list it your dissolution may

not be final The Court is required to divide all marital property If you forget to put something down you may find even years later your spouse can come back to court and ask that that property be divided

bull You must value your propertyndash The value of the property is ldquomarket valuerdquo This means what

would someone pay for your property today in the condition it is in Sometimes we refer to that as ldquogarage sale valuerdquo It is not what it costs to replace the item or what you originally paid for it

Property is divided equitably

Generally speaking the Court is going to divide the property ldquoequitablyrdquo This does not necessarily mean exactly ldquoequalrdquo but as a practical matter each side is going to be entitled to approximately frac12 of the property There are exceptions to this rule and your attorney will help you with how to handle those situations

Dissipated assets

bull One exception is if your spouse has taken property and spent it or hidden it We call that a dissipated asset In such a case you should still list the property but note it and talk to your attorney about it

You need to decide who has the property and who will get the property

ndash Keep in mind that this is the first document the other side will see about the property Just because you put it down one way doesnrsquot mean you canrsquot change it later as to who will get the property It may be that you are asking for it now but later you may decide to give it up

You will need to designate if the property is marital or non-marital

ndash You should start out with the idea that All property acquired after the date of the marriage is considered martial property

Marital vs Non-marital

An exception would be if you personally received a gift even if it was from your spouse That would be a non-marital piece of property Example- your wedding ring

ndash Another exception would be if you received an inheritance

Marital vs Non-marital (cont)

Property you had before the marriage is generally non-marital property

Property can be non-marital but then turned into marital property

If you got an inheritance and deposited into a joint bank account that could turn the property into a marital asset In those kind of situations your attorney needs to know how the property was acquired and how it got into the joint account Be sure to discuss any situations that you are unsure how to designate whether your property is marital or non-marital with your attorney

Complete each section of the marital property statement

There may be changes along the way as to who you would like to have the property and changing values What you are trying to do by completing the form is to give your attorney enough information to know where there may be problems and in the end to help you determine what is a ldquofairrdquo division of the marital estate

Now wersquoll start to complete the Marital Property Statement

Real Estatendash In the first box you are asked to give

bull the interest including lease holds If you own the property with someone else be sure to list with whom you own it

bull addressbull legal description bull and name of lender The name of the mortgage

holder where you pay your house payment

The legal descriptionndash The legal description is found on your deed or your deed of trust It

is usually in that big pack of papers you got when you bought your house

ndash The legal description will look something like lot 4 Highland Heights a subdivision in Independence Jackson County

Missouri according to the recorded plat thereof ndash Sometimes the legal description will be a long description like

beginning at the SW corner of Section 41 township 12 range 8 then east 150 ft thence proceed south for a distance of 200 ft thence west 140 ft thence on a straight line to the point of beginning

The Legal Description (cont)

bull Do not rely on your tax assessment card These descriptions are often abbreviated It is important that you get the correct description because it is from this marital property statement that other deeds may be drafted if you were to get the property as your own

Fair Market Valuebull This is the value that you think someone would pay

for the property if it were up for sale today in the condition it is currently in It may be more than what you paid for the property or it could be less It is tempting to ldquofudgerdquo on the value You might thinkrdquoif my spouse is going to get this property I want to list it at the highest possible price so hersquoll owe me more moneyrdquo However you might end up with it Your best course of action is to be as accurate as you can If you are unsure how to come up with the price discuss that fact with your attorney

Amount Owed

bull Most of the time this is the mortgage What is the payoff You may have to call your mortgage company to get this information if it is not available on your mortgage statement when you pay your house payment each month

Equity

bull Equity is the difference between the ldquofair market valuerdquo and the ldquoAmount Owedrdquo

bull (fair market) ndash (Amount owed) = Equity

Who should have the property

bull You have to state who will get the house If you want it put down H or W as the case may be in the ldquoTordquo column If you want to sell it put down HampW and note ldquosell and splitrdquo

Possession

bull You have to state who has possession of the property If you are in the house and your spouse is living else where put down (H or W) for yourself as the case may be If you are both in the house put both ldquoHampWrdquo

Motor VehiclesYou are asked to list

ndash all automobiles boats trailers aircraft recreational vehicles and campers

ndash yearndash makendash modelndash vehicle identification numberndash leasehold interest

Vehicle Identification Number

ndash Located on the dash in the left hand side up by the windshield or on the car title Get the number correct It will be used to draft documents later to give you the vehicle so you can have the vehicle put in your name with the department of motor vehicles

Fair Market Value

you can obtain the fair market value from your banker buy a book at the bookstore like Kelly Blue Book look in the newspaper or go to used care values on the internet like wwwkbbcom

Amount owed

This is the payoff You may need to contact your bank or finance company where you pay your car payment to get the ldquopayoffrdquo figure

Equity

This is the difference between the Fair Market Value minus the Amount owed (FMV-Amount owed = Equity)

Who gets it and who has it

ndash To H Wbull who should get itbull put in H or W (husband or wife)

ndash Possrsquon H Wbull who has it

Bank Accounts

You are asked to list all your ndash Savingndash checkingndash money marketndash certificates of deposit

Bank Accounts (cont)bull You are asked to list

ndash the names on the accountndash the institution (The bank or credit union where the

account is kept)ndash the account numberndash balance in the account

Bank Accounts (cont) Namesbull If you have money in an account whether your

name is on the account or not and whether you can sign on the account you need to list the account

bull If you think your spouse has an account even if you donrsquot know all of the information list that account here with what information you do know

Fair Market Value and Equity

ndash Fair Market Value is the balance

Amount Owed

ndash Amount Owed could be any loan against the account This would be rare

Equityndash Equity is generally the balance Itrsquos the

same figure (Unless there is a loan against the account)

Who gets it and who has itndash To H W

bull who should get itbull put in H or W (husband or wife)

ndash Possrsquon H Wbull who has it

Securitiesbull List your stocks bonds and mutual funds here bull For fair market value put in the value on the

date you are completing the form and put the date next to the value As it will change this will help with when the stock or mutual fund was valued Sometimes you may not know the actual stocks but you will know the brokerage house and the account number Any information you have that would help locate or identify the account will help

WholeUniversal Life Insurancendash The name of the company that holds the policy and the policy

number are important This information is used to transfer the policy from one person to another Without the policy number you may not be able to have the policy put in your name alone if your spouse was also on the policy

ndash Having a copy of the policy is the best way to insure you are getting all of the correct information If you do not have a copy talk to your attorney about what you need to do to help complete this section of the marital property statement

Face Amount and Beneficiariesbull Put the face amount along with the other

information requested in the first column bull Beneficiaries of the policy should also be noted

in the first column It may be that your spouse is a beneficiary and that will have to be changed later

WholeUniversal Life Insurance (cont)

bull The Fair Market value is not the face Amount It is the cash valuemdashsometimes called the loan value

Value of the Policybull The Fair Market Value of whole life policies is

sometimes difficult to figure Most policies have a table in the policy itself that can be used to calculate value Your attorney can help you with this if you have a copy of the policy Otherwise you may have to write or call the company to determine the value

WholeUniversal Life (cont)bull It is equally important to determine if there is a loan

against the policy You would put the loan amount in the column for the Amount Owed and make a note to discuss that with your attorney

bull Again the difference between ldquofair market valuerdquo and ldquoloan amountrdquo is the ldquoequityrdquo

WholeUniversal Life (cont)

bull Who gets the policy Even if the insurance is on your spousersquo life you can be an owner of the policy and decide who will be the beneficiary

bull Possession of the policy is who has the physical policy

Term Life Insurancendash Most policies that are provided by your employer are term

policies That is to say you will not have the insurance once you stop working for your employer As such these policies do not have any ldquofair market valuerdquo Put in $0 for ldquofair market valuerdquo and $0 for ldquoequityrdquo Of course you still want to designate who gets the policy and who has the policies in the last 2 columns

ndash Sometimes however couples buy term insurance for a variety of reasons Again getting a copy of the policy and showing it to your attorney if you are in doubt will help you complete this section

Retirementpension or profit sharing

ndash Some pension plans will have values that you can determine from the reports that you get from the employer These accounts like 401Krsquos or thrift savings accounts will be relatively easy to determine the fair market value Simply put in the amount from the statement or report

Retirementpension or profit sharing (cont)

bull Other types of pension plans will not be as easy to determine the ldquofair market valuerdquo The pensions that report how much money you will receive ldquomonthlyrdquo at sometime in the future will need to be calculated for ldquofair market valuerdquo The ldquofair market valuerdquo is not just the monthly amount Your attorney will help you calculate the value and explain just what ldquopresent valuerdquo means to you Often these values are one of the largest assets in most marital estates

Retirementpension or profit sharing (cont)

bull Also remember you are listing your spouses retirement information Even if your spouse started work before you got married you may be entitled to list a portion of the pension as marital property Your attorney will help you determine how that is done

Loans against Pension Plans

ndash Sometimes loans are taken against the pensions or thrift plans That information should be noted in the column for Amount Owed

ndash If you donrsquot know what to put down put as much information as you do know and leave the values blank Your attorney will help you complete the rest of the information

Debts owed to youIf someone owes either you or your spouse money list it here Put in the name and address of the person and if the debt is not yet owed but will be owed in the future put in the date it will be do The amount owed will generally be put under ldquofair market valuerdquo However if the debt is uncollectible you might be

listing it as ldquofair market valuerdquo $0

Debts owed to you (cont)ndash Sometimes this will be investments where you

have sold property and someone owes you for the property and is paying it off on a monthly basis Your attorney will help you determine the value in those situations

ndash Again do you want the debt paid to you or do you want it paid to you spouse will be your decision by placing H or W in the column as to who should get the debt

Sole proprietorships joint ventures partnerships

ndash List the business name and whether it is a corporation and who else may be involved in the ownership of the business and their percent of ownership Your attorney will help you fill out the rest of that portion of the form if you are unsure what to do This is the most difficult asset to determine itrsquos ldquofair market valuerdquo In many cases the value is nothing but in other cases the value may be significant Your attorney may also discuss with you the possibility of having the business professionally appraised in some circumstances

Claims or lawsuit against others

Put in all the information called for in the first column Your attorney will assist you in valuation after discussing this item with you The value of a lawsuit is not what your asking to collect Additionally there are certain laws that impact how to figure ldquomartialrdquo values in the case of workers compensation claims or other types of claims

Claims or lawsuit against others (cont)

ndash Also be sure to note on the form if you owe any support to another person This will affect the value of the claim and should be discussed with your attorney It may be a lien on what ever proceeds you ultimately get in the suit

Cash on handndash While most people think of this as the money you

have in your billfold do not forget the change jar money in the back yard refrigerator or where ever cash money is being kept Even if you canrsquot find it right away because your spouse has taken it list it here but note who has it The coin collection could be listed here or under ldquoother assetsrdquo in ldquoMrdquo below A coin collection may be worth more than the value of the coins

Household and Personal Goods

ndash Start on the pages 6789 attached for listing your personal property You will then total and go back to page 3

Page 6

Page 3

Household and Personal Goods

ndash The property in your possession generally furniture and household items list individually You can list general items such as Pots and Pans or ldquosheets and towelsrdquo as one item and value the total If you have a particular item or items that you want to make sure you have list it out If it is not on this list you cannot be sure you will get it

Household and Personal Goods (cont)

bull Valuing personal property is sometimes a tricky business Think of ldquogarage sale valuerdquo on your furniture Even though you paid $1500 for the couch last week you would be lucky to get $150 for it in a garage sale Most folks have a tendency to over inflate the value of their furniture

Household and Personal Goods (cont)

ndash You want to list both what you have and also what your spouse has These values will go into the overall value of the property division and may help you get your fair share of value in the marital estate If you are in doubt put it down on the list

Household and Personal Goods (cont)

ndash Some folks have heard itrsquos a good idea to value the property your spouse has high and the property you have low Try not to go there The Court has seen parties that inflate values Remember the Court could give you the inflated item ndash saying in effect if you think itrsquos worth that much then you get it

Other Assets

ndash Anything else that you have if you donrsquot know where to list it put it here

ndash This is a good place to put your pets Also remember ldquoFidordquo may be worth a lot to you but he may not be worth anything to someone else

Non-Marital propertyndash Definition of Non-marital Property

bull Everything you had coming into the marriagebull Gifts you personally have received from others or even

your spousebull Money or property you have received from inheritance

You will want to discuss with your attorney what to do about money that you have deposited in joint accounts with your spouse or money you have used to purchase other items for both you and your spouse

bull Money received from someonersquos life insurancebull Items you have that have replaced property you might

consider non-marital property

Non-Marital property (cont)

ndash Non-marital property is not used to value the division of marital property so try to list everything that is non-marital both for yourself and for your spouse

DebtsPlease be as accurate as possible on the debts that you owe Fill out all information requestedndash It is very helpful to list account numbers for credit cardsndash List if you are both obligated or just one of you on the debtndash You should also discuss with your attorney what happens on

a particular debt if you or your spouse doesnrsquot pay what he or she is supposed to pay

Final Thoughtndash Now you have completed your marital property

statement Drop it off at the attorneys office If you have followed these instructions you will have very few questions asked of you If you have not completed the form fully the attorney or his staff will be in touch as to getting additional information

ndash Remember the more information you can supply at the beginning will save you money in attorneyrsquos fees later

  • Dissolution Discovery
  • Overview
  • What is Discovery
  • What happens if you do not follow the rules
  • Sanctions
  • Avoid Sanctions
  • Marital Property Statement
  • A few principles when you complete your marital property statement
  • Property is divided equitably
  • Dissipated assets
  • You need to decide who has the property and who will get the property
  • You will need to designate if the property is marital or non-marital
  • Marital vs Non-marital
  • Marital vs Non-marital (cont)
  • Property can be non-marital but then turned into marital property
  • Complete each section of the marital property statement
  • Now wersquoll start to complete the Marital Property Statement
  • Real Estate
  • The legal description
  • The Legal Description (cont)
  • Fair Market Value
  • Amount Owed
  • Equity
  • Who should have the property
  • Possession
  • Motor Vehicles
  • Vehicle Identification Number
  • Fair Market Value
  • Amount owed
  • Equity
  • Who gets it and who has it
  • Bank Accounts
  • Bank Accounts (cont)
  • Bank Accounts (cont) Names
  • Fair Market Value and Equity
  • Slide 36
  • Slide 37
  • Who gets it and who has it
  • Securities
  • WholeUniversal Life Insurance
  • Face Amount and Beneficiaries
  • WholeUniversal Life Insurance (cont)
  • Value of the Policy
  • WholeUniversal Life (cont)
  • Slide 45
  • Term Life Insurance
  • Retirementpension or profit sharing
  • Retirementpension or profit sharing (cont)
  • Retirementpension or profit sharing (cont)
  • Loans against Pension Plans
  • Debts owed to you
  • Debts owed to you (cont)
  • Sole proprietorships joint ventures partnerships
  • Claims or lawsuit against others
  • Claims or lawsuit against others (cont)
  • Cash on hand
  • Household and Personal Goods
  • Slide 58
  • Household and Personal Goods (cont)
  • Slide 60
  • Slide 61
  • Other Assets
  • Non-Marital property
  • Non-Marital property (cont)
  • Debts
  • Final Thought
Page 3: Dissolution Discovery By the Law offices of Piedimonte and Associates, P.C. Suite 101 221 W. Lexington Independence, MO 64050 (816)836-8900.

What is Discovery

bull Court has rules that you must follow to exchange informationndash One of the rules is that all parties must complete

certain information and exchange that information with the other party

ndash The information must be completed within a certain period of time In most cases that time is 30 days

What happens if you do not follow the rules

bull If you do not complete the information or you do not complete it in time the other party through hisher lawyer may file a motion with the court asking that you receive sanctions Sanctions are another way of asking the court to punish you for not following the rules

Sanctionsndash You can be sanctioned for not completing the

Discovery or not completing it on timendash Sanctions (Punishment) can include not being

allowed to go forward with your case The Court can dismiss your case and order you to pay the other parties attorneyrsquos fees if you do not follow the rules and complete the required information

Avoid Sanctions

bull The purpose of this material is to assist you in completing your discovery accurately and on time

Marital Property Statement

ndash One of the rules requires you to fill out a marital property statement This is probably the single most important document you will complete in your discovery packet

A few principles when you complete your marital property statement

bull You must list all of your property ndash If you leave out property or fail to list it your dissolution may

not be final The Court is required to divide all marital property If you forget to put something down you may find even years later your spouse can come back to court and ask that that property be divided

bull You must value your propertyndash The value of the property is ldquomarket valuerdquo This means what

would someone pay for your property today in the condition it is in Sometimes we refer to that as ldquogarage sale valuerdquo It is not what it costs to replace the item or what you originally paid for it

Property is divided equitably

Generally speaking the Court is going to divide the property ldquoequitablyrdquo This does not necessarily mean exactly ldquoequalrdquo but as a practical matter each side is going to be entitled to approximately frac12 of the property There are exceptions to this rule and your attorney will help you with how to handle those situations

Dissipated assets

bull One exception is if your spouse has taken property and spent it or hidden it We call that a dissipated asset In such a case you should still list the property but note it and talk to your attorney about it

You need to decide who has the property and who will get the property

ndash Keep in mind that this is the first document the other side will see about the property Just because you put it down one way doesnrsquot mean you canrsquot change it later as to who will get the property It may be that you are asking for it now but later you may decide to give it up

You will need to designate if the property is marital or non-marital

ndash You should start out with the idea that All property acquired after the date of the marriage is considered martial property

Marital vs Non-marital

An exception would be if you personally received a gift even if it was from your spouse That would be a non-marital piece of property Example- your wedding ring

ndash Another exception would be if you received an inheritance

Marital vs Non-marital (cont)

Property you had before the marriage is generally non-marital property

Property can be non-marital but then turned into marital property

If you got an inheritance and deposited into a joint bank account that could turn the property into a marital asset In those kind of situations your attorney needs to know how the property was acquired and how it got into the joint account Be sure to discuss any situations that you are unsure how to designate whether your property is marital or non-marital with your attorney

Complete each section of the marital property statement

There may be changes along the way as to who you would like to have the property and changing values What you are trying to do by completing the form is to give your attorney enough information to know where there may be problems and in the end to help you determine what is a ldquofairrdquo division of the marital estate

Now wersquoll start to complete the Marital Property Statement

Real Estatendash In the first box you are asked to give

bull the interest including lease holds If you own the property with someone else be sure to list with whom you own it

bull addressbull legal description bull and name of lender The name of the mortgage

holder where you pay your house payment

The legal descriptionndash The legal description is found on your deed or your deed of trust It

is usually in that big pack of papers you got when you bought your house

ndash The legal description will look something like lot 4 Highland Heights a subdivision in Independence Jackson County

Missouri according to the recorded plat thereof ndash Sometimes the legal description will be a long description like

beginning at the SW corner of Section 41 township 12 range 8 then east 150 ft thence proceed south for a distance of 200 ft thence west 140 ft thence on a straight line to the point of beginning

The Legal Description (cont)

bull Do not rely on your tax assessment card These descriptions are often abbreviated It is important that you get the correct description because it is from this marital property statement that other deeds may be drafted if you were to get the property as your own

Fair Market Valuebull This is the value that you think someone would pay

for the property if it were up for sale today in the condition it is currently in It may be more than what you paid for the property or it could be less It is tempting to ldquofudgerdquo on the value You might thinkrdquoif my spouse is going to get this property I want to list it at the highest possible price so hersquoll owe me more moneyrdquo However you might end up with it Your best course of action is to be as accurate as you can If you are unsure how to come up with the price discuss that fact with your attorney

Amount Owed

bull Most of the time this is the mortgage What is the payoff You may have to call your mortgage company to get this information if it is not available on your mortgage statement when you pay your house payment each month

Equity

bull Equity is the difference between the ldquofair market valuerdquo and the ldquoAmount Owedrdquo

bull (fair market) ndash (Amount owed) = Equity

Who should have the property

bull You have to state who will get the house If you want it put down H or W as the case may be in the ldquoTordquo column If you want to sell it put down HampW and note ldquosell and splitrdquo

Possession

bull You have to state who has possession of the property If you are in the house and your spouse is living else where put down (H or W) for yourself as the case may be If you are both in the house put both ldquoHampWrdquo

Motor VehiclesYou are asked to list

ndash all automobiles boats trailers aircraft recreational vehicles and campers

ndash yearndash makendash modelndash vehicle identification numberndash leasehold interest

Vehicle Identification Number

ndash Located on the dash in the left hand side up by the windshield or on the car title Get the number correct It will be used to draft documents later to give you the vehicle so you can have the vehicle put in your name with the department of motor vehicles

Fair Market Value

you can obtain the fair market value from your banker buy a book at the bookstore like Kelly Blue Book look in the newspaper or go to used care values on the internet like wwwkbbcom

Amount owed

This is the payoff You may need to contact your bank or finance company where you pay your car payment to get the ldquopayoffrdquo figure

Equity

This is the difference between the Fair Market Value minus the Amount owed (FMV-Amount owed = Equity)

Who gets it and who has it

ndash To H Wbull who should get itbull put in H or W (husband or wife)

ndash Possrsquon H Wbull who has it

Bank Accounts

You are asked to list all your ndash Savingndash checkingndash money marketndash certificates of deposit

Bank Accounts (cont)bull You are asked to list

ndash the names on the accountndash the institution (The bank or credit union where the

account is kept)ndash the account numberndash balance in the account

Bank Accounts (cont) Namesbull If you have money in an account whether your

name is on the account or not and whether you can sign on the account you need to list the account

bull If you think your spouse has an account even if you donrsquot know all of the information list that account here with what information you do know

Fair Market Value and Equity

ndash Fair Market Value is the balance

Amount Owed

ndash Amount Owed could be any loan against the account This would be rare

Equityndash Equity is generally the balance Itrsquos the

same figure (Unless there is a loan against the account)

Who gets it and who has itndash To H W

bull who should get itbull put in H or W (husband or wife)

ndash Possrsquon H Wbull who has it

Securitiesbull List your stocks bonds and mutual funds here bull For fair market value put in the value on the

date you are completing the form and put the date next to the value As it will change this will help with when the stock or mutual fund was valued Sometimes you may not know the actual stocks but you will know the brokerage house and the account number Any information you have that would help locate or identify the account will help

WholeUniversal Life Insurancendash The name of the company that holds the policy and the policy

number are important This information is used to transfer the policy from one person to another Without the policy number you may not be able to have the policy put in your name alone if your spouse was also on the policy

ndash Having a copy of the policy is the best way to insure you are getting all of the correct information If you do not have a copy talk to your attorney about what you need to do to help complete this section of the marital property statement

Face Amount and Beneficiariesbull Put the face amount along with the other

information requested in the first column bull Beneficiaries of the policy should also be noted

in the first column It may be that your spouse is a beneficiary and that will have to be changed later

WholeUniversal Life Insurance (cont)

bull The Fair Market value is not the face Amount It is the cash valuemdashsometimes called the loan value

Value of the Policybull The Fair Market Value of whole life policies is

sometimes difficult to figure Most policies have a table in the policy itself that can be used to calculate value Your attorney can help you with this if you have a copy of the policy Otherwise you may have to write or call the company to determine the value

WholeUniversal Life (cont)bull It is equally important to determine if there is a loan

against the policy You would put the loan amount in the column for the Amount Owed and make a note to discuss that with your attorney

bull Again the difference between ldquofair market valuerdquo and ldquoloan amountrdquo is the ldquoequityrdquo

WholeUniversal Life (cont)

bull Who gets the policy Even if the insurance is on your spousersquo life you can be an owner of the policy and decide who will be the beneficiary

bull Possession of the policy is who has the physical policy

Term Life Insurancendash Most policies that are provided by your employer are term

policies That is to say you will not have the insurance once you stop working for your employer As such these policies do not have any ldquofair market valuerdquo Put in $0 for ldquofair market valuerdquo and $0 for ldquoequityrdquo Of course you still want to designate who gets the policy and who has the policies in the last 2 columns

ndash Sometimes however couples buy term insurance for a variety of reasons Again getting a copy of the policy and showing it to your attorney if you are in doubt will help you complete this section

Retirementpension or profit sharing

ndash Some pension plans will have values that you can determine from the reports that you get from the employer These accounts like 401Krsquos or thrift savings accounts will be relatively easy to determine the fair market value Simply put in the amount from the statement or report

Retirementpension or profit sharing (cont)

bull Other types of pension plans will not be as easy to determine the ldquofair market valuerdquo The pensions that report how much money you will receive ldquomonthlyrdquo at sometime in the future will need to be calculated for ldquofair market valuerdquo The ldquofair market valuerdquo is not just the monthly amount Your attorney will help you calculate the value and explain just what ldquopresent valuerdquo means to you Often these values are one of the largest assets in most marital estates

Retirementpension or profit sharing (cont)

bull Also remember you are listing your spouses retirement information Even if your spouse started work before you got married you may be entitled to list a portion of the pension as marital property Your attorney will help you determine how that is done

Loans against Pension Plans

ndash Sometimes loans are taken against the pensions or thrift plans That information should be noted in the column for Amount Owed

ndash If you donrsquot know what to put down put as much information as you do know and leave the values blank Your attorney will help you complete the rest of the information

Debts owed to youIf someone owes either you or your spouse money list it here Put in the name and address of the person and if the debt is not yet owed but will be owed in the future put in the date it will be do The amount owed will generally be put under ldquofair market valuerdquo However if the debt is uncollectible you might be

listing it as ldquofair market valuerdquo $0

Debts owed to you (cont)ndash Sometimes this will be investments where you

have sold property and someone owes you for the property and is paying it off on a monthly basis Your attorney will help you determine the value in those situations

ndash Again do you want the debt paid to you or do you want it paid to you spouse will be your decision by placing H or W in the column as to who should get the debt

Sole proprietorships joint ventures partnerships

ndash List the business name and whether it is a corporation and who else may be involved in the ownership of the business and their percent of ownership Your attorney will help you fill out the rest of that portion of the form if you are unsure what to do This is the most difficult asset to determine itrsquos ldquofair market valuerdquo In many cases the value is nothing but in other cases the value may be significant Your attorney may also discuss with you the possibility of having the business professionally appraised in some circumstances

Claims or lawsuit against others

Put in all the information called for in the first column Your attorney will assist you in valuation after discussing this item with you The value of a lawsuit is not what your asking to collect Additionally there are certain laws that impact how to figure ldquomartialrdquo values in the case of workers compensation claims or other types of claims

Claims or lawsuit against others (cont)

ndash Also be sure to note on the form if you owe any support to another person This will affect the value of the claim and should be discussed with your attorney It may be a lien on what ever proceeds you ultimately get in the suit

Cash on handndash While most people think of this as the money you

have in your billfold do not forget the change jar money in the back yard refrigerator or where ever cash money is being kept Even if you canrsquot find it right away because your spouse has taken it list it here but note who has it The coin collection could be listed here or under ldquoother assetsrdquo in ldquoMrdquo below A coin collection may be worth more than the value of the coins

Household and Personal Goods

ndash Start on the pages 6789 attached for listing your personal property You will then total and go back to page 3

Page 6

Page 3

Household and Personal Goods

ndash The property in your possession generally furniture and household items list individually You can list general items such as Pots and Pans or ldquosheets and towelsrdquo as one item and value the total If you have a particular item or items that you want to make sure you have list it out If it is not on this list you cannot be sure you will get it

Household and Personal Goods (cont)

bull Valuing personal property is sometimes a tricky business Think of ldquogarage sale valuerdquo on your furniture Even though you paid $1500 for the couch last week you would be lucky to get $150 for it in a garage sale Most folks have a tendency to over inflate the value of their furniture

Household and Personal Goods (cont)

ndash You want to list both what you have and also what your spouse has These values will go into the overall value of the property division and may help you get your fair share of value in the marital estate If you are in doubt put it down on the list

Household and Personal Goods (cont)

ndash Some folks have heard itrsquos a good idea to value the property your spouse has high and the property you have low Try not to go there The Court has seen parties that inflate values Remember the Court could give you the inflated item ndash saying in effect if you think itrsquos worth that much then you get it

Other Assets

ndash Anything else that you have if you donrsquot know where to list it put it here

ndash This is a good place to put your pets Also remember ldquoFidordquo may be worth a lot to you but he may not be worth anything to someone else

Non-Marital propertyndash Definition of Non-marital Property

bull Everything you had coming into the marriagebull Gifts you personally have received from others or even

your spousebull Money or property you have received from inheritance

You will want to discuss with your attorney what to do about money that you have deposited in joint accounts with your spouse or money you have used to purchase other items for both you and your spouse

bull Money received from someonersquos life insurancebull Items you have that have replaced property you might

consider non-marital property

Non-Marital property (cont)

ndash Non-marital property is not used to value the division of marital property so try to list everything that is non-marital both for yourself and for your spouse

DebtsPlease be as accurate as possible on the debts that you owe Fill out all information requestedndash It is very helpful to list account numbers for credit cardsndash List if you are both obligated or just one of you on the debtndash You should also discuss with your attorney what happens on

a particular debt if you or your spouse doesnrsquot pay what he or she is supposed to pay

Final Thoughtndash Now you have completed your marital property

statement Drop it off at the attorneys office If you have followed these instructions you will have very few questions asked of you If you have not completed the form fully the attorney or his staff will be in touch as to getting additional information

ndash Remember the more information you can supply at the beginning will save you money in attorneyrsquos fees later

  • Dissolution Discovery
  • Overview
  • What is Discovery
  • What happens if you do not follow the rules
  • Sanctions
  • Avoid Sanctions
  • Marital Property Statement
  • A few principles when you complete your marital property statement
  • Property is divided equitably
  • Dissipated assets
  • You need to decide who has the property and who will get the property
  • You will need to designate if the property is marital or non-marital
  • Marital vs Non-marital
  • Marital vs Non-marital (cont)
  • Property can be non-marital but then turned into marital property
  • Complete each section of the marital property statement
  • Now wersquoll start to complete the Marital Property Statement
  • Real Estate
  • The legal description
  • The Legal Description (cont)
  • Fair Market Value
  • Amount Owed
  • Equity
  • Who should have the property
  • Possession
  • Motor Vehicles
  • Vehicle Identification Number
  • Fair Market Value
  • Amount owed
  • Equity
  • Who gets it and who has it
  • Bank Accounts
  • Bank Accounts (cont)
  • Bank Accounts (cont) Names
  • Fair Market Value and Equity
  • Slide 36
  • Slide 37
  • Who gets it and who has it
  • Securities
  • WholeUniversal Life Insurance
  • Face Amount and Beneficiaries
  • WholeUniversal Life Insurance (cont)
  • Value of the Policy
  • WholeUniversal Life (cont)
  • Slide 45
  • Term Life Insurance
  • Retirementpension or profit sharing
  • Retirementpension or profit sharing (cont)
  • Retirementpension or profit sharing (cont)
  • Loans against Pension Plans
  • Debts owed to you
  • Debts owed to you (cont)
  • Sole proprietorships joint ventures partnerships
  • Claims or lawsuit against others
  • Claims or lawsuit against others (cont)
  • Cash on hand
  • Household and Personal Goods
  • Slide 58
  • Household and Personal Goods (cont)
  • Slide 60
  • Slide 61
  • Other Assets
  • Non-Marital property
  • Non-Marital property (cont)
  • Debts
  • Final Thought
Page 4: Dissolution Discovery By the Law offices of Piedimonte and Associates, P.C. Suite 101 221 W. Lexington Independence, MO 64050 (816)836-8900.

What happens if you do not follow the rules

bull If you do not complete the information or you do not complete it in time the other party through hisher lawyer may file a motion with the court asking that you receive sanctions Sanctions are another way of asking the court to punish you for not following the rules

Sanctionsndash You can be sanctioned for not completing the

Discovery or not completing it on timendash Sanctions (Punishment) can include not being

allowed to go forward with your case The Court can dismiss your case and order you to pay the other parties attorneyrsquos fees if you do not follow the rules and complete the required information

Avoid Sanctions

bull The purpose of this material is to assist you in completing your discovery accurately and on time

Marital Property Statement

ndash One of the rules requires you to fill out a marital property statement This is probably the single most important document you will complete in your discovery packet

A few principles when you complete your marital property statement

bull You must list all of your property ndash If you leave out property or fail to list it your dissolution may

not be final The Court is required to divide all marital property If you forget to put something down you may find even years later your spouse can come back to court and ask that that property be divided

bull You must value your propertyndash The value of the property is ldquomarket valuerdquo This means what

would someone pay for your property today in the condition it is in Sometimes we refer to that as ldquogarage sale valuerdquo It is not what it costs to replace the item or what you originally paid for it

Property is divided equitably

Generally speaking the Court is going to divide the property ldquoequitablyrdquo This does not necessarily mean exactly ldquoequalrdquo but as a practical matter each side is going to be entitled to approximately frac12 of the property There are exceptions to this rule and your attorney will help you with how to handle those situations

Dissipated assets

bull One exception is if your spouse has taken property and spent it or hidden it We call that a dissipated asset In such a case you should still list the property but note it and talk to your attorney about it

You need to decide who has the property and who will get the property

ndash Keep in mind that this is the first document the other side will see about the property Just because you put it down one way doesnrsquot mean you canrsquot change it later as to who will get the property It may be that you are asking for it now but later you may decide to give it up

You will need to designate if the property is marital or non-marital

ndash You should start out with the idea that All property acquired after the date of the marriage is considered martial property

Marital vs Non-marital

An exception would be if you personally received a gift even if it was from your spouse That would be a non-marital piece of property Example- your wedding ring

ndash Another exception would be if you received an inheritance

Marital vs Non-marital (cont)

Property you had before the marriage is generally non-marital property

Property can be non-marital but then turned into marital property

If you got an inheritance and deposited into a joint bank account that could turn the property into a marital asset In those kind of situations your attorney needs to know how the property was acquired and how it got into the joint account Be sure to discuss any situations that you are unsure how to designate whether your property is marital or non-marital with your attorney

Complete each section of the marital property statement

There may be changes along the way as to who you would like to have the property and changing values What you are trying to do by completing the form is to give your attorney enough information to know where there may be problems and in the end to help you determine what is a ldquofairrdquo division of the marital estate

Now wersquoll start to complete the Marital Property Statement

Real Estatendash In the first box you are asked to give

bull the interest including lease holds If you own the property with someone else be sure to list with whom you own it

bull addressbull legal description bull and name of lender The name of the mortgage

holder where you pay your house payment

The legal descriptionndash The legal description is found on your deed or your deed of trust It

is usually in that big pack of papers you got when you bought your house

ndash The legal description will look something like lot 4 Highland Heights a subdivision in Independence Jackson County

Missouri according to the recorded plat thereof ndash Sometimes the legal description will be a long description like

beginning at the SW corner of Section 41 township 12 range 8 then east 150 ft thence proceed south for a distance of 200 ft thence west 140 ft thence on a straight line to the point of beginning

The Legal Description (cont)

bull Do not rely on your tax assessment card These descriptions are often abbreviated It is important that you get the correct description because it is from this marital property statement that other deeds may be drafted if you were to get the property as your own

Fair Market Valuebull This is the value that you think someone would pay

for the property if it were up for sale today in the condition it is currently in It may be more than what you paid for the property or it could be less It is tempting to ldquofudgerdquo on the value You might thinkrdquoif my spouse is going to get this property I want to list it at the highest possible price so hersquoll owe me more moneyrdquo However you might end up with it Your best course of action is to be as accurate as you can If you are unsure how to come up with the price discuss that fact with your attorney

Amount Owed

bull Most of the time this is the mortgage What is the payoff You may have to call your mortgage company to get this information if it is not available on your mortgage statement when you pay your house payment each month

Equity

bull Equity is the difference between the ldquofair market valuerdquo and the ldquoAmount Owedrdquo

bull (fair market) ndash (Amount owed) = Equity

Who should have the property

bull You have to state who will get the house If you want it put down H or W as the case may be in the ldquoTordquo column If you want to sell it put down HampW and note ldquosell and splitrdquo

Possession

bull You have to state who has possession of the property If you are in the house and your spouse is living else where put down (H or W) for yourself as the case may be If you are both in the house put both ldquoHampWrdquo

Motor VehiclesYou are asked to list

ndash all automobiles boats trailers aircraft recreational vehicles and campers

ndash yearndash makendash modelndash vehicle identification numberndash leasehold interest

Vehicle Identification Number

ndash Located on the dash in the left hand side up by the windshield or on the car title Get the number correct It will be used to draft documents later to give you the vehicle so you can have the vehicle put in your name with the department of motor vehicles

Fair Market Value

you can obtain the fair market value from your banker buy a book at the bookstore like Kelly Blue Book look in the newspaper or go to used care values on the internet like wwwkbbcom

Amount owed

This is the payoff You may need to contact your bank or finance company where you pay your car payment to get the ldquopayoffrdquo figure

Equity

This is the difference between the Fair Market Value minus the Amount owed (FMV-Amount owed = Equity)

Who gets it and who has it

ndash To H Wbull who should get itbull put in H or W (husband or wife)

ndash Possrsquon H Wbull who has it

Bank Accounts

You are asked to list all your ndash Savingndash checkingndash money marketndash certificates of deposit

Bank Accounts (cont)bull You are asked to list

ndash the names on the accountndash the institution (The bank or credit union where the

account is kept)ndash the account numberndash balance in the account

Bank Accounts (cont) Namesbull If you have money in an account whether your

name is on the account or not and whether you can sign on the account you need to list the account

bull If you think your spouse has an account even if you donrsquot know all of the information list that account here with what information you do know

Fair Market Value and Equity

ndash Fair Market Value is the balance

Amount Owed

ndash Amount Owed could be any loan against the account This would be rare

Equityndash Equity is generally the balance Itrsquos the

same figure (Unless there is a loan against the account)

Who gets it and who has itndash To H W

bull who should get itbull put in H or W (husband or wife)

ndash Possrsquon H Wbull who has it

Securitiesbull List your stocks bonds and mutual funds here bull For fair market value put in the value on the

date you are completing the form and put the date next to the value As it will change this will help with when the stock or mutual fund was valued Sometimes you may not know the actual stocks but you will know the brokerage house and the account number Any information you have that would help locate or identify the account will help

WholeUniversal Life Insurancendash The name of the company that holds the policy and the policy

number are important This information is used to transfer the policy from one person to another Without the policy number you may not be able to have the policy put in your name alone if your spouse was also on the policy

ndash Having a copy of the policy is the best way to insure you are getting all of the correct information If you do not have a copy talk to your attorney about what you need to do to help complete this section of the marital property statement

Face Amount and Beneficiariesbull Put the face amount along with the other

information requested in the first column bull Beneficiaries of the policy should also be noted

in the first column It may be that your spouse is a beneficiary and that will have to be changed later

WholeUniversal Life Insurance (cont)

bull The Fair Market value is not the face Amount It is the cash valuemdashsometimes called the loan value

Value of the Policybull The Fair Market Value of whole life policies is

sometimes difficult to figure Most policies have a table in the policy itself that can be used to calculate value Your attorney can help you with this if you have a copy of the policy Otherwise you may have to write or call the company to determine the value

WholeUniversal Life (cont)bull It is equally important to determine if there is a loan

against the policy You would put the loan amount in the column for the Amount Owed and make a note to discuss that with your attorney

bull Again the difference between ldquofair market valuerdquo and ldquoloan amountrdquo is the ldquoequityrdquo

WholeUniversal Life (cont)

bull Who gets the policy Even if the insurance is on your spousersquo life you can be an owner of the policy and decide who will be the beneficiary

bull Possession of the policy is who has the physical policy

Term Life Insurancendash Most policies that are provided by your employer are term

policies That is to say you will not have the insurance once you stop working for your employer As such these policies do not have any ldquofair market valuerdquo Put in $0 for ldquofair market valuerdquo and $0 for ldquoequityrdquo Of course you still want to designate who gets the policy and who has the policies in the last 2 columns

ndash Sometimes however couples buy term insurance for a variety of reasons Again getting a copy of the policy and showing it to your attorney if you are in doubt will help you complete this section

Retirementpension or profit sharing

ndash Some pension plans will have values that you can determine from the reports that you get from the employer These accounts like 401Krsquos or thrift savings accounts will be relatively easy to determine the fair market value Simply put in the amount from the statement or report

Retirementpension or profit sharing (cont)

bull Other types of pension plans will not be as easy to determine the ldquofair market valuerdquo The pensions that report how much money you will receive ldquomonthlyrdquo at sometime in the future will need to be calculated for ldquofair market valuerdquo The ldquofair market valuerdquo is not just the monthly amount Your attorney will help you calculate the value and explain just what ldquopresent valuerdquo means to you Often these values are one of the largest assets in most marital estates

Retirementpension or profit sharing (cont)

bull Also remember you are listing your spouses retirement information Even if your spouse started work before you got married you may be entitled to list a portion of the pension as marital property Your attorney will help you determine how that is done

Loans against Pension Plans

ndash Sometimes loans are taken against the pensions or thrift plans That information should be noted in the column for Amount Owed

ndash If you donrsquot know what to put down put as much information as you do know and leave the values blank Your attorney will help you complete the rest of the information

Debts owed to youIf someone owes either you or your spouse money list it here Put in the name and address of the person and if the debt is not yet owed but will be owed in the future put in the date it will be do The amount owed will generally be put under ldquofair market valuerdquo However if the debt is uncollectible you might be

listing it as ldquofair market valuerdquo $0

Debts owed to you (cont)ndash Sometimes this will be investments where you

have sold property and someone owes you for the property and is paying it off on a monthly basis Your attorney will help you determine the value in those situations

ndash Again do you want the debt paid to you or do you want it paid to you spouse will be your decision by placing H or W in the column as to who should get the debt

Sole proprietorships joint ventures partnerships

ndash List the business name and whether it is a corporation and who else may be involved in the ownership of the business and their percent of ownership Your attorney will help you fill out the rest of that portion of the form if you are unsure what to do This is the most difficult asset to determine itrsquos ldquofair market valuerdquo In many cases the value is nothing but in other cases the value may be significant Your attorney may also discuss with you the possibility of having the business professionally appraised in some circumstances

Claims or lawsuit against others

Put in all the information called for in the first column Your attorney will assist you in valuation after discussing this item with you The value of a lawsuit is not what your asking to collect Additionally there are certain laws that impact how to figure ldquomartialrdquo values in the case of workers compensation claims or other types of claims

Claims or lawsuit against others (cont)

ndash Also be sure to note on the form if you owe any support to another person This will affect the value of the claim and should be discussed with your attorney It may be a lien on what ever proceeds you ultimately get in the suit

Cash on handndash While most people think of this as the money you

have in your billfold do not forget the change jar money in the back yard refrigerator or where ever cash money is being kept Even if you canrsquot find it right away because your spouse has taken it list it here but note who has it The coin collection could be listed here or under ldquoother assetsrdquo in ldquoMrdquo below A coin collection may be worth more than the value of the coins

Household and Personal Goods

ndash Start on the pages 6789 attached for listing your personal property You will then total and go back to page 3

Page 6

Page 3

Household and Personal Goods

ndash The property in your possession generally furniture and household items list individually You can list general items such as Pots and Pans or ldquosheets and towelsrdquo as one item and value the total If you have a particular item or items that you want to make sure you have list it out If it is not on this list you cannot be sure you will get it

Household and Personal Goods (cont)

bull Valuing personal property is sometimes a tricky business Think of ldquogarage sale valuerdquo on your furniture Even though you paid $1500 for the couch last week you would be lucky to get $150 for it in a garage sale Most folks have a tendency to over inflate the value of their furniture

Household and Personal Goods (cont)

ndash You want to list both what you have and also what your spouse has These values will go into the overall value of the property division and may help you get your fair share of value in the marital estate If you are in doubt put it down on the list

Household and Personal Goods (cont)

ndash Some folks have heard itrsquos a good idea to value the property your spouse has high and the property you have low Try not to go there The Court has seen parties that inflate values Remember the Court could give you the inflated item ndash saying in effect if you think itrsquos worth that much then you get it

Other Assets

ndash Anything else that you have if you donrsquot know where to list it put it here

ndash This is a good place to put your pets Also remember ldquoFidordquo may be worth a lot to you but he may not be worth anything to someone else

Non-Marital propertyndash Definition of Non-marital Property

bull Everything you had coming into the marriagebull Gifts you personally have received from others or even

your spousebull Money or property you have received from inheritance

You will want to discuss with your attorney what to do about money that you have deposited in joint accounts with your spouse or money you have used to purchase other items for both you and your spouse

bull Money received from someonersquos life insurancebull Items you have that have replaced property you might

consider non-marital property

Non-Marital property (cont)

ndash Non-marital property is not used to value the division of marital property so try to list everything that is non-marital both for yourself and for your spouse

DebtsPlease be as accurate as possible on the debts that you owe Fill out all information requestedndash It is very helpful to list account numbers for credit cardsndash List if you are both obligated or just one of you on the debtndash You should also discuss with your attorney what happens on

a particular debt if you or your spouse doesnrsquot pay what he or she is supposed to pay

Final Thoughtndash Now you have completed your marital property

statement Drop it off at the attorneys office If you have followed these instructions you will have very few questions asked of you If you have not completed the form fully the attorney or his staff will be in touch as to getting additional information

ndash Remember the more information you can supply at the beginning will save you money in attorneyrsquos fees later

  • Dissolution Discovery
  • Overview
  • What is Discovery
  • What happens if you do not follow the rules
  • Sanctions
  • Avoid Sanctions
  • Marital Property Statement
  • A few principles when you complete your marital property statement
  • Property is divided equitably
  • Dissipated assets
  • You need to decide who has the property and who will get the property
  • You will need to designate if the property is marital or non-marital
  • Marital vs Non-marital
  • Marital vs Non-marital (cont)
  • Property can be non-marital but then turned into marital property
  • Complete each section of the marital property statement
  • Now wersquoll start to complete the Marital Property Statement
  • Real Estate
  • The legal description
  • The Legal Description (cont)
  • Fair Market Value
  • Amount Owed
  • Equity
  • Who should have the property
  • Possession
  • Motor Vehicles
  • Vehicle Identification Number
  • Fair Market Value
  • Amount owed
  • Equity
  • Who gets it and who has it
  • Bank Accounts
  • Bank Accounts (cont)
  • Bank Accounts (cont) Names
  • Fair Market Value and Equity
  • Slide 36
  • Slide 37
  • Who gets it and who has it
  • Securities
  • WholeUniversal Life Insurance
  • Face Amount and Beneficiaries
  • WholeUniversal Life Insurance (cont)
  • Value of the Policy
  • WholeUniversal Life (cont)
  • Slide 45
  • Term Life Insurance
  • Retirementpension or profit sharing
  • Retirementpension or profit sharing (cont)
  • Retirementpension or profit sharing (cont)
  • Loans against Pension Plans
  • Debts owed to you
  • Debts owed to you (cont)
  • Sole proprietorships joint ventures partnerships
  • Claims or lawsuit against others
  • Claims or lawsuit against others (cont)
  • Cash on hand
  • Household and Personal Goods
  • Slide 58
  • Household and Personal Goods (cont)
  • Slide 60
  • Slide 61
  • Other Assets
  • Non-Marital property
  • Non-Marital property (cont)
  • Debts
  • Final Thought
Page 5: Dissolution Discovery By the Law offices of Piedimonte and Associates, P.C. Suite 101 221 W. Lexington Independence, MO 64050 (816)836-8900.

Sanctionsndash You can be sanctioned for not completing the

Discovery or not completing it on timendash Sanctions (Punishment) can include not being

allowed to go forward with your case The Court can dismiss your case and order you to pay the other parties attorneyrsquos fees if you do not follow the rules and complete the required information

Avoid Sanctions

bull The purpose of this material is to assist you in completing your discovery accurately and on time

Marital Property Statement

ndash One of the rules requires you to fill out a marital property statement This is probably the single most important document you will complete in your discovery packet

A few principles when you complete your marital property statement

bull You must list all of your property ndash If you leave out property or fail to list it your dissolution may

not be final The Court is required to divide all marital property If you forget to put something down you may find even years later your spouse can come back to court and ask that that property be divided

bull You must value your propertyndash The value of the property is ldquomarket valuerdquo This means what

would someone pay for your property today in the condition it is in Sometimes we refer to that as ldquogarage sale valuerdquo It is not what it costs to replace the item or what you originally paid for it

Property is divided equitably

Generally speaking the Court is going to divide the property ldquoequitablyrdquo This does not necessarily mean exactly ldquoequalrdquo but as a practical matter each side is going to be entitled to approximately frac12 of the property There are exceptions to this rule and your attorney will help you with how to handle those situations

Dissipated assets

bull One exception is if your spouse has taken property and spent it or hidden it We call that a dissipated asset In such a case you should still list the property but note it and talk to your attorney about it

You need to decide who has the property and who will get the property

ndash Keep in mind that this is the first document the other side will see about the property Just because you put it down one way doesnrsquot mean you canrsquot change it later as to who will get the property It may be that you are asking for it now but later you may decide to give it up

You will need to designate if the property is marital or non-marital

ndash You should start out with the idea that All property acquired after the date of the marriage is considered martial property

Marital vs Non-marital

An exception would be if you personally received a gift even if it was from your spouse That would be a non-marital piece of property Example- your wedding ring

ndash Another exception would be if you received an inheritance

Marital vs Non-marital (cont)

Property you had before the marriage is generally non-marital property

Property can be non-marital but then turned into marital property

If you got an inheritance and deposited into a joint bank account that could turn the property into a marital asset In those kind of situations your attorney needs to know how the property was acquired and how it got into the joint account Be sure to discuss any situations that you are unsure how to designate whether your property is marital or non-marital with your attorney

Complete each section of the marital property statement

There may be changes along the way as to who you would like to have the property and changing values What you are trying to do by completing the form is to give your attorney enough information to know where there may be problems and in the end to help you determine what is a ldquofairrdquo division of the marital estate

Now wersquoll start to complete the Marital Property Statement

Real Estatendash In the first box you are asked to give

bull the interest including lease holds If you own the property with someone else be sure to list with whom you own it

bull addressbull legal description bull and name of lender The name of the mortgage

holder where you pay your house payment

The legal descriptionndash The legal description is found on your deed or your deed of trust It

is usually in that big pack of papers you got when you bought your house

ndash The legal description will look something like lot 4 Highland Heights a subdivision in Independence Jackson County

Missouri according to the recorded plat thereof ndash Sometimes the legal description will be a long description like

beginning at the SW corner of Section 41 township 12 range 8 then east 150 ft thence proceed south for a distance of 200 ft thence west 140 ft thence on a straight line to the point of beginning

The Legal Description (cont)

bull Do not rely on your tax assessment card These descriptions are often abbreviated It is important that you get the correct description because it is from this marital property statement that other deeds may be drafted if you were to get the property as your own

Fair Market Valuebull This is the value that you think someone would pay

for the property if it were up for sale today in the condition it is currently in It may be more than what you paid for the property or it could be less It is tempting to ldquofudgerdquo on the value You might thinkrdquoif my spouse is going to get this property I want to list it at the highest possible price so hersquoll owe me more moneyrdquo However you might end up with it Your best course of action is to be as accurate as you can If you are unsure how to come up with the price discuss that fact with your attorney

Amount Owed

bull Most of the time this is the mortgage What is the payoff You may have to call your mortgage company to get this information if it is not available on your mortgage statement when you pay your house payment each month

Equity

bull Equity is the difference between the ldquofair market valuerdquo and the ldquoAmount Owedrdquo

bull (fair market) ndash (Amount owed) = Equity

Who should have the property

bull You have to state who will get the house If you want it put down H or W as the case may be in the ldquoTordquo column If you want to sell it put down HampW and note ldquosell and splitrdquo

Possession

bull You have to state who has possession of the property If you are in the house and your spouse is living else where put down (H or W) for yourself as the case may be If you are both in the house put both ldquoHampWrdquo

Motor VehiclesYou are asked to list

ndash all automobiles boats trailers aircraft recreational vehicles and campers

ndash yearndash makendash modelndash vehicle identification numberndash leasehold interest

Vehicle Identification Number

ndash Located on the dash in the left hand side up by the windshield or on the car title Get the number correct It will be used to draft documents later to give you the vehicle so you can have the vehicle put in your name with the department of motor vehicles

Fair Market Value

you can obtain the fair market value from your banker buy a book at the bookstore like Kelly Blue Book look in the newspaper or go to used care values on the internet like wwwkbbcom

Amount owed

This is the payoff You may need to contact your bank or finance company where you pay your car payment to get the ldquopayoffrdquo figure

Equity

This is the difference between the Fair Market Value minus the Amount owed (FMV-Amount owed = Equity)

Who gets it and who has it

ndash To H Wbull who should get itbull put in H or W (husband or wife)

ndash Possrsquon H Wbull who has it

Bank Accounts

You are asked to list all your ndash Savingndash checkingndash money marketndash certificates of deposit

Bank Accounts (cont)bull You are asked to list

ndash the names on the accountndash the institution (The bank or credit union where the

account is kept)ndash the account numberndash balance in the account

Bank Accounts (cont) Namesbull If you have money in an account whether your

name is on the account or not and whether you can sign on the account you need to list the account

bull If you think your spouse has an account even if you donrsquot know all of the information list that account here with what information you do know

Fair Market Value and Equity

ndash Fair Market Value is the balance

Amount Owed

ndash Amount Owed could be any loan against the account This would be rare

Equityndash Equity is generally the balance Itrsquos the

same figure (Unless there is a loan against the account)

Who gets it and who has itndash To H W

bull who should get itbull put in H or W (husband or wife)

ndash Possrsquon H Wbull who has it

Securitiesbull List your stocks bonds and mutual funds here bull For fair market value put in the value on the

date you are completing the form and put the date next to the value As it will change this will help with when the stock or mutual fund was valued Sometimes you may not know the actual stocks but you will know the brokerage house and the account number Any information you have that would help locate or identify the account will help

WholeUniversal Life Insurancendash The name of the company that holds the policy and the policy

number are important This information is used to transfer the policy from one person to another Without the policy number you may not be able to have the policy put in your name alone if your spouse was also on the policy

ndash Having a copy of the policy is the best way to insure you are getting all of the correct information If you do not have a copy talk to your attorney about what you need to do to help complete this section of the marital property statement

Face Amount and Beneficiariesbull Put the face amount along with the other

information requested in the first column bull Beneficiaries of the policy should also be noted

in the first column It may be that your spouse is a beneficiary and that will have to be changed later

WholeUniversal Life Insurance (cont)

bull The Fair Market value is not the face Amount It is the cash valuemdashsometimes called the loan value

Value of the Policybull The Fair Market Value of whole life policies is

sometimes difficult to figure Most policies have a table in the policy itself that can be used to calculate value Your attorney can help you with this if you have a copy of the policy Otherwise you may have to write or call the company to determine the value

WholeUniversal Life (cont)bull It is equally important to determine if there is a loan

against the policy You would put the loan amount in the column for the Amount Owed and make a note to discuss that with your attorney

bull Again the difference between ldquofair market valuerdquo and ldquoloan amountrdquo is the ldquoequityrdquo

WholeUniversal Life (cont)

bull Who gets the policy Even if the insurance is on your spousersquo life you can be an owner of the policy and decide who will be the beneficiary

bull Possession of the policy is who has the physical policy

Term Life Insurancendash Most policies that are provided by your employer are term

policies That is to say you will not have the insurance once you stop working for your employer As such these policies do not have any ldquofair market valuerdquo Put in $0 for ldquofair market valuerdquo and $0 for ldquoequityrdquo Of course you still want to designate who gets the policy and who has the policies in the last 2 columns

ndash Sometimes however couples buy term insurance for a variety of reasons Again getting a copy of the policy and showing it to your attorney if you are in doubt will help you complete this section

Retirementpension or profit sharing

ndash Some pension plans will have values that you can determine from the reports that you get from the employer These accounts like 401Krsquos or thrift savings accounts will be relatively easy to determine the fair market value Simply put in the amount from the statement or report

Retirementpension or profit sharing (cont)

bull Other types of pension plans will not be as easy to determine the ldquofair market valuerdquo The pensions that report how much money you will receive ldquomonthlyrdquo at sometime in the future will need to be calculated for ldquofair market valuerdquo The ldquofair market valuerdquo is not just the monthly amount Your attorney will help you calculate the value and explain just what ldquopresent valuerdquo means to you Often these values are one of the largest assets in most marital estates

Retirementpension or profit sharing (cont)

bull Also remember you are listing your spouses retirement information Even if your spouse started work before you got married you may be entitled to list a portion of the pension as marital property Your attorney will help you determine how that is done

Loans against Pension Plans

ndash Sometimes loans are taken against the pensions or thrift plans That information should be noted in the column for Amount Owed

ndash If you donrsquot know what to put down put as much information as you do know and leave the values blank Your attorney will help you complete the rest of the information

Debts owed to youIf someone owes either you or your spouse money list it here Put in the name and address of the person and if the debt is not yet owed but will be owed in the future put in the date it will be do The amount owed will generally be put under ldquofair market valuerdquo However if the debt is uncollectible you might be

listing it as ldquofair market valuerdquo $0

Debts owed to you (cont)ndash Sometimes this will be investments where you

have sold property and someone owes you for the property and is paying it off on a monthly basis Your attorney will help you determine the value in those situations

ndash Again do you want the debt paid to you or do you want it paid to you spouse will be your decision by placing H or W in the column as to who should get the debt

Sole proprietorships joint ventures partnerships

ndash List the business name and whether it is a corporation and who else may be involved in the ownership of the business and their percent of ownership Your attorney will help you fill out the rest of that portion of the form if you are unsure what to do This is the most difficult asset to determine itrsquos ldquofair market valuerdquo In many cases the value is nothing but in other cases the value may be significant Your attorney may also discuss with you the possibility of having the business professionally appraised in some circumstances

Claims or lawsuit against others

Put in all the information called for in the first column Your attorney will assist you in valuation after discussing this item with you The value of a lawsuit is not what your asking to collect Additionally there are certain laws that impact how to figure ldquomartialrdquo values in the case of workers compensation claims or other types of claims

Claims or lawsuit against others (cont)

ndash Also be sure to note on the form if you owe any support to another person This will affect the value of the claim and should be discussed with your attorney It may be a lien on what ever proceeds you ultimately get in the suit

Cash on handndash While most people think of this as the money you

have in your billfold do not forget the change jar money in the back yard refrigerator or where ever cash money is being kept Even if you canrsquot find it right away because your spouse has taken it list it here but note who has it The coin collection could be listed here or under ldquoother assetsrdquo in ldquoMrdquo below A coin collection may be worth more than the value of the coins

Household and Personal Goods

ndash Start on the pages 6789 attached for listing your personal property You will then total and go back to page 3

Page 6

Page 3

Household and Personal Goods

ndash The property in your possession generally furniture and household items list individually You can list general items such as Pots and Pans or ldquosheets and towelsrdquo as one item and value the total If you have a particular item or items that you want to make sure you have list it out If it is not on this list you cannot be sure you will get it

Household and Personal Goods (cont)

bull Valuing personal property is sometimes a tricky business Think of ldquogarage sale valuerdquo on your furniture Even though you paid $1500 for the couch last week you would be lucky to get $150 for it in a garage sale Most folks have a tendency to over inflate the value of their furniture

Household and Personal Goods (cont)

ndash You want to list both what you have and also what your spouse has These values will go into the overall value of the property division and may help you get your fair share of value in the marital estate If you are in doubt put it down on the list

Household and Personal Goods (cont)

ndash Some folks have heard itrsquos a good idea to value the property your spouse has high and the property you have low Try not to go there The Court has seen parties that inflate values Remember the Court could give you the inflated item ndash saying in effect if you think itrsquos worth that much then you get it

Other Assets

ndash Anything else that you have if you donrsquot know where to list it put it here

ndash This is a good place to put your pets Also remember ldquoFidordquo may be worth a lot to you but he may not be worth anything to someone else

Non-Marital propertyndash Definition of Non-marital Property

bull Everything you had coming into the marriagebull Gifts you personally have received from others or even

your spousebull Money or property you have received from inheritance

You will want to discuss with your attorney what to do about money that you have deposited in joint accounts with your spouse or money you have used to purchase other items for both you and your spouse

bull Money received from someonersquos life insurancebull Items you have that have replaced property you might

consider non-marital property

Non-Marital property (cont)

ndash Non-marital property is not used to value the division of marital property so try to list everything that is non-marital both for yourself and for your spouse

DebtsPlease be as accurate as possible on the debts that you owe Fill out all information requestedndash It is very helpful to list account numbers for credit cardsndash List if you are both obligated or just one of you on the debtndash You should also discuss with your attorney what happens on

a particular debt if you or your spouse doesnrsquot pay what he or she is supposed to pay

Final Thoughtndash Now you have completed your marital property

statement Drop it off at the attorneys office If you have followed these instructions you will have very few questions asked of you If you have not completed the form fully the attorney or his staff will be in touch as to getting additional information

ndash Remember the more information you can supply at the beginning will save you money in attorneyrsquos fees later

  • Dissolution Discovery
  • Overview
  • What is Discovery
  • What happens if you do not follow the rules
  • Sanctions
  • Avoid Sanctions
  • Marital Property Statement
  • A few principles when you complete your marital property statement
  • Property is divided equitably
  • Dissipated assets
  • You need to decide who has the property and who will get the property
  • You will need to designate if the property is marital or non-marital
  • Marital vs Non-marital
  • Marital vs Non-marital (cont)
  • Property can be non-marital but then turned into marital property
  • Complete each section of the marital property statement
  • Now wersquoll start to complete the Marital Property Statement
  • Real Estate
  • The legal description
  • The Legal Description (cont)
  • Fair Market Value
  • Amount Owed
  • Equity
  • Who should have the property
  • Possession
  • Motor Vehicles
  • Vehicle Identification Number
  • Fair Market Value
  • Amount owed
  • Equity
  • Who gets it and who has it
  • Bank Accounts
  • Bank Accounts (cont)
  • Bank Accounts (cont) Names
  • Fair Market Value and Equity
  • Slide 36
  • Slide 37
  • Who gets it and who has it
  • Securities
  • WholeUniversal Life Insurance
  • Face Amount and Beneficiaries
  • WholeUniversal Life Insurance (cont)
  • Value of the Policy
  • WholeUniversal Life (cont)
  • Slide 45
  • Term Life Insurance
  • Retirementpension or profit sharing
  • Retirementpension or profit sharing (cont)
  • Retirementpension or profit sharing (cont)
  • Loans against Pension Plans
  • Debts owed to you
  • Debts owed to you (cont)
  • Sole proprietorships joint ventures partnerships
  • Claims or lawsuit against others
  • Claims or lawsuit against others (cont)
  • Cash on hand
  • Household and Personal Goods
  • Slide 58
  • Household and Personal Goods (cont)
  • Slide 60
  • Slide 61
  • Other Assets
  • Non-Marital property
  • Non-Marital property (cont)
  • Debts
  • Final Thought
Page 6: Dissolution Discovery By the Law offices of Piedimonte and Associates, P.C. Suite 101 221 W. Lexington Independence, MO 64050 (816)836-8900.

Avoid Sanctions

bull The purpose of this material is to assist you in completing your discovery accurately and on time

Marital Property Statement

ndash One of the rules requires you to fill out a marital property statement This is probably the single most important document you will complete in your discovery packet

A few principles when you complete your marital property statement

bull You must list all of your property ndash If you leave out property or fail to list it your dissolution may

not be final The Court is required to divide all marital property If you forget to put something down you may find even years later your spouse can come back to court and ask that that property be divided

bull You must value your propertyndash The value of the property is ldquomarket valuerdquo This means what

would someone pay for your property today in the condition it is in Sometimes we refer to that as ldquogarage sale valuerdquo It is not what it costs to replace the item or what you originally paid for it

Property is divided equitably

Generally speaking the Court is going to divide the property ldquoequitablyrdquo This does not necessarily mean exactly ldquoequalrdquo but as a practical matter each side is going to be entitled to approximately frac12 of the property There are exceptions to this rule and your attorney will help you with how to handle those situations

Dissipated assets

bull One exception is if your spouse has taken property and spent it or hidden it We call that a dissipated asset In such a case you should still list the property but note it and talk to your attorney about it

You need to decide who has the property and who will get the property

ndash Keep in mind that this is the first document the other side will see about the property Just because you put it down one way doesnrsquot mean you canrsquot change it later as to who will get the property It may be that you are asking for it now but later you may decide to give it up

You will need to designate if the property is marital or non-marital

ndash You should start out with the idea that All property acquired after the date of the marriage is considered martial property

Marital vs Non-marital

An exception would be if you personally received a gift even if it was from your spouse That would be a non-marital piece of property Example- your wedding ring

ndash Another exception would be if you received an inheritance

Marital vs Non-marital (cont)

Property you had before the marriage is generally non-marital property

Property can be non-marital but then turned into marital property

If you got an inheritance and deposited into a joint bank account that could turn the property into a marital asset In those kind of situations your attorney needs to know how the property was acquired and how it got into the joint account Be sure to discuss any situations that you are unsure how to designate whether your property is marital or non-marital with your attorney

Complete each section of the marital property statement

There may be changes along the way as to who you would like to have the property and changing values What you are trying to do by completing the form is to give your attorney enough information to know where there may be problems and in the end to help you determine what is a ldquofairrdquo division of the marital estate

Now wersquoll start to complete the Marital Property Statement

Real Estatendash In the first box you are asked to give

bull the interest including lease holds If you own the property with someone else be sure to list with whom you own it

bull addressbull legal description bull and name of lender The name of the mortgage

holder where you pay your house payment

The legal descriptionndash The legal description is found on your deed or your deed of trust It

is usually in that big pack of papers you got when you bought your house

ndash The legal description will look something like lot 4 Highland Heights a subdivision in Independence Jackson County

Missouri according to the recorded plat thereof ndash Sometimes the legal description will be a long description like

beginning at the SW corner of Section 41 township 12 range 8 then east 150 ft thence proceed south for a distance of 200 ft thence west 140 ft thence on a straight line to the point of beginning

The Legal Description (cont)

bull Do not rely on your tax assessment card These descriptions are often abbreviated It is important that you get the correct description because it is from this marital property statement that other deeds may be drafted if you were to get the property as your own

Fair Market Valuebull This is the value that you think someone would pay

for the property if it were up for sale today in the condition it is currently in It may be more than what you paid for the property or it could be less It is tempting to ldquofudgerdquo on the value You might thinkrdquoif my spouse is going to get this property I want to list it at the highest possible price so hersquoll owe me more moneyrdquo However you might end up with it Your best course of action is to be as accurate as you can If you are unsure how to come up with the price discuss that fact with your attorney

Amount Owed

bull Most of the time this is the mortgage What is the payoff You may have to call your mortgage company to get this information if it is not available on your mortgage statement when you pay your house payment each month

Equity

bull Equity is the difference between the ldquofair market valuerdquo and the ldquoAmount Owedrdquo

bull (fair market) ndash (Amount owed) = Equity

Who should have the property

bull You have to state who will get the house If you want it put down H or W as the case may be in the ldquoTordquo column If you want to sell it put down HampW and note ldquosell and splitrdquo

Possession

bull You have to state who has possession of the property If you are in the house and your spouse is living else where put down (H or W) for yourself as the case may be If you are both in the house put both ldquoHampWrdquo

Motor VehiclesYou are asked to list

ndash all automobiles boats trailers aircraft recreational vehicles and campers

ndash yearndash makendash modelndash vehicle identification numberndash leasehold interest

Vehicle Identification Number

ndash Located on the dash in the left hand side up by the windshield or on the car title Get the number correct It will be used to draft documents later to give you the vehicle so you can have the vehicle put in your name with the department of motor vehicles

Fair Market Value

you can obtain the fair market value from your banker buy a book at the bookstore like Kelly Blue Book look in the newspaper or go to used care values on the internet like wwwkbbcom

Amount owed

This is the payoff You may need to contact your bank or finance company where you pay your car payment to get the ldquopayoffrdquo figure

Equity

This is the difference between the Fair Market Value minus the Amount owed (FMV-Amount owed = Equity)

Who gets it and who has it

ndash To H Wbull who should get itbull put in H or W (husband or wife)

ndash Possrsquon H Wbull who has it

Bank Accounts

You are asked to list all your ndash Savingndash checkingndash money marketndash certificates of deposit

Bank Accounts (cont)bull You are asked to list

ndash the names on the accountndash the institution (The bank or credit union where the

account is kept)ndash the account numberndash balance in the account

Bank Accounts (cont) Namesbull If you have money in an account whether your

name is on the account or not and whether you can sign on the account you need to list the account

bull If you think your spouse has an account even if you donrsquot know all of the information list that account here with what information you do know

Fair Market Value and Equity

ndash Fair Market Value is the balance

Amount Owed

ndash Amount Owed could be any loan against the account This would be rare

Equityndash Equity is generally the balance Itrsquos the

same figure (Unless there is a loan against the account)

Who gets it and who has itndash To H W

bull who should get itbull put in H or W (husband or wife)

ndash Possrsquon H Wbull who has it

Securitiesbull List your stocks bonds and mutual funds here bull For fair market value put in the value on the

date you are completing the form and put the date next to the value As it will change this will help with when the stock or mutual fund was valued Sometimes you may not know the actual stocks but you will know the brokerage house and the account number Any information you have that would help locate or identify the account will help

WholeUniversal Life Insurancendash The name of the company that holds the policy and the policy

number are important This information is used to transfer the policy from one person to another Without the policy number you may not be able to have the policy put in your name alone if your spouse was also on the policy

ndash Having a copy of the policy is the best way to insure you are getting all of the correct information If you do not have a copy talk to your attorney about what you need to do to help complete this section of the marital property statement

Face Amount and Beneficiariesbull Put the face amount along with the other

information requested in the first column bull Beneficiaries of the policy should also be noted

in the first column It may be that your spouse is a beneficiary and that will have to be changed later

WholeUniversal Life Insurance (cont)

bull The Fair Market value is not the face Amount It is the cash valuemdashsometimes called the loan value

Value of the Policybull The Fair Market Value of whole life policies is

sometimes difficult to figure Most policies have a table in the policy itself that can be used to calculate value Your attorney can help you with this if you have a copy of the policy Otherwise you may have to write or call the company to determine the value

WholeUniversal Life (cont)bull It is equally important to determine if there is a loan

against the policy You would put the loan amount in the column for the Amount Owed and make a note to discuss that with your attorney

bull Again the difference between ldquofair market valuerdquo and ldquoloan amountrdquo is the ldquoequityrdquo

WholeUniversal Life (cont)

bull Who gets the policy Even if the insurance is on your spousersquo life you can be an owner of the policy and decide who will be the beneficiary

bull Possession of the policy is who has the physical policy

Term Life Insurancendash Most policies that are provided by your employer are term

policies That is to say you will not have the insurance once you stop working for your employer As such these policies do not have any ldquofair market valuerdquo Put in $0 for ldquofair market valuerdquo and $0 for ldquoequityrdquo Of course you still want to designate who gets the policy and who has the policies in the last 2 columns

ndash Sometimes however couples buy term insurance for a variety of reasons Again getting a copy of the policy and showing it to your attorney if you are in doubt will help you complete this section

Retirementpension or profit sharing

ndash Some pension plans will have values that you can determine from the reports that you get from the employer These accounts like 401Krsquos or thrift savings accounts will be relatively easy to determine the fair market value Simply put in the amount from the statement or report

Retirementpension or profit sharing (cont)

bull Other types of pension plans will not be as easy to determine the ldquofair market valuerdquo The pensions that report how much money you will receive ldquomonthlyrdquo at sometime in the future will need to be calculated for ldquofair market valuerdquo The ldquofair market valuerdquo is not just the monthly amount Your attorney will help you calculate the value and explain just what ldquopresent valuerdquo means to you Often these values are one of the largest assets in most marital estates

Retirementpension or profit sharing (cont)

bull Also remember you are listing your spouses retirement information Even if your spouse started work before you got married you may be entitled to list a portion of the pension as marital property Your attorney will help you determine how that is done

Loans against Pension Plans

ndash Sometimes loans are taken against the pensions or thrift plans That information should be noted in the column for Amount Owed

ndash If you donrsquot know what to put down put as much information as you do know and leave the values blank Your attorney will help you complete the rest of the information

Debts owed to youIf someone owes either you or your spouse money list it here Put in the name and address of the person and if the debt is not yet owed but will be owed in the future put in the date it will be do The amount owed will generally be put under ldquofair market valuerdquo However if the debt is uncollectible you might be

listing it as ldquofair market valuerdquo $0

Debts owed to you (cont)ndash Sometimes this will be investments where you

have sold property and someone owes you for the property and is paying it off on a monthly basis Your attorney will help you determine the value in those situations

ndash Again do you want the debt paid to you or do you want it paid to you spouse will be your decision by placing H or W in the column as to who should get the debt

Sole proprietorships joint ventures partnerships

ndash List the business name and whether it is a corporation and who else may be involved in the ownership of the business and their percent of ownership Your attorney will help you fill out the rest of that portion of the form if you are unsure what to do This is the most difficult asset to determine itrsquos ldquofair market valuerdquo In many cases the value is nothing but in other cases the value may be significant Your attorney may also discuss with you the possibility of having the business professionally appraised in some circumstances

Claims or lawsuit against others

Put in all the information called for in the first column Your attorney will assist you in valuation after discussing this item with you The value of a lawsuit is not what your asking to collect Additionally there are certain laws that impact how to figure ldquomartialrdquo values in the case of workers compensation claims or other types of claims

Claims or lawsuit against others (cont)

ndash Also be sure to note on the form if you owe any support to another person This will affect the value of the claim and should be discussed with your attorney It may be a lien on what ever proceeds you ultimately get in the suit

Cash on handndash While most people think of this as the money you

have in your billfold do not forget the change jar money in the back yard refrigerator or where ever cash money is being kept Even if you canrsquot find it right away because your spouse has taken it list it here but note who has it The coin collection could be listed here or under ldquoother assetsrdquo in ldquoMrdquo below A coin collection may be worth more than the value of the coins

Household and Personal Goods

ndash Start on the pages 6789 attached for listing your personal property You will then total and go back to page 3

Page 6

Page 3

Household and Personal Goods

ndash The property in your possession generally furniture and household items list individually You can list general items such as Pots and Pans or ldquosheets and towelsrdquo as one item and value the total If you have a particular item or items that you want to make sure you have list it out If it is not on this list you cannot be sure you will get it

Household and Personal Goods (cont)

bull Valuing personal property is sometimes a tricky business Think of ldquogarage sale valuerdquo on your furniture Even though you paid $1500 for the couch last week you would be lucky to get $150 for it in a garage sale Most folks have a tendency to over inflate the value of their furniture

Household and Personal Goods (cont)

ndash You want to list both what you have and also what your spouse has These values will go into the overall value of the property division and may help you get your fair share of value in the marital estate If you are in doubt put it down on the list

Household and Personal Goods (cont)

ndash Some folks have heard itrsquos a good idea to value the property your spouse has high and the property you have low Try not to go there The Court has seen parties that inflate values Remember the Court could give you the inflated item ndash saying in effect if you think itrsquos worth that much then you get it

Other Assets

ndash Anything else that you have if you donrsquot know where to list it put it here

ndash This is a good place to put your pets Also remember ldquoFidordquo may be worth a lot to you but he may not be worth anything to someone else

Non-Marital propertyndash Definition of Non-marital Property

bull Everything you had coming into the marriagebull Gifts you personally have received from others or even

your spousebull Money or property you have received from inheritance

You will want to discuss with your attorney what to do about money that you have deposited in joint accounts with your spouse or money you have used to purchase other items for both you and your spouse

bull Money received from someonersquos life insurancebull Items you have that have replaced property you might

consider non-marital property

Non-Marital property (cont)

ndash Non-marital property is not used to value the division of marital property so try to list everything that is non-marital both for yourself and for your spouse

DebtsPlease be as accurate as possible on the debts that you owe Fill out all information requestedndash It is very helpful to list account numbers for credit cardsndash List if you are both obligated or just one of you on the debtndash You should also discuss with your attorney what happens on

a particular debt if you or your spouse doesnrsquot pay what he or she is supposed to pay

Final Thoughtndash Now you have completed your marital property

statement Drop it off at the attorneys office If you have followed these instructions you will have very few questions asked of you If you have not completed the form fully the attorney or his staff will be in touch as to getting additional information

ndash Remember the more information you can supply at the beginning will save you money in attorneyrsquos fees later

  • Dissolution Discovery
  • Overview
  • What is Discovery
  • What happens if you do not follow the rules
  • Sanctions
  • Avoid Sanctions
  • Marital Property Statement
  • A few principles when you complete your marital property statement
  • Property is divided equitably
  • Dissipated assets
  • You need to decide who has the property and who will get the property
  • You will need to designate if the property is marital or non-marital
  • Marital vs Non-marital
  • Marital vs Non-marital (cont)
  • Property can be non-marital but then turned into marital property
  • Complete each section of the marital property statement
  • Now wersquoll start to complete the Marital Property Statement
  • Real Estate
  • The legal description
  • The Legal Description (cont)
  • Fair Market Value
  • Amount Owed
  • Equity
  • Who should have the property
  • Possession
  • Motor Vehicles
  • Vehicle Identification Number
  • Fair Market Value
  • Amount owed
  • Equity
  • Who gets it and who has it
  • Bank Accounts
  • Bank Accounts (cont)
  • Bank Accounts (cont) Names
  • Fair Market Value and Equity
  • Slide 36
  • Slide 37
  • Who gets it and who has it
  • Securities
  • WholeUniversal Life Insurance
  • Face Amount and Beneficiaries
  • WholeUniversal Life Insurance (cont)
  • Value of the Policy
  • WholeUniversal Life (cont)
  • Slide 45
  • Term Life Insurance
  • Retirementpension or profit sharing
  • Retirementpension or profit sharing (cont)
  • Retirementpension or profit sharing (cont)
  • Loans against Pension Plans
  • Debts owed to you
  • Debts owed to you (cont)
  • Sole proprietorships joint ventures partnerships
  • Claims or lawsuit against others
  • Claims or lawsuit against others (cont)
  • Cash on hand
  • Household and Personal Goods
  • Slide 58
  • Household and Personal Goods (cont)
  • Slide 60
  • Slide 61
  • Other Assets
  • Non-Marital property
  • Non-Marital property (cont)
  • Debts
  • Final Thought
Page 7: Dissolution Discovery By the Law offices of Piedimonte and Associates, P.C. Suite 101 221 W. Lexington Independence, MO 64050 (816)836-8900.

Marital Property Statement

ndash One of the rules requires you to fill out a marital property statement This is probably the single most important document you will complete in your discovery packet

A few principles when you complete your marital property statement

bull You must list all of your property ndash If you leave out property or fail to list it your dissolution may

not be final The Court is required to divide all marital property If you forget to put something down you may find even years later your spouse can come back to court and ask that that property be divided

bull You must value your propertyndash The value of the property is ldquomarket valuerdquo This means what

would someone pay for your property today in the condition it is in Sometimes we refer to that as ldquogarage sale valuerdquo It is not what it costs to replace the item or what you originally paid for it

Property is divided equitably

Generally speaking the Court is going to divide the property ldquoequitablyrdquo This does not necessarily mean exactly ldquoequalrdquo but as a practical matter each side is going to be entitled to approximately frac12 of the property There are exceptions to this rule and your attorney will help you with how to handle those situations

Dissipated assets

bull One exception is if your spouse has taken property and spent it or hidden it We call that a dissipated asset In such a case you should still list the property but note it and talk to your attorney about it

You need to decide who has the property and who will get the property

ndash Keep in mind that this is the first document the other side will see about the property Just because you put it down one way doesnrsquot mean you canrsquot change it later as to who will get the property It may be that you are asking for it now but later you may decide to give it up

You will need to designate if the property is marital or non-marital

ndash You should start out with the idea that All property acquired after the date of the marriage is considered martial property

Marital vs Non-marital

An exception would be if you personally received a gift even if it was from your spouse That would be a non-marital piece of property Example- your wedding ring

ndash Another exception would be if you received an inheritance

Marital vs Non-marital (cont)

Property you had before the marriage is generally non-marital property

Property can be non-marital but then turned into marital property

If you got an inheritance and deposited into a joint bank account that could turn the property into a marital asset In those kind of situations your attorney needs to know how the property was acquired and how it got into the joint account Be sure to discuss any situations that you are unsure how to designate whether your property is marital or non-marital with your attorney

Complete each section of the marital property statement

There may be changes along the way as to who you would like to have the property and changing values What you are trying to do by completing the form is to give your attorney enough information to know where there may be problems and in the end to help you determine what is a ldquofairrdquo division of the marital estate

Now wersquoll start to complete the Marital Property Statement

Real Estatendash In the first box you are asked to give

bull the interest including lease holds If you own the property with someone else be sure to list with whom you own it

bull addressbull legal description bull and name of lender The name of the mortgage

holder where you pay your house payment

The legal descriptionndash The legal description is found on your deed or your deed of trust It

is usually in that big pack of papers you got when you bought your house

ndash The legal description will look something like lot 4 Highland Heights a subdivision in Independence Jackson County

Missouri according to the recorded plat thereof ndash Sometimes the legal description will be a long description like

beginning at the SW corner of Section 41 township 12 range 8 then east 150 ft thence proceed south for a distance of 200 ft thence west 140 ft thence on a straight line to the point of beginning

The Legal Description (cont)

bull Do not rely on your tax assessment card These descriptions are often abbreviated It is important that you get the correct description because it is from this marital property statement that other deeds may be drafted if you were to get the property as your own

Fair Market Valuebull This is the value that you think someone would pay

for the property if it were up for sale today in the condition it is currently in It may be more than what you paid for the property or it could be less It is tempting to ldquofudgerdquo on the value You might thinkrdquoif my spouse is going to get this property I want to list it at the highest possible price so hersquoll owe me more moneyrdquo However you might end up with it Your best course of action is to be as accurate as you can If you are unsure how to come up with the price discuss that fact with your attorney

Amount Owed

bull Most of the time this is the mortgage What is the payoff You may have to call your mortgage company to get this information if it is not available on your mortgage statement when you pay your house payment each month

Equity

bull Equity is the difference between the ldquofair market valuerdquo and the ldquoAmount Owedrdquo

bull (fair market) ndash (Amount owed) = Equity

Who should have the property

bull You have to state who will get the house If you want it put down H or W as the case may be in the ldquoTordquo column If you want to sell it put down HampW and note ldquosell and splitrdquo

Possession

bull You have to state who has possession of the property If you are in the house and your spouse is living else where put down (H or W) for yourself as the case may be If you are both in the house put both ldquoHampWrdquo

Motor VehiclesYou are asked to list

ndash all automobiles boats trailers aircraft recreational vehicles and campers

ndash yearndash makendash modelndash vehicle identification numberndash leasehold interest

Vehicle Identification Number

ndash Located on the dash in the left hand side up by the windshield or on the car title Get the number correct It will be used to draft documents later to give you the vehicle so you can have the vehicle put in your name with the department of motor vehicles

Fair Market Value

you can obtain the fair market value from your banker buy a book at the bookstore like Kelly Blue Book look in the newspaper or go to used care values on the internet like wwwkbbcom

Amount owed

This is the payoff You may need to contact your bank or finance company where you pay your car payment to get the ldquopayoffrdquo figure

Equity

This is the difference between the Fair Market Value minus the Amount owed (FMV-Amount owed = Equity)

Who gets it and who has it

ndash To H Wbull who should get itbull put in H or W (husband or wife)

ndash Possrsquon H Wbull who has it

Bank Accounts

You are asked to list all your ndash Savingndash checkingndash money marketndash certificates of deposit

Bank Accounts (cont)bull You are asked to list

ndash the names on the accountndash the institution (The bank or credit union where the

account is kept)ndash the account numberndash balance in the account

Bank Accounts (cont) Namesbull If you have money in an account whether your

name is on the account or not and whether you can sign on the account you need to list the account

bull If you think your spouse has an account even if you donrsquot know all of the information list that account here with what information you do know

Fair Market Value and Equity

ndash Fair Market Value is the balance

Amount Owed

ndash Amount Owed could be any loan against the account This would be rare

Equityndash Equity is generally the balance Itrsquos the

same figure (Unless there is a loan against the account)

Who gets it and who has itndash To H W

bull who should get itbull put in H or W (husband or wife)

ndash Possrsquon H Wbull who has it

Securitiesbull List your stocks bonds and mutual funds here bull For fair market value put in the value on the

date you are completing the form and put the date next to the value As it will change this will help with when the stock or mutual fund was valued Sometimes you may not know the actual stocks but you will know the brokerage house and the account number Any information you have that would help locate or identify the account will help

WholeUniversal Life Insurancendash The name of the company that holds the policy and the policy

number are important This information is used to transfer the policy from one person to another Without the policy number you may not be able to have the policy put in your name alone if your spouse was also on the policy

ndash Having a copy of the policy is the best way to insure you are getting all of the correct information If you do not have a copy talk to your attorney about what you need to do to help complete this section of the marital property statement

Face Amount and Beneficiariesbull Put the face amount along with the other

information requested in the first column bull Beneficiaries of the policy should also be noted

in the first column It may be that your spouse is a beneficiary and that will have to be changed later

WholeUniversal Life Insurance (cont)

bull The Fair Market value is not the face Amount It is the cash valuemdashsometimes called the loan value

Value of the Policybull The Fair Market Value of whole life policies is

sometimes difficult to figure Most policies have a table in the policy itself that can be used to calculate value Your attorney can help you with this if you have a copy of the policy Otherwise you may have to write or call the company to determine the value

WholeUniversal Life (cont)bull It is equally important to determine if there is a loan

against the policy You would put the loan amount in the column for the Amount Owed and make a note to discuss that with your attorney

bull Again the difference between ldquofair market valuerdquo and ldquoloan amountrdquo is the ldquoequityrdquo

WholeUniversal Life (cont)

bull Who gets the policy Even if the insurance is on your spousersquo life you can be an owner of the policy and decide who will be the beneficiary

bull Possession of the policy is who has the physical policy

Term Life Insurancendash Most policies that are provided by your employer are term

policies That is to say you will not have the insurance once you stop working for your employer As such these policies do not have any ldquofair market valuerdquo Put in $0 for ldquofair market valuerdquo and $0 for ldquoequityrdquo Of course you still want to designate who gets the policy and who has the policies in the last 2 columns

ndash Sometimes however couples buy term insurance for a variety of reasons Again getting a copy of the policy and showing it to your attorney if you are in doubt will help you complete this section

Retirementpension or profit sharing

ndash Some pension plans will have values that you can determine from the reports that you get from the employer These accounts like 401Krsquos or thrift savings accounts will be relatively easy to determine the fair market value Simply put in the amount from the statement or report

Retirementpension or profit sharing (cont)

bull Other types of pension plans will not be as easy to determine the ldquofair market valuerdquo The pensions that report how much money you will receive ldquomonthlyrdquo at sometime in the future will need to be calculated for ldquofair market valuerdquo The ldquofair market valuerdquo is not just the monthly amount Your attorney will help you calculate the value and explain just what ldquopresent valuerdquo means to you Often these values are one of the largest assets in most marital estates

Retirementpension or profit sharing (cont)

bull Also remember you are listing your spouses retirement information Even if your spouse started work before you got married you may be entitled to list a portion of the pension as marital property Your attorney will help you determine how that is done

Loans against Pension Plans

ndash Sometimes loans are taken against the pensions or thrift plans That information should be noted in the column for Amount Owed

ndash If you donrsquot know what to put down put as much information as you do know and leave the values blank Your attorney will help you complete the rest of the information

Debts owed to youIf someone owes either you or your spouse money list it here Put in the name and address of the person and if the debt is not yet owed but will be owed in the future put in the date it will be do The amount owed will generally be put under ldquofair market valuerdquo However if the debt is uncollectible you might be

listing it as ldquofair market valuerdquo $0

Debts owed to you (cont)ndash Sometimes this will be investments where you

have sold property and someone owes you for the property and is paying it off on a monthly basis Your attorney will help you determine the value in those situations

ndash Again do you want the debt paid to you or do you want it paid to you spouse will be your decision by placing H or W in the column as to who should get the debt

Sole proprietorships joint ventures partnerships

ndash List the business name and whether it is a corporation and who else may be involved in the ownership of the business and their percent of ownership Your attorney will help you fill out the rest of that portion of the form if you are unsure what to do This is the most difficult asset to determine itrsquos ldquofair market valuerdquo In many cases the value is nothing but in other cases the value may be significant Your attorney may also discuss with you the possibility of having the business professionally appraised in some circumstances

Claims or lawsuit against others

Put in all the information called for in the first column Your attorney will assist you in valuation after discussing this item with you The value of a lawsuit is not what your asking to collect Additionally there are certain laws that impact how to figure ldquomartialrdquo values in the case of workers compensation claims or other types of claims

Claims or lawsuit against others (cont)

ndash Also be sure to note on the form if you owe any support to another person This will affect the value of the claim and should be discussed with your attorney It may be a lien on what ever proceeds you ultimately get in the suit

Cash on handndash While most people think of this as the money you

have in your billfold do not forget the change jar money in the back yard refrigerator or where ever cash money is being kept Even if you canrsquot find it right away because your spouse has taken it list it here but note who has it The coin collection could be listed here or under ldquoother assetsrdquo in ldquoMrdquo below A coin collection may be worth more than the value of the coins

Household and Personal Goods

ndash Start on the pages 6789 attached for listing your personal property You will then total and go back to page 3

Page 6

Page 3

Household and Personal Goods

ndash The property in your possession generally furniture and household items list individually You can list general items such as Pots and Pans or ldquosheets and towelsrdquo as one item and value the total If you have a particular item or items that you want to make sure you have list it out If it is not on this list you cannot be sure you will get it

Household and Personal Goods (cont)

bull Valuing personal property is sometimes a tricky business Think of ldquogarage sale valuerdquo on your furniture Even though you paid $1500 for the couch last week you would be lucky to get $150 for it in a garage sale Most folks have a tendency to over inflate the value of their furniture

Household and Personal Goods (cont)

ndash You want to list both what you have and also what your spouse has These values will go into the overall value of the property division and may help you get your fair share of value in the marital estate If you are in doubt put it down on the list

Household and Personal Goods (cont)

ndash Some folks have heard itrsquos a good idea to value the property your spouse has high and the property you have low Try not to go there The Court has seen parties that inflate values Remember the Court could give you the inflated item ndash saying in effect if you think itrsquos worth that much then you get it

Other Assets

ndash Anything else that you have if you donrsquot know where to list it put it here

ndash This is a good place to put your pets Also remember ldquoFidordquo may be worth a lot to you but he may not be worth anything to someone else

Non-Marital propertyndash Definition of Non-marital Property

bull Everything you had coming into the marriagebull Gifts you personally have received from others or even

your spousebull Money or property you have received from inheritance

You will want to discuss with your attorney what to do about money that you have deposited in joint accounts with your spouse or money you have used to purchase other items for both you and your spouse

bull Money received from someonersquos life insurancebull Items you have that have replaced property you might

consider non-marital property

Non-Marital property (cont)

ndash Non-marital property is not used to value the division of marital property so try to list everything that is non-marital both for yourself and for your spouse

DebtsPlease be as accurate as possible on the debts that you owe Fill out all information requestedndash It is very helpful to list account numbers for credit cardsndash List if you are both obligated or just one of you on the debtndash You should also discuss with your attorney what happens on

a particular debt if you or your spouse doesnrsquot pay what he or she is supposed to pay

Final Thoughtndash Now you have completed your marital property

statement Drop it off at the attorneys office If you have followed these instructions you will have very few questions asked of you If you have not completed the form fully the attorney or his staff will be in touch as to getting additional information

ndash Remember the more information you can supply at the beginning will save you money in attorneyrsquos fees later

  • Dissolution Discovery
  • Overview
  • What is Discovery
  • What happens if you do not follow the rules
  • Sanctions
  • Avoid Sanctions
  • Marital Property Statement
  • A few principles when you complete your marital property statement
  • Property is divided equitably
  • Dissipated assets
  • You need to decide who has the property and who will get the property
  • You will need to designate if the property is marital or non-marital
  • Marital vs Non-marital
  • Marital vs Non-marital (cont)
  • Property can be non-marital but then turned into marital property
  • Complete each section of the marital property statement
  • Now wersquoll start to complete the Marital Property Statement
  • Real Estate
  • The legal description
  • The Legal Description (cont)
  • Fair Market Value
  • Amount Owed
  • Equity
  • Who should have the property
  • Possession
  • Motor Vehicles
  • Vehicle Identification Number
  • Fair Market Value
  • Amount owed
  • Equity
  • Who gets it and who has it
  • Bank Accounts
  • Bank Accounts (cont)
  • Bank Accounts (cont) Names
  • Fair Market Value and Equity
  • Slide 36
  • Slide 37
  • Who gets it and who has it
  • Securities
  • WholeUniversal Life Insurance
  • Face Amount and Beneficiaries
  • WholeUniversal Life Insurance (cont)
  • Value of the Policy
  • WholeUniversal Life (cont)
  • Slide 45
  • Term Life Insurance
  • Retirementpension or profit sharing
  • Retirementpension or profit sharing (cont)
  • Retirementpension or profit sharing (cont)
  • Loans against Pension Plans
  • Debts owed to you
  • Debts owed to you (cont)
  • Sole proprietorships joint ventures partnerships
  • Claims or lawsuit against others
  • Claims or lawsuit against others (cont)
  • Cash on hand
  • Household and Personal Goods
  • Slide 58
  • Household and Personal Goods (cont)
  • Slide 60
  • Slide 61
  • Other Assets
  • Non-Marital property
  • Non-Marital property (cont)
  • Debts
  • Final Thought
Page 8: Dissolution Discovery By the Law offices of Piedimonte and Associates, P.C. Suite 101 221 W. Lexington Independence, MO 64050 (816)836-8900.

A few principles when you complete your marital property statement

bull You must list all of your property ndash If you leave out property or fail to list it your dissolution may

not be final The Court is required to divide all marital property If you forget to put something down you may find even years later your spouse can come back to court and ask that that property be divided

bull You must value your propertyndash The value of the property is ldquomarket valuerdquo This means what

would someone pay for your property today in the condition it is in Sometimes we refer to that as ldquogarage sale valuerdquo It is not what it costs to replace the item or what you originally paid for it

Property is divided equitably

Generally speaking the Court is going to divide the property ldquoequitablyrdquo This does not necessarily mean exactly ldquoequalrdquo but as a practical matter each side is going to be entitled to approximately frac12 of the property There are exceptions to this rule and your attorney will help you with how to handle those situations

Dissipated assets

bull One exception is if your spouse has taken property and spent it or hidden it We call that a dissipated asset In such a case you should still list the property but note it and talk to your attorney about it

You need to decide who has the property and who will get the property

ndash Keep in mind that this is the first document the other side will see about the property Just because you put it down one way doesnrsquot mean you canrsquot change it later as to who will get the property It may be that you are asking for it now but later you may decide to give it up

You will need to designate if the property is marital or non-marital

ndash You should start out with the idea that All property acquired after the date of the marriage is considered martial property

Marital vs Non-marital

An exception would be if you personally received a gift even if it was from your spouse That would be a non-marital piece of property Example- your wedding ring

ndash Another exception would be if you received an inheritance

Marital vs Non-marital (cont)

Property you had before the marriage is generally non-marital property

Property can be non-marital but then turned into marital property

If you got an inheritance and deposited into a joint bank account that could turn the property into a marital asset In those kind of situations your attorney needs to know how the property was acquired and how it got into the joint account Be sure to discuss any situations that you are unsure how to designate whether your property is marital or non-marital with your attorney

Complete each section of the marital property statement

There may be changes along the way as to who you would like to have the property and changing values What you are trying to do by completing the form is to give your attorney enough information to know where there may be problems and in the end to help you determine what is a ldquofairrdquo division of the marital estate

Now wersquoll start to complete the Marital Property Statement

Real Estatendash In the first box you are asked to give

bull the interest including lease holds If you own the property with someone else be sure to list with whom you own it

bull addressbull legal description bull and name of lender The name of the mortgage

holder where you pay your house payment

The legal descriptionndash The legal description is found on your deed or your deed of trust It

is usually in that big pack of papers you got when you bought your house

ndash The legal description will look something like lot 4 Highland Heights a subdivision in Independence Jackson County

Missouri according to the recorded plat thereof ndash Sometimes the legal description will be a long description like

beginning at the SW corner of Section 41 township 12 range 8 then east 150 ft thence proceed south for a distance of 200 ft thence west 140 ft thence on a straight line to the point of beginning

The Legal Description (cont)

bull Do not rely on your tax assessment card These descriptions are often abbreviated It is important that you get the correct description because it is from this marital property statement that other deeds may be drafted if you were to get the property as your own

Fair Market Valuebull This is the value that you think someone would pay

for the property if it were up for sale today in the condition it is currently in It may be more than what you paid for the property or it could be less It is tempting to ldquofudgerdquo on the value You might thinkrdquoif my spouse is going to get this property I want to list it at the highest possible price so hersquoll owe me more moneyrdquo However you might end up with it Your best course of action is to be as accurate as you can If you are unsure how to come up with the price discuss that fact with your attorney

Amount Owed

bull Most of the time this is the mortgage What is the payoff You may have to call your mortgage company to get this information if it is not available on your mortgage statement when you pay your house payment each month

Equity

bull Equity is the difference between the ldquofair market valuerdquo and the ldquoAmount Owedrdquo

bull (fair market) ndash (Amount owed) = Equity

Who should have the property

bull You have to state who will get the house If you want it put down H or W as the case may be in the ldquoTordquo column If you want to sell it put down HampW and note ldquosell and splitrdquo

Possession

bull You have to state who has possession of the property If you are in the house and your spouse is living else where put down (H or W) for yourself as the case may be If you are both in the house put both ldquoHampWrdquo

Motor VehiclesYou are asked to list

ndash all automobiles boats trailers aircraft recreational vehicles and campers

ndash yearndash makendash modelndash vehicle identification numberndash leasehold interest

Vehicle Identification Number

ndash Located on the dash in the left hand side up by the windshield or on the car title Get the number correct It will be used to draft documents later to give you the vehicle so you can have the vehicle put in your name with the department of motor vehicles

Fair Market Value

you can obtain the fair market value from your banker buy a book at the bookstore like Kelly Blue Book look in the newspaper or go to used care values on the internet like wwwkbbcom

Amount owed

This is the payoff You may need to contact your bank or finance company where you pay your car payment to get the ldquopayoffrdquo figure

Equity

This is the difference between the Fair Market Value minus the Amount owed (FMV-Amount owed = Equity)

Who gets it and who has it

ndash To H Wbull who should get itbull put in H or W (husband or wife)

ndash Possrsquon H Wbull who has it

Bank Accounts

You are asked to list all your ndash Savingndash checkingndash money marketndash certificates of deposit

Bank Accounts (cont)bull You are asked to list

ndash the names on the accountndash the institution (The bank or credit union where the

account is kept)ndash the account numberndash balance in the account

Bank Accounts (cont) Namesbull If you have money in an account whether your

name is on the account or not and whether you can sign on the account you need to list the account

bull If you think your spouse has an account even if you donrsquot know all of the information list that account here with what information you do know

Fair Market Value and Equity

ndash Fair Market Value is the balance

Amount Owed

ndash Amount Owed could be any loan against the account This would be rare

Equityndash Equity is generally the balance Itrsquos the

same figure (Unless there is a loan against the account)

Who gets it and who has itndash To H W

bull who should get itbull put in H or W (husband or wife)

ndash Possrsquon H Wbull who has it

Securitiesbull List your stocks bonds and mutual funds here bull For fair market value put in the value on the

date you are completing the form and put the date next to the value As it will change this will help with when the stock or mutual fund was valued Sometimes you may not know the actual stocks but you will know the brokerage house and the account number Any information you have that would help locate or identify the account will help

WholeUniversal Life Insurancendash The name of the company that holds the policy and the policy

number are important This information is used to transfer the policy from one person to another Without the policy number you may not be able to have the policy put in your name alone if your spouse was also on the policy

ndash Having a copy of the policy is the best way to insure you are getting all of the correct information If you do not have a copy talk to your attorney about what you need to do to help complete this section of the marital property statement

Face Amount and Beneficiariesbull Put the face amount along with the other

information requested in the first column bull Beneficiaries of the policy should also be noted

in the first column It may be that your spouse is a beneficiary and that will have to be changed later

WholeUniversal Life Insurance (cont)

bull The Fair Market value is not the face Amount It is the cash valuemdashsometimes called the loan value

Value of the Policybull The Fair Market Value of whole life policies is

sometimes difficult to figure Most policies have a table in the policy itself that can be used to calculate value Your attorney can help you with this if you have a copy of the policy Otherwise you may have to write or call the company to determine the value

WholeUniversal Life (cont)bull It is equally important to determine if there is a loan

against the policy You would put the loan amount in the column for the Amount Owed and make a note to discuss that with your attorney

bull Again the difference between ldquofair market valuerdquo and ldquoloan amountrdquo is the ldquoequityrdquo

WholeUniversal Life (cont)

bull Who gets the policy Even if the insurance is on your spousersquo life you can be an owner of the policy and decide who will be the beneficiary

bull Possession of the policy is who has the physical policy

Term Life Insurancendash Most policies that are provided by your employer are term

policies That is to say you will not have the insurance once you stop working for your employer As such these policies do not have any ldquofair market valuerdquo Put in $0 for ldquofair market valuerdquo and $0 for ldquoequityrdquo Of course you still want to designate who gets the policy and who has the policies in the last 2 columns

ndash Sometimes however couples buy term insurance for a variety of reasons Again getting a copy of the policy and showing it to your attorney if you are in doubt will help you complete this section

Retirementpension or profit sharing

ndash Some pension plans will have values that you can determine from the reports that you get from the employer These accounts like 401Krsquos or thrift savings accounts will be relatively easy to determine the fair market value Simply put in the amount from the statement or report

Retirementpension or profit sharing (cont)

bull Other types of pension plans will not be as easy to determine the ldquofair market valuerdquo The pensions that report how much money you will receive ldquomonthlyrdquo at sometime in the future will need to be calculated for ldquofair market valuerdquo The ldquofair market valuerdquo is not just the monthly amount Your attorney will help you calculate the value and explain just what ldquopresent valuerdquo means to you Often these values are one of the largest assets in most marital estates

Retirementpension or profit sharing (cont)

bull Also remember you are listing your spouses retirement information Even if your spouse started work before you got married you may be entitled to list a portion of the pension as marital property Your attorney will help you determine how that is done

Loans against Pension Plans

ndash Sometimes loans are taken against the pensions or thrift plans That information should be noted in the column for Amount Owed

ndash If you donrsquot know what to put down put as much information as you do know and leave the values blank Your attorney will help you complete the rest of the information

Debts owed to youIf someone owes either you or your spouse money list it here Put in the name and address of the person and if the debt is not yet owed but will be owed in the future put in the date it will be do The amount owed will generally be put under ldquofair market valuerdquo However if the debt is uncollectible you might be

listing it as ldquofair market valuerdquo $0

Debts owed to you (cont)ndash Sometimes this will be investments where you

have sold property and someone owes you for the property and is paying it off on a monthly basis Your attorney will help you determine the value in those situations

ndash Again do you want the debt paid to you or do you want it paid to you spouse will be your decision by placing H or W in the column as to who should get the debt

Sole proprietorships joint ventures partnerships

ndash List the business name and whether it is a corporation and who else may be involved in the ownership of the business and their percent of ownership Your attorney will help you fill out the rest of that portion of the form if you are unsure what to do This is the most difficult asset to determine itrsquos ldquofair market valuerdquo In many cases the value is nothing but in other cases the value may be significant Your attorney may also discuss with you the possibility of having the business professionally appraised in some circumstances

Claims or lawsuit against others

Put in all the information called for in the first column Your attorney will assist you in valuation after discussing this item with you The value of a lawsuit is not what your asking to collect Additionally there are certain laws that impact how to figure ldquomartialrdquo values in the case of workers compensation claims or other types of claims

Claims or lawsuit against others (cont)

ndash Also be sure to note on the form if you owe any support to another person This will affect the value of the claim and should be discussed with your attorney It may be a lien on what ever proceeds you ultimately get in the suit

Cash on handndash While most people think of this as the money you

have in your billfold do not forget the change jar money in the back yard refrigerator or where ever cash money is being kept Even if you canrsquot find it right away because your spouse has taken it list it here but note who has it The coin collection could be listed here or under ldquoother assetsrdquo in ldquoMrdquo below A coin collection may be worth more than the value of the coins

Household and Personal Goods

ndash Start on the pages 6789 attached for listing your personal property You will then total and go back to page 3

Page 6

Page 3

Household and Personal Goods

ndash The property in your possession generally furniture and household items list individually You can list general items such as Pots and Pans or ldquosheets and towelsrdquo as one item and value the total If you have a particular item or items that you want to make sure you have list it out If it is not on this list you cannot be sure you will get it

Household and Personal Goods (cont)

bull Valuing personal property is sometimes a tricky business Think of ldquogarage sale valuerdquo on your furniture Even though you paid $1500 for the couch last week you would be lucky to get $150 for it in a garage sale Most folks have a tendency to over inflate the value of their furniture

Household and Personal Goods (cont)

ndash You want to list both what you have and also what your spouse has These values will go into the overall value of the property division and may help you get your fair share of value in the marital estate If you are in doubt put it down on the list

Household and Personal Goods (cont)

ndash Some folks have heard itrsquos a good idea to value the property your spouse has high and the property you have low Try not to go there The Court has seen parties that inflate values Remember the Court could give you the inflated item ndash saying in effect if you think itrsquos worth that much then you get it

Other Assets

ndash Anything else that you have if you donrsquot know where to list it put it here

ndash This is a good place to put your pets Also remember ldquoFidordquo may be worth a lot to you but he may not be worth anything to someone else

Non-Marital propertyndash Definition of Non-marital Property

bull Everything you had coming into the marriagebull Gifts you personally have received from others or even

your spousebull Money or property you have received from inheritance

You will want to discuss with your attorney what to do about money that you have deposited in joint accounts with your spouse or money you have used to purchase other items for both you and your spouse

bull Money received from someonersquos life insurancebull Items you have that have replaced property you might

consider non-marital property

Non-Marital property (cont)

ndash Non-marital property is not used to value the division of marital property so try to list everything that is non-marital both for yourself and for your spouse

DebtsPlease be as accurate as possible on the debts that you owe Fill out all information requestedndash It is very helpful to list account numbers for credit cardsndash List if you are both obligated or just one of you on the debtndash You should also discuss with your attorney what happens on

a particular debt if you or your spouse doesnrsquot pay what he or she is supposed to pay

Final Thoughtndash Now you have completed your marital property

statement Drop it off at the attorneys office If you have followed these instructions you will have very few questions asked of you If you have not completed the form fully the attorney or his staff will be in touch as to getting additional information

ndash Remember the more information you can supply at the beginning will save you money in attorneyrsquos fees later

  • Dissolution Discovery
  • Overview
  • What is Discovery
  • What happens if you do not follow the rules
  • Sanctions
  • Avoid Sanctions
  • Marital Property Statement
  • A few principles when you complete your marital property statement
  • Property is divided equitably
  • Dissipated assets
  • You need to decide who has the property and who will get the property
  • You will need to designate if the property is marital or non-marital
  • Marital vs Non-marital
  • Marital vs Non-marital (cont)
  • Property can be non-marital but then turned into marital property
  • Complete each section of the marital property statement
  • Now wersquoll start to complete the Marital Property Statement
  • Real Estate
  • The legal description
  • The Legal Description (cont)
  • Fair Market Value
  • Amount Owed
  • Equity
  • Who should have the property
  • Possession
  • Motor Vehicles
  • Vehicle Identification Number
  • Fair Market Value
  • Amount owed
  • Equity
  • Who gets it and who has it
  • Bank Accounts
  • Bank Accounts (cont)
  • Bank Accounts (cont) Names
  • Fair Market Value and Equity
  • Slide 36
  • Slide 37
  • Who gets it and who has it
  • Securities
  • WholeUniversal Life Insurance
  • Face Amount and Beneficiaries
  • WholeUniversal Life Insurance (cont)
  • Value of the Policy
  • WholeUniversal Life (cont)
  • Slide 45
  • Term Life Insurance
  • Retirementpension or profit sharing
  • Retirementpension or profit sharing (cont)
  • Retirementpension or profit sharing (cont)
  • Loans against Pension Plans
  • Debts owed to you
  • Debts owed to you (cont)
  • Sole proprietorships joint ventures partnerships
  • Claims or lawsuit against others
  • Claims or lawsuit against others (cont)
  • Cash on hand
  • Household and Personal Goods
  • Slide 58
  • Household and Personal Goods (cont)
  • Slide 60
  • Slide 61
  • Other Assets
  • Non-Marital property
  • Non-Marital property (cont)
  • Debts
  • Final Thought
Page 9: Dissolution Discovery By the Law offices of Piedimonte and Associates, P.C. Suite 101 221 W. Lexington Independence, MO 64050 (816)836-8900.

Property is divided equitably

Generally speaking the Court is going to divide the property ldquoequitablyrdquo This does not necessarily mean exactly ldquoequalrdquo but as a practical matter each side is going to be entitled to approximately frac12 of the property There are exceptions to this rule and your attorney will help you with how to handle those situations

Dissipated assets

bull One exception is if your spouse has taken property and spent it or hidden it We call that a dissipated asset In such a case you should still list the property but note it and talk to your attorney about it

You need to decide who has the property and who will get the property

ndash Keep in mind that this is the first document the other side will see about the property Just because you put it down one way doesnrsquot mean you canrsquot change it later as to who will get the property It may be that you are asking for it now but later you may decide to give it up

You will need to designate if the property is marital or non-marital

ndash You should start out with the idea that All property acquired after the date of the marriage is considered martial property

Marital vs Non-marital

An exception would be if you personally received a gift even if it was from your spouse That would be a non-marital piece of property Example- your wedding ring

ndash Another exception would be if you received an inheritance

Marital vs Non-marital (cont)

Property you had before the marriage is generally non-marital property

Property can be non-marital but then turned into marital property

If you got an inheritance and deposited into a joint bank account that could turn the property into a marital asset In those kind of situations your attorney needs to know how the property was acquired and how it got into the joint account Be sure to discuss any situations that you are unsure how to designate whether your property is marital or non-marital with your attorney

Complete each section of the marital property statement

There may be changes along the way as to who you would like to have the property and changing values What you are trying to do by completing the form is to give your attorney enough information to know where there may be problems and in the end to help you determine what is a ldquofairrdquo division of the marital estate

Now wersquoll start to complete the Marital Property Statement

Real Estatendash In the first box you are asked to give

bull the interest including lease holds If you own the property with someone else be sure to list with whom you own it

bull addressbull legal description bull and name of lender The name of the mortgage

holder where you pay your house payment

The legal descriptionndash The legal description is found on your deed or your deed of trust It

is usually in that big pack of papers you got when you bought your house

ndash The legal description will look something like lot 4 Highland Heights a subdivision in Independence Jackson County

Missouri according to the recorded plat thereof ndash Sometimes the legal description will be a long description like

beginning at the SW corner of Section 41 township 12 range 8 then east 150 ft thence proceed south for a distance of 200 ft thence west 140 ft thence on a straight line to the point of beginning

The Legal Description (cont)

bull Do not rely on your tax assessment card These descriptions are often abbreviated It is important that you get the correct description because it is from this marital property statement that other deeds may be drafted if you were to get the property as your own

Fair Market Valuebull This is the value that you think someone would pay

for the property if it were up for sale today in the condition it is currently in It may be more than what you paid for the property or it could be less It is tempting to ldquofudgerdquo on the value You might thinkrdquoif my spouse is going to get this property I want to list it at the highest possible price so hersquoll owe me more moneyrdquo However you might end up with it Your best course of action is to be as accurate as you can If you are unsure how to come up with the price discuss that fact with your attorney

Amount Owed

bull Most of the time this is the mortgage What is the payoff You may have to call your mortgage company to get this information if it is not available on your mortgage statement when you pay your house payment each month

Equity

bull Equity is the difference between the ldquofair market valuerdquo and the ldquoAmount Owedrdquo

bull (fair market) ndash (Amount owed) = Equity

Who should have the property

bull You have to state who will get the house If you want it put down H or W as the case may be in the ldquoTordquo column If you want to sell it put down HampW and note ldquosell and splitrdquo

Possession

bull You have to state who has possession of the property If you are in the house and your spouse is living else where put down (H or W) for yourself as the case may be If you are both in the house put both ldquoHampWrdquo

Motor VehiclesYou are asked to list

ndash all automobiles boats trailers aircraft recreational vehicles and campers

ndash yearndash makendash modelndash vehicle identification numberndash leasehold interest

Vehicle Identification Number

ndash Located on the dash in the left hand side up by the windshield or on the car title Get the number correct It will be used to draft documents later to give you the vehicle so you can have the vehicle put in your name with the department of motor vehicles

Fair Market Value

you can obtain the fair market value from your banker buy a book at the bookstore like Kelly Blue Book look in the newspaper or go to used care values on the internet like wwwkbbcom

Amount owed

This is the payoff You may need to contact your bank or finance company where you pay your car payment to get the ldquopayoffrdquo figure

Equity

This is the difference between the Fair Market Value minus the Amount owed (FMV-Amount owed = Equity)

Who gets it and who has it

ndash To H Wbull who should get itbull put in H or W (husband or wife)

ndash Possrsquon H Wbull who has it

Bank Accounts

You are asked to list all your ndash Savingndash checkingndash money marketndash certificates of deposit

Bank Accounts (cont)bull You are asked to list

ndash the names on the accountndash the institution (The bank or credit union where the

account is kept)ndash the account numberndash balance in the account

Bank Accounts (cont) Namesbull If you have money in an account whether your

name is on the account or not and whether you can sign on the account you need to list the account

bull If you think your spouse has an account even if you donrsquot know all of the information list that account here with what information you do know

Fair Market Value and Equity

ndash Fair Market Value is the balance

Amount Owed

ndash Amount Owed could be any loan against the account This would be rare

Equityndash Equity is generally the balance Itrsquos the

same figure (Unless there is a loan against the account)

Who gets it and who has itndash To H W

bull who should get itbull put in H or W (husband or wife)

ndash Possrsquon H Wbull who has it

Securitiesbull List your stocks bonds and mutual funds here bull For fair market value put in the value on the

date you are completing the form and put the date next to the value As it will change this will help with when the stock or mutual fund was valued Sometimes you may not know the actual stocks but you will know the brokerage house and the account number Any information you have that would help locate or identify the account will help

WholeUniversal Life Insurancendash The name of the company that holds the policy and the policy

number are important This information is used to transfer the policy from one person to another Without the policy number you may not be able to have the policy put in your name alone if your spouse was also on the policy

ndash Having a copy of the policy is the best way to insure you are getting all of the correct information If you do not have a copy talk to your attorney about what you need to do to help complete this section of the marital property statement

Face Amount and Beneficiariesbull Put the face amount along with the other

information requested in the first column bull Beneficiaries of the policy should also be noted

in the first column It may be that your spouse is a beneficiary and that will have to be changed later

WholeUniversal Life Insurance (cont)

bull The Fair Market value is not the face Amount It is the cash valuemdashsometimes called the loan value

Value of the Policybull The Fair Market Value of whole life policies is

sometimes difficult to figure Most policies have a table in the policy itself that can be used to calculate value Your attorney can help you with this if you have a copy of the policy Otherwise you may have to write or call the company to determine the value

WholeUniversal Life (cont)bull It is equally important to determine if there is a loan

against the policy You would put the loan amount in the column for the Amount Owed and make a note to discuss that with your attorney

bull Again the difference between ldquofair market valuerdquo and ldquoloan amountrdquo is the ldquoequityrdquo

WholeUniversal Life (cont)

bull Who gets the policy Even if the insurance is on your spousersquo life you can be an owner of the policy and decide who will be the beneficiary

bull Possession of the policy is who has the physical policy

Term Life Insurancendash Most policies that are provided by your employer are term

policies That is to say you will not have the insurance once you stop working for your employer As such these policies do not have any ldquofair market valuerdquo Put in $0 for ldquofair market valuerdquo and $0 for ldquoequityrdquo Of course you still want to designate who gets the policy and who has the policies in the last 2 columns

ndash Sometimes however couples buy term insurance for a variety of reasons Again getting a copy of the policy and showing it to your attorney if you are in doubt will help you complete this section

Retirementpension or profit sharing

ndash Some pension plans will have values that you can determine from the reports that you get from the employer These accounts like 401Krsquos or thrift savings accounts will be relatively easy to determine the fair market value Simply put in the amount from the statement or report

Retirementpension or profit sharing (cont)

bull Other types of pension plans will not be as easy to determine the ldquofair market valuerdquo The pensions that report how much money you will receive ldquomonthlyrdquo at sometime in the future will need to be calculated for ldquofair market valuerdquo The ldquofair market valuerdquo is not just the monthly amount Your attorney will help you calculate the value and explain just what ldquopresent valuerdquo means to you Often these values are one of the largest assets in most marital estates

Retirementpension or profit sharing (cont)

bull Also remember you are listing your spouses retirement information Even if your spouse started work before you got married you may be entitled to list a portion of the pension as marital property Your attorney will help you determine how that is done

Loans against Pension Plans

ndash Sometimes loans are taken against the pensions or thrift plans That information should be noted in the column for Amount Owed

ndash If you donrsquot know what to put down put as much information as you do know and leave the values blank Your attorney will help you complete the rest of the information

Debts owed to youIf someone owes either you or your spouse money list it here Put in the name and address of the person and if the debt is not yet owed but will be owed in the future put in the date it will be do The amount owed will generally be put under ldquofair market valuerdquo However if the debt is uncollectible you might be

listing it as ldquofair market valuerdquo $0

Debts owed to you (cont)ndash Sometimes this will be investments where you

have sold property and someone owes you for the property and is paying it off on a monthly basis Your attorney will help you determine the value in those situations

ndash Again do you want the debt paid to you or do you want it paid to you spouse will be your decision by placing H or W in the column as to who should get the debt

Sole proprietorships joint ventures partnerships

ndash List the business name and whether it is a corporation and who else may be involved in the ownership of the business and their percent of ownership Your attorney will help you fill out the rest of that portion of the form if you are unsure what to do This is the most difficult asset to determine itrsquos ldquofair market valuerdquo In many cases the value is nothing but in other cases the value may be significant Your attorney may also discuss with you the possibility of having the business professionally appraised in some circumstances

Claims or lawsuit against others

Put in all the information called for in the first column Your attorney will assist you in valuation after discussing this item with you The value of a lawsuit is not what your asking to collect Additionally there are certain laws that impact how to figure ldquomartialrdquo values in the case of workers compensation claims or other types of claims

Claims or lawsuit against others (cont)

ndash Also be sure to note on the form if you owe any support to another person This will affect the value of the claim and should be discussed with your attorney It may be a lien on what ever proceeds you ultimately get in the suit

Cash on handndash While most people think of this as the money you

have in your billfold do not forget the change jar money in the back yard refrigerator or where ever cash money is being kept Even if you canrsquot find it right away because your spouse has taken it list it here but note who has it The coin collection could be listed here or under ldquoother assetsrdquo in ldquoMrdquo below A coin collection may be worth more than the value of the coins

Household and Personal Goods

ndash Start on the pages 6789 attached for listing your personal property You will then total and go back to page 3

Page 6

Page 3

Household and Personal Goods

ndash The property in your possession generally furniture and household items list individually You can list general items such as Pots and Pans or ldquosheets and towelsrdquo as one item and value the total If you have a particular item or items that you want to make sure you have list it out If it is not on this list you cannot be sure you will get it

Household and Personal Goods (cont)

bull Valuing personal property is sometimes a tricky business Think of ldquogarage sale valuerdquo on your furniture Even though you paid $1500 for the couch last week you would be lucky to get $150 for it in a garage sale Most folks have a tendency to over inflate the value of their furniture

Household and Personal Goods (cont)

ndash You want to list both what you have and also what your spouse has These values will go into the overall value of the property division and may help you get your fair share of value in the marital estate If you are in doubt put it down on the list

Household and Personal Goods (cont)

ndash Some folks have heard itrsquos a good idea to value the property your spouse has high and the property you have low Try not to go there The Court has seen parties that inflate values Remember the Court could give you the inflated item ndash saying in effect if you think itrsquos worth that much then you get it

Other Assets

ndash Anything else that you have if you donrsquot know where to list it put it here

ndash This is a good place to put your pets Also remember ldquoFidordquo may be worth a lot to you but he may not be worth anything to someone else

Non-Marital propertyndash Definition of Non-marital Property

bull Everything you had coming into the marriagebull Gifts you personally have received from others or even

your spousebull Money or property you have received from inheritance

You will want to discuss with your attorney what to do about money that you have deposited in joint accounts with your spouse or money you have used to purchase other items for both you and your spouse

bull Money received from someonersquos life insurancebull Items you have that have replaced property you might

consider non-marital property

Non-Marital property (cont)

ndash Non-marital property is not used to value the division of marital property so try to list everything that is non-marital both for yourself and for your spouse

DebtsPlease be as accurate as possible on the debts that you owe Fill out all information requestedndash It is very helpful to list account numbers for credit cardsndash List if you are both obligated or just one of you on the debtndash You should also discuss with your attorney what happens on

a particular debt if you or your spouse doesnrsquot pay what he or she is supposed to pay

Final Thoughtndash Now you have completed your marital property

statement Drop it off at the attorneys office If you have followed these instructions you will have very few questions asked of you If you have not completed the form fully the attorney or his staff will be in touch as to getting additional information

ndash Remember the more information you can supply at the beginning will save you money in attorneyrsquos fees later

  • Dissolution Discovery
  • Overview
  • What is Discovery
  • What happens if you do not follow the rules
  • Sanctions
  • Avoid Sanctions
  • Marital Property Statement
  • A few principles when you complete your marital property statement
  • Property is divided equitably
  • Dissipated assets
  • You need to decide who has the property and who will get the property
  • You will need to designate if the property is marital or non-marital
  • Marital vs Non-marital
  • Marital vs Non-marital (cont)
  • Property can be non-marital but then turned into marital property
  • Complete each section of the marital property statement
  • Now wersquoll start to complete the Marital Property Statement
  • Real Estate
  • The legal description
  • The Legal Description (cont)
  • Fair Market Value
  • Amount Owed
  • Equity
  • Who should have the property
  • Possession
  • Motor Vehicles
  • Vehicle Identification Number
  • Fair Market Value
  • Amount owed
  • Equity
  • Who gets it and who has it
  • Bank Accounts
  • Bank Accounts (cont)
  • Bank Accounts (cont) Names
  • Fair Market Value and Equity
  • Slide 36
  • Slide 37
  • Who gets it and who has it
  • Securities
  • WholeUniversal Life Insurance
  • Face Amount and Beneficiaries
  • WholeUniversal Life Insurance (cont)
  • Value of the Policy
  • WholeUniversal Life (cont)
  • Slide 45
  • Term Life Insurance
  • Retirementpension or profit sharing
  • Retirementpension or profit sharing (cont)
  • Retirementpension or profit sharing (cont)
  • Loans against Pension Plans
  • Debts owed to you
  • Debts owed to you (cont)
  • Sole proprietorships joint ventures partnerships
  • Claims or lawsuit against others
  • Claims or lawsuit against others (cont)
  • Cash on hand
  • Household and Personal Goods
  • Slide 58
  • Household and Personal Goods (cont)
  • Slide 60
  • Slide 61
  • Other Assets
  • Non-Marital property
  • Non-Marital property (cont)
  • Debts
  • Final Thought
Page 10: Dissolution Discovery By the Law offices of Piedimonte and Associates, P.C. Suite 101 221 W. Lexington Independence, MO 64050 (816)836-8900.

Dissipated assets

bull One exception is if your spouse has taken property and spent it or hidden it We call that a dissipated asset In such a case you should still list the property but note it and talk to your attorney about it

You need to decide who has the property and who will get the property

ndash Keep in mind that this is the first document the other side will see about the property Just because you put it down one way doesnrsquot mean you canrsquot change it later as to who will get the property It may be that you are asking for it now but later you may decide to give it up

You will need to designate if the property is marital or non-marital

ndash You should start out with the idea that All property acquired after the date of the marriage is considered martial property

Marital vs Non-marital

An exception would be if you personally received a gift even if it was from your spouse That would be a non-marital piece of property Example- your wedding ring

ndash Another exception would be if you received an inheritance

Marital vs Non-marital (cont)

Property you had before the marriage is generally non-marital property

Property can be non-marital but then turned into marital property

If you got an inheritance and deposited into a joint bank account that could turn the property into a marital asset In those kind of situations your attorney needs to know how the property was acquired and how it got into the joint account Be sure to discuss any situations that you are unsure how to designate whether your property is marital or non-marital with your attorney

Complete each section of the marital property statement

There may be changes along the way as to who you would like to have the property and changing values What you are trying to do by completing the form is to give your attorney enough information to know where there may be problems and in the end to help you determine what is a ldquofairrdquo division of the marital estate

Now wersquoll start to complete the Marital Property Statement

Real Estatendash In the first box you are asked to give

bull the interest including lease holds If you own the property with someone else be sure to list with whom you own it

bull addressbull legal description bull and name of lender The name of the mortgage

holder where you pay your house payment

The legal descriptionndash The legal description is found on your deed or your deed of trust It

is usually in that big pack of papers you got when you bought your house

ndash The legal description will look something like lot 4 Highland Heights a subdivision in Independence Jackson County

Missouri according to the recorded plat thereof ndash Sometimes the legal description will be a long description like

beginning at the SW corner of Section 41 township 12 range 8 then east 150 ft thence proceed south for a distance of 200 ft thence west 140 ft thence on a straight line to the point of beginning

The Legal Description (cont)

bull Do not rely on your tax assessment card These descriptions are often abbreviated It is important that you get the correct description because it is from this marital property statement that other deeds may be drafted if you were to get the property as your own

Fair Market Valuebull This is the value that you think someone would pay

for the property if it were up for sale today in the condition it is currently in It may be more than what you paid for the property or it could be less It is tempting to ldquofudgerdquo on the value You might thinkrdquoif my spouse is going to get this property I want to list it at the highest possible price so hersquoll owe me more moneyrdquo However you might end up with it Your best course of action is to be as accurate as you can If you are unsure how to come up with the price discuss that fact with your attorney

Amount Owed

bull Most of the time this is the mortgage What is the payoff You may have to call your mortgage company to get this information if it is not available on your mortgage statement when you pay your house payment each month

Equity

bull Equity is the difference between the ldquofair market valuerdquo and the ldquoAmount Owedrdquo

bull (fair market) ndash (Amount owed) = Equity

Who should have the property

bull You have to state who will get the house If you want it put down H or W as the case may be in the ldquoTordquo column If you want to sell it put down HampW and note ldquosell and splitrdquo

Possession

bull You have to state who has possession of the property If you are in the house and your spouse is living else where put down (H or W) for yourself as the case may be If you are both in the house put both ldquoHampWrdquo

Motor VehiclesYou are asked to list

ndash all automobiles boats trailers aircraft recreational vehicles and campers

ndash yearndash makendash modelndash vehicle identification numberndash leasehold interest

Vehicle Identification Number

ndash Located on the dash in the left hand side up by the windshield or on the car title Get the number correct It will be used to draft documents later to give you the vehicle so you can have the vehicle put in your name with the department of motor vehicles

Fair Market Value

you can obtain the fair market value from your banker buy a book at the bookstore like Kelly Blue Book look in the newspaper or go to used care values on the internet like wwwkbbcom

Amount owed

This is the payoff You may need to contact your bank or finance company where you pay your car payment to get the ldquopayoffrdquo figure

Equity

This is the difference between the Fair Market Value minus the Amount owed (FMV-Amount owed = Equity)

Who gets it and who has it

ndash To H Wbull who should get itbull put in H or W (husband or wife)

ndash Possrsquon H Wbull who has it

Bank Accounts

You are asked to list all your ndash Savingndash checkingndash money marketndash certificates of deposit

Bank Accounts (cont)bull You are asked to list

ndash the names on the accountndash the institution (The bank or credit union where the

account is kept)ndash the account numberndash balance in the account

Bank Accounts (cont) Namesbull If you have money in an account whether your

name is on the account or not and whether you can sign on the account you need to list the account

bull If you think your spouse has an account even if you donrsquot know all of the information list that account here with what information you do know

Fair Market Value and Equity

ndash Fair Market Value is the balance

Amount Owed

ndash Amount Owed could be any loan against the account This would be rare

Equityndash Equity is generally the balance Itrsquos the

same figure (Unless there is a loan against the account)

Who gets it and who has itndash To H W

bull who should get itbull put in H or W (husband or wife)

ndash Possrsquon H Wbull who has it

Securitiesbull List your stocks bonds and mutual funds here bull For fair market value put in the value on the

date you are completing the form and put the date next to the value As it will change this will help with when the stock or mutual fund was valued Sometimes you may not know the actual stocks but you will know the brokerage house and the account number Any information you have that would help locate or identify the account will help

WholeUniversal Life Insurancendash The name of the company that holds the policy and the policy

number are important This information is used to transfer the policy from one person to another Without the policy number you may not be able to have the policy put in your name alone if your spouse was also on the policy

ndash Having a copy of the policy is the best way to insure you are getting all of the correct information If you do not have a copy talk to your attorney about what you need to do to help complete this section of the marital property statement

Face Amount and Beneficiariesbull Put the face amount along with the other

information requested in the first column bull Beneficiaries of the policy should also be noted

in the first column It may be that your spouse is a beneficiary and that will have to be changed later

WholeUniversal Life Insurance (cont)

bull The Fair Market value is not the face Amount It is the cash valuemdashsometimes called the loan value

Value of the Policybull The Fair Market Value of whole life policies is

sometimes difficult to figure Most policies have a table in the policy itself that can be used to calculate value Your attorney can help you with this if you have a copy of the policy Otherwise you may have to write or call the company to determine the value

WholeUniversal Life (cont)bull It is equally important to determine if there is a loan

against the policy You would put the loan amount in the column for the Amount Owed and make a note to discuss that with your attorney

bull Again the difference between ldquofair market valuerdquo and ldquoloan amountrdquo is the ldquoequityrdquo

WholeUniversal Life (cont)

bull Who gets the policy Even if the insurance is on your spousersquo life you can be an owner of the policy and decide who will be the beneficiary

bull Possession of the policy is who has the physical policy

Term Life Insurancendash Most policies that are provided by your employer are term

policies That is to say you will not have the insurance once you stop working for your employer As such these policies do not have any ldquofair market valuerdquo Put in $0 for ldquofair market valuerdquo and $0 for ldquoequityrdquo Of course you still want to designate who gets the policy and who has the policies in the last 2 columns

ndash Sometimes however couples buy term insurance for a variety of reasons Again getting a copy of the policy and showing it to your attorney if you are in doubt will help you complete this section

Retirementpension or profit sharing

ndash Some pension plans will have values that you can determine from the reports that you get from the employer These accounts like 401Krsquos or thrift savings accounts will be relatively easy to determine the fair market value Simply put in the amount from the statement or report

Retirementpension or profit sharing (cont)

bull Other types of pension plans will not be as easy to determine the ldquofair market valuerdquo The pensions that report how much money you will receive ldquomonthlyrdquo at sometime in the future will need to be calculated for ldquofair market valuerdquo The ldquofair market valuerdquo is not just the monthly amount Your attorney will help you calculate the value and explain just what ldquopresent valuerdquo means to you Often these values are one of the largest assets in most marital estates

Retirementpension or profit sharing (cont)

bull Also remember you are listing your spouses retirement information Even if your spouse started work before you got married you may be entitled to list a portion of the pension as marital property Your attorney will help you determine how that is done

Loans against Pension Plans

ndash Sometimes loans are taken against the pensions or thrift plans That information should be noted in the column for Amount Owed

ndash If you donrsquot know what to put down put as much information as you do know and leave the values blank Your attorney will help you complete the rest of the information

Debts owed to youIf someone owes either you or your spouse money list it here Put in the name and address of the person and if the debt is not yet owed but will be owed in the future put in the date it will be do The amount owed will generally be put under ldquofair market valuerdquo However if the debt is uncollectible you might be

listing it as ldquofair market valuerdquo $0

Debts owed to you (cont)ndash Sometimes this will be investments where you

have sold property and someone owes you for the property and is paying it off on a monthly basis Your attorney will help you determine the value in those situations

ndash Again do you want the debt paid to you or do you want it paid to you spouse will be your decision by placing H or W in the column as to who should get the debt

Sole proprietorships joint ventures partnerships

ndash List the business name and whether it is a corporation and who else may be involved in the ownership of the business and their percent of ownership Your attorney will help you fill out the rest of that portion of the form if you are unsure what to do This is the most difficult asset to determine itrsquos ldquofair market valuerdquo In many cases the value is nothing but in other cases the value may be significant Your attorney may also discuss with you the possibility of having the business professionally appraised in some circumstances

Claims or lawsuit against others

Put in all the information called for in the first column Your attorney will assist you in valuation after discussing this item with you The value of a lawsuit is not what your asking to collect Additionally there are certain laws that impact how to figure ldquomartialrdquo values in the case of workers compensation claims or other types of claims

Claims or lawsuit against others (cont)

ndash Also be sure to note on the form if you owe any support to another person This will affect the value of the claim and should be discussed with your attorney It may be a lien on what ever proceeds you ultimately get in the suit

Cash on handndash While most people think of this as the money you

have in your billfold do not forget the change jar money in the back yard refrigerator or where ever cash money is being kept Even if you canrsquot find it right away because your spouse has taken it list it here but note who has it The coin collection could be listed here or under ldquoother assetsrdquo in ldquoMrdquo below A coin collection may be worth more than the value of the coins

Household and Personal Goods

ndash Start on the pages 6789 attached for listing your personal property You will then total and go back to page 3

Page 6

Page 3

Household and Personal Goods

ndash The property in your possession generally furniture and household items list individually You can list general items such as Pots and Pans or ldquosheets and towelsrdquo as one item and value the total If you have a particular item or items that you want to make sure you have list it out If it is not on this list you cannot be sure you will get it

Household and Personal Goods (cont)

bull Valuing personal property is sometimes a tricky business Think of ldquogarage sale valuerdquo on your furniture Even though you paid $1500 for the couch last week you would be lucky to get $150 for it in a garage sale Most folks have a tendency to over inflate the value of their furniture

Household and Personal Goods (cont)

ndash You want to list both what you have and also what your spouse has These values will go into the overall value of the property division and may help you get your fair share of value in the marital estate If you are in doubt put it down on the list

Household and Personal Goods (cont)

ndash Some folks have heard itrsquos a good idea to value the property your spouse has high and the property you have low Try not to go there The Court has seen parties that inflate values Remember the Court could give you the inflated item ndash saying in effect if you think itrsquos worth that much then you get it

Other Assets

ndash Anything else that you have if you donrsquot know where to list it put it here

ndash This is a good place to put your pets Also remember ldquoFidordquo may be worth a lot to you but he may not be worth anything to someone else

Non-Marital propertyndash Definition of Non-marital Property

bull Everything you had coming into the marriagebull Gifts you personally have received from others or even

your spousebull Money or property you have received from inheritance

You will want to discuss with your attorney what to do about money that you have deposited in joint accounts with your spouse or money you have used to purchase other items for both you and your spouse

bull Money received from someonersquos life insurancebull Items you have that have replaced property you might

consider non-marital property

Non-Marital property (cont)

ndash Non-marital property is not used to value the division of marital property so try to list everything that is non-marital both for yourself and for your spouse

DebtsPlease be as accurate as possible on the debts that you owe Fill out all information requestedndash It is very helpful to list account numbers for credit cardsndash List if you are both obligated or just one of you on the debtndash You should also discuss with your attorney what happens on

a particular debt if you or your spouse doesnrsquot pay what he or she is supposed to pay

Final Thoughtndash Now you have completed your marital property

statement Drop it off at the attorneys office If you have followed these instructions you will have very few questions asked of you If you have not completed the form fully the attorney or his staff will be in touch as to getting additional information

ndash Remember the more information you can supply at the beginning will save you money in attorneyrsquos fees later

  • Dissolution Discovery
  • Overview
  • What is Discovery
  • What happens if you do not follow the rules
  • Sanctions
  • Avoid Sanctions
  • Marital Property Statement
  • A few principles when you complete your marital property statement
  • Property is divided equitably
  • Dissipated assets
  • You need to decide who has the property and who will get the property
  • You will need to designate if the property is marital or non-marital
  • Marital vs Non-marital
  • Marital vs Non-marital (cont)
  • Property can be non-marital but then turned into marital property
  • Complete each section of the marital property statement
  • Now wersquoll start to complete the Marital Property Statement
  • Real Estate
  • The legal description
  • The Legal Description (cont)
  • Fair Market Value
  • Amount Owed
  • Equity
  • Who should have the property
  • Possession
  • Motor Vehicles
  • Vehicle Identification Number
  • Fair Market Value
  • Amount owed
  • Equity
  • Who gets it and who has it
  • Bank Accounts
  • Bank Accounts (cont)
  • Bank Accounts (cont) Names
  • Fair Market Value and Equity
  • Slide 36
  • Slide 37
  • Who gets it and who has it
  • Securities
  • WholeUniversal Life Insurance
  • Face Amount and Beneficiaries
  • WholeUniversal Life Insurance (cont)
  • Value of the Policy
  • WholeUniversal Life (cont)
  • Slide 45
  • Term Life Insurance
  • Retirementpension or profit sharing
  • Retirementpension or profit sharing (cont)
  • Retirementpension or profit sharing (cont)
  • Loans against Pension Plans
  • Debts owed to you
  • Debts owed to you (cont)
  • Sole proprietorships joint ventures partnerships
  • Claims or lawsuit against others
  • Claims or lawsuit against others (cont)
  • Cash on hand
  • Household and Personal Goods
  • Slide 58
  • Household and Personal Goods (cont)
  • Slide 60
  • Slide 61
  • Other Assets
  • Non-Marital property
  • Non-Marital property (cont)
  • Debts
  • Final Thought
Page 11: Dissolution Discovery By the Law offices of Piedimonte and Associates, P.C. Suite 101 221 W. Lexington Independence, MO 64050 (816)836-8900.

You need to decide who has the property and who will get the property

ndash Keep in mind that this is the first document the other side will see about the property Just because you put it down one way doesnrsquot mean you canrsquot change it later as to who will get the property It may be that you are asking for it now but later you may decide to give it up

You will need to designate if the property is marital or non-marital

ndash You should start out with the idea that All property acquired after the date of the marriage is considered martial property

Marital vs Non-marital

An exception would be if you personally received a gift even if it was from your spouse That would be a non-marital piece of property Example- your wedding ring

ndash Another exception would be if you received an inheritance

Marital vs Non-marital (cont)

Property you had before the marriage is generally non-marital property

Property can be non-marital but then turned into marital property

If you got an inheritance and deposited into a joint bank account that could turn the property into a marital asset In those kind of situations your attorney needs to know how the property was acquired and how it got into the joint account Be sure to discuss any situations that you are unsure how to designate whether your property is marital or non-marital with your attorney

Complete each section of the marital property statement

There may be changes along the way as to who you would like to have the property and changing values What you are trying to do by completing the form is to give your attorney enough information to know where there may be problems and in the end to help you determine what is a ldquofairrdquo division of the marital estate

Now wersquoll start to complete the Marital Property Statement

Real Estatendash In the first box you are asked to give

bull the interest including lease holds If you own the property with someone else be sure to list with whom you own it

bull addressbull legal description bull and name of lender The name of the mortgage

holder where you pay your house payment

The legal descriptionndash The legal description is found on your deed or your deed of trust It

is usually in that big pack of papers you got when you bought your house

ndash The legal description will look something like lot 4 Highland Heights a subdivision in Independence Jackson County

Missouri according to the recorded plat thereof ndash Sometimes the legal description will be a long description like

beginning at the SW corner of Section 41 township 12 range 8 then east 150 ft thence proceed south for a distance of 200 ft thence west 140 ft thence on a straight line to the point of beginning

The Legal Description (cont)

bull Do not rely on your tax assessment card These descriptions are often abbreviated It is important that you get the correct description because it is from this marital property statement that other deeds may be drafted if you were to get the property as your own

Fair Market Valuebull This is the value that you think someone would pay

for the property if it were up for sale today in the condition it is currently in It may be more than what you paid for the property or it could be less It is tempting to ldquofudgerdquo on the value You might thinkrdquoif my spouse is going to get this property I want to list it at the highest possible price so hersquoll owe me more moneyrdquo However you might end up with it Your best course of action is to be as accurate as you can If you are unsure how to come up with the price discuss that fact with your attorney

Amount Owed

bull Most of the time this is the mortgage What is the payoff You may have to call your mortgage company to get this information if it is not available on your mortgage statement when you pay your house payment each month

Equity

bull Equity is the difference between the ldquofair market valuerdquo and the ldquoAmount Owedrdquo

bull (fair market) ndash (Amount owed) = Equity

Who should have the property

bull You have to state who will get the house If you want it put down H or W as the case may be in the ldquoTordquo column If you want to sell it put down HampW and note ldquosell and splitrdquo

Possession

bull You have to state who has possession of the property If you are in the house and your spouse is living else where put down (H or W) for yourself as the case may be If you are both in the house put both ldquoHampWrdquo

Motor VehiclesYou are asked to list

ndash all automobiles boats trailers aircraft recreational vehicles and campers

ndash yearndash makendash modelndash vehicle identification numberndash leasehold interest

Vehicle Identification Number

ndash Located on the dash in the left hand side up by the windshield or on the car title Get the number correct It will be used to draft documents later to give you the vehicle so you can have the vehicle put in your name with the department of motor vehicles

Fair Market Value

you can obtain the fair market value from your banker buy a book at the bookstore like Kelly Blue Book look in the newspaper or go to used care values on the internet like wwwkbbcom

Amount owed

This is the payoff You may need to contact your bank or finance company where you pay your car payment to get the ldquopayoffrdquo figure

Equity

This is the difference between the Fair Market Value minus the Amount owed (FMV-Amount owed = Equity)

Who gets it and who has it

ndash To H Wbull who should get itbull put in H or W (husband or wife)

ndash Possrsquon H Wbull who has it

Bank Accounts

You are asked to list all your ndash Savingndash checkingndash money marketndash certificates of deposit

Bank Accounts (cont)bull You are asked to list

ndash the names on the accountndash the institution (The bank or credit union where the

account is kept)ndash the account numberndash balance in the account

Bank Accounts (cont) Namesbull If you have money in an account whether your

name is on the account or not and whether you can sign on the account you need to list the account

bull If you think your spouse has an account even if you donrsquot know all of the information list that account here with what information you do know

Fair Market Value and Equity

ndash Fair Market Value is the balance

Amount Owed

ndash Amount Owed could be any loan against the account This would be rare

Equityndash Equity is generally the balance Itrsquos the

same figure (Unless there is a loan against the account)

Who gets it and who has itndash To H W

bull who should get itbull put in H or W (husband or wife)

ndash Possrsquon H Wbull who has it

Securitiesbull List your stocks bonds and mutual funds here bull For fair market value put in the value on the

date you are completing the form and put the date next to the value As it will change this will help with when the stock or mutual fund was valued Sometimes you may not know the actual stocks but you will know the brokerage house and the account number Any information you have that would help locate or identify the account will help

WholeUniversal Life Insurancendash The name of the company that holds the policy and the policy

number are important This information is used to transfer the policy from one person to another Without the policy number you may not be able to have the policy put in your name alone if your spouse was also on the policy

ndash Having a copy of the policy is the best way to insure you are getting all of the correct information If you do not have a copy talk to your attorney about what you need to do to help complete this section of the marital property statement

Face Amount and Beneficiariesbull Put the face amount along with the other

information requested in the first column bull Beneficiaries of the policy should also be noted

in the first column It may be that your spouse is a beneficiary and that will have to be changed later

WholeUniversal Life Insurance (cont)

bull The Fair Market value is not the face Amount It is the cash valuemdashsometimes called the loan value

Value of the Policybull The Fair Market Value of whole life policies is

sometimes difficult to figure Most policies have a table in the policy itself that can be used to calculate value Your attorney can help you with this if you have a copy of the policy Otherwise you may have to write or call the company to determine the value

WholeUniversal Life (cont)bull It is equally important to determine if there is a loan

against the policy You would put the loan amount in the column for the Amount Owed and make a note to discuss that with your attorney

bull Again the difference between ldquofair market valuerdquo and ldquoloan amountrdquo is the ldquoequityrdquo

WholeUniversal Life (cont)

bull Who gets the policy Even if the insurance is on your spousersquo life you can be an owner of the policy and decide who will be the beneficiary

bull Possession of the policy is who has the physical policy

Term Life Insurancendash Most policies that are provided by your employer are term

policies That is to say you will not have the insurance once you stop working for your employer As such these policies do not have any ldquofair market valuerdquo Put in $0 for ldquofair market valuerdquo and $0 for ldquoequityrdquo Of course you still want to designate who gets the policy and who has the policies in the last 2 columns

ndash Sometimes however couples buy term insurance for a variety of reasons Again getting a copy of the policy and showing it to your attorney if you are in doubt will help you complete this section

Retirementpension or profit sharing

ndash Some pension plans will have values that you can determine from the reports that you get from the employer These accounts like 401Krsquos or thrift savings accounts will be relatively easy to determine the fair market value Simply put in the amount from the statement or report

Retirementpension or profit sharing (cont)

bull Other types of pension plans will not be as easy to determine the ldquofair market valuerdquo The pensions that report how much money you will receive ldquomonthlyrdquo at sometime in the future will need to be calculated for ldquofair market valuerdquo The ldquofair market valuerdquo is not just the monthly amount Your attorney will help you calculate the value and explain just what ldquopresent valuerdquo means to you Often these values are one of the largest assets in most marital estates

Retirementpension or profit sharing (cont)

bull Also remember you are listing your spouses retirement information Even if your spouse started work before you got married you may be entitled to list a portion of the pension as marital property Your attorney will help you determine how that is done

Loans against Pension Plans

ndash Sometimes loans are taken against the pensions or thrift plans That information should be noted in the column for Amount Owed

ndash If you donrsquot know what to put down put as much information as you do know and leave the values blank Your attorney will help you complete the rest of the information

Debts owed to youIf someone owes either you or your spouse money list it here Put in the name and address of the person and if the debt is not yet owed but will be owed in the future put in the date it will be do The amount owed will generally be put under ldquofair market valuerdquo However if the debt is uncollectible you might be

listing it as ldquofair market valuerdquo $0

Debts owed to you (cont)ndash Sometimes this will be investments where you

have sold property and someone owes you for the property and is paying it off on a monthly basis Your attorney will help you determine the value in those situations

ndash Again do you want the debt paid to you or do you want it paid to you spouse will be your decision by placing H or W in the column as to who should get the debt

Sole proprietorships joint ventures partnerships

ndash List the business name and whether it is a corporation and who else may be involved in the ownership of the business and their percent of ownership Your attorney will help you fill out the rest of that portion of the form if you are unsure what to do This is the most difficult asset to determine itrsquos ldquofair market valuerdquo In many cases the value is nothing but in other cases the value may be significant Your attorney may also discuss with you the possibility of having the business professionally appraised in some circumstances

Claims or lawsuit against others

Put in all the information called for in the first column Your attorney will assist you in valuation after discussing this item with you The value of a lawsuit is not what your asking to collect Additionally there are certain laws that impact how to figure ldquomartialrdquo values in the case of workers compensation claims or other types of claims

Claims or lawsuit against others (cont)

ndash Also be sure to note on the form if you owe any support to another person This will affect the value of the claim and should be discussed with your attorney It may be a lien on what ever proceeds you ultimately get in the suit

Cash on handndash While most people think of this as the money you

have in your billfold do not forget the change jar money in the back yard refrigerator or where ever cash money is being kept Even if you canrsquot find it right away because your spouse has taken it list it here but note who has it The coin collection could be listed here or under ldquoother assetsrdquo in ldquoMrdquo below A coin collection may be worth more than the value of the coins

Household and Personal Goods

ndash Start on the pages 6789 attached for listing your personal property You will then total and go back to page 3

Page 6

Page 3

Household and Personal Goods

ndash The property in your possession generally furniture and household items list individually You can list general items such as Pots and Pans or ldquosheets and towelsrdquo as one item and value the total If you have a particular item or items that you want to make sure you have list it out If it is not on this list you cannot be sure you will get it

Household and Personal Goods (cont)

bull Valuing personal property is sometimes a tricky business Think of ldquogarage sale valuerdquo on your furniture Even though you paid $1500 for the couch last week you would be lucky to get $150 for it in a garage sale Most folks have a tendency to over inflate the value of their furniture

Household and Personal Goods (cont)

ndash You want to list both what you have and also what your spouse has These values will go into the overall value of the property division and may help you get your fair share of value in the marital estate If you are in doubt put it down on the list

Household and Personal Goods (cont)

ndash Some folks have heard itrsquos a good idea to value the property your spouse has high and the property you have low Try not to go there The Court has seen parties that inflate values Remember the Court could give you the inflated item ndash saying in effect if you think itrsquos worth that much then you get it

Other Assets

ndash Anything else that you have if you donrsquot know where to list it put it here

ndash This is a good place to put your pets Also remember ldquoFidordquo may be worth a lot to you but he may not be worth anything to someone else

Non-Marital propertyndash Definition of Non-marital Property

bull Everything you had coming into the marriagebull Gifts you personally have received from others or even

your spousebull Money or property you have received from inheritance

You will want to discuss with your attorney what to do about money that you have deposited in joint accounts with your spouse or money you have used to purchase other items for both you and your spouse

bull Money received from someonersquos life insurancebull Items you have that have replaced property you might

consider non-marital property

Non-Marital property (cont)

ndash Non-marital property is not used to value the division of marital property so try to list everything that is non-marital both for yourself and for your spouse

DebtsPlease be as accurate as possible on the debts that you owe Fill out all information requestedndash It is very helpful to list account numbers for credit cardsndash List if you are both obligated or just one of you on the debtndash You should also discuss with your attorney what happens on

a particular debt if you or your spouse doesnrsquot pay what he or she is supposed to pay

Final Thoughtndash Now you have completed your marital property

statement Drop it off at the attorneys office If you have followed these instructions you will have very few questions asked of you If you have not completed the form fully the attorney or his staff will be in touch as to getting additional information

ndash Remember the more information you can supply at the beginning will save you money in attorneyrsquos fees later

  • Dissolution Discovery
  • Overview
  • What is Discovery
  • What happens if you do not follow the rules
  • Sanctions
  • Avoid Sanctions
  • Marital Property Statement
  • A few principles when you complete your marital property statement
  • Property is divided equitably
  • Dissipated assets
  • You need to decide who has the property and who will get the property
  • You will need to designate if the property is marital or non-marital
  • Marital vs Non-marital
  • Marital vs Non-marital (cont)
  • Property can be non-marital but then turned into marital property
  • Complete each section of the marital property statement
  • Now wersquoll start to complete the Marital Property Statement
  • Real Estate
  • The legal description
  • The Legal Description (cont)
  • Fair Market Value
  • Amount Owed
  • Equity
  • Who should have the property
  • Possession
  • Motor Vehicles
  • Vehicle Identification Number
  • Fair Market Value
  • Amount owed
  • Equity
  • Who gets it and who has it
  • Bank Accounts
  • Bank Accounts (cont)
  • Bank Accounts (cont) Names
  • Fair Market Value and Equity
  • Slide 36
  • Slide 37
  • Who gets it and who has it
  • Securities
  • WholeUniversal Life Insurance
  • Face Amount and Beneficiaries
  • WholeUniversal Life Insurance (cont)
  • Value of the Policy
  • WholeUniversal Life (cont)
  • Slide 45
  • Term Life Insurance
  • Retirementpension or profit sharing
  • Retirementpension or profit sharing (cont)
  • Retirementpension or profit sharing (cont)
  • Loans against Pension Plans
  • Debts owed to you
  • Debts owed to you (cont)
  • Sole proprietorships joint ventures partnerships
  • Claims or lawsuit against others
  • Claims or lawsuit against others (cont)
  • Cash on hand
  • Household and Personal Goods
  • Slide 58
  • Household and Personal Goods (cont)
  • Slide 60
  • Slide 61
  • Other Assets
  • Non-Marital property
  • Non-Marital property (cont)
  • Debts
  • Final Thought
Page 12: Dissolution Discovery By the Law offices of Piedimonte and Associates, P.C. Suite 101 221 W. Lexington Independence, MO 64050 (816)836-8900.

You will need to designate if the property is marital or non-marital

ndash You should start out with the idea that All property acquired after the date of the marriage is considered martial property

Marital vs Non-marital

An exception would be if you personally received a gift even if it was from your spouse That would be a non-marital piece of property Example- your wedding ring

ndash Another exception would be if you received an inheritance

Marital vs Non-marital (cont)

Property you had before the marriage is generally non-marital property

Property can be non-marital but then turned into marital property

If you got an inheritance and deposited into a joint bank account that could turn the property into a marital asset In those kind of situations your attorney needs to know how the property was acquired and how it got into the joint account Be sure to discuss any situations that you are unsure how to designate whether your property is marital or non-marital with your attorney

Complete each section of the marital property statement

There may be changes along the way as to who you would like to have the property and changing values What you are trying to do by completing the form is to give your attorney enough information to know where there may be problems and in the end to help you determine what is a ldquofairrdquo division of the marital estate

Now wersquoll start to complete the Marital Property Statement

Real Estatendash In the first box you are asked to give

bull the interest including lease holds If you own the property with someone else be sure to list with whom you own it

bull addressbull legal description bull and name of lender The name of the mortgage

holder where you pay your house payment

The legal descriptionndash The legal description is found on your deed or your deed of trust It

is usually in that big pack of papers you got when you bought your house

ndash The legal description will look something like lot 4 Highland Heights a subdivision in Independence Jackson County

Missouri according to the recorded plat thereof ndash Sometimes the legal description will be a long description like

beginning at the SW corner of Section 41 township 12 range 8 then east 150 ft thence proceed south for a distance of 200 ft thence west 140 ft thence on a straight line to the point of beginning

The Legal Description (cont)

bull Do not rely on your tax assessment card These descriptions are often abbreviated It is important that you get the correct description because it is from this marital property statement that other deeds may be drafted if you were to get the property as your own

Fair Market Valuebull This is the value that you think someone would pay

for the property if it were up for sale today in the condition it is currently in It may be more than what you paid for the property or it could be less It is tempting to ldquofudgerdquo on the value You might thinkrdquoif my spouse is going to get this property I want to list it at the highest possible price so hersquoll owe me more moneyrdquo However you might end up with it Your best course of action is to be as accurate as you can If you are unsure how to come up with the price discuss that fact with your attorney

Amount Owed

bull Most of the time this is the mortgage What is the payoff You may have to call your mortgage company to get this information if it is not available on your mortgage statement when you pay your house payment each month

Equity

bull Equity is the difference between the ldquofair market valuerdquo and the ldquoAmount Owedrdquo

bull (fair market) ndash (Amount owed) = Equity

Who should have the property

bull You have to state who will get the house If you want it put down H or W as the case may be in the ldquoTordquo column If you want to sell it put down HampW and note ldquosell and splitrdquo

Possession

bull You have to state who has possession of the property If you are in the house and your spouse is living else where put down (H or W) for yourself as the case may be If you are both in the house put both ldquoHampWrdquo

Motor VehiclesYou are asked to list

ndash all automobiles boats trailers aircraft recreational vehicles and campers

ndash yearndash makendash modelndash vehicle identification numberndash leasehold interest

Vehicle Identification Number

ndash Located on the dash in the left hand side up by the windshield or on the car title Get the number correct It will be used to draft documents later to give you the vehicle so you can have the vehicle put in your name with the department of motor vehicles

Fair Market Value

you can obtain the fair market value from your banker buy a book at the bookstore like Kelly Blue Book look in the newspaper or go to used care values on the internet like wwwkbbcom

Amount owed

This is the payoff You may need to contact your bank or finance company where you pay your car payment to get the ldquopayoffrdquo figure

Equity

This is the difference between the Fair Market Value minus the Amount owed (FMV-Amount owed = Equity)

Who gets it and who has it

ndash To H Wbull who should get itbull put in H or W (husband or wife)

ndash Possrsquon H Wbull who has it

Bank Accounts

You are asked to list all your ndash Savingndash checkingndash money marketndash certificates of deposit

Bank Accounts (cont)bull You are asked to list

ndash the names on the accountndash the institution (The bank or credit union where the

account is kept)ndash the account numberndash balance in the account

Bank Accounts (cont) Namesbull If you have money in an account whether your

name is on the account or not and whether you can sign on the account you need to list the account

bull If you think your spouse has an account even if you donrsquot know all of the information list that account here with what information you do know

Fair Market Value and Equity

ndash Fair Market Value is the balance

Amount Owed

ndash Amount Owed could be any loan against the account This would be rare

Equityndash Equity is generally the balance Itrsquos the

same figure (Unless there is a loan against the account)

Who gets it and who has itndash To H W

bull who should get itbull put in H or W (husband or wife)

ndash Possrsquon H Wbull who has it

Securitiesbull List your stocks bonds and mutual funds here bull For fair market value put in the value on the

date you are completing the form and put the date next to the value As it will change this will help with when the stock or mutual fund was valued Sometimes you may not know the actual stocks but you will know the brokerage house and the account number Any information you have that would help locate or identify the account will help

WholeUniversal Life Insurancendash The name of the company that holds the policy and the policy

number are important This information is used to transfer the policy from one person to another Without the policy number you may not be able to have the policy put in your name alone if your spouse was also on the policy

ndash Having a copy of the policy is the best way to insure you are getting all of the correct information If you do not have a copy talk to your attorney about what you need to do to help complete this section of the marital property statement

Face Amount and Beneficiariesbull Put the face amount along with the other

information requested in the first column bull Beneficiaries of the policy should also be noted

in the first column It may be that your spouse is a beneficiary and that will have to be changed later

WholeUniversal Life Insurance (cont)

bull The Fair Market value is not the face Amount It is the cash valuemdashsometimes called the loan value

Value of the Policybull The Fair Market Value of whole life policies is

sometimes difficult to figure Most policies have a table in the policy itself that can be used to calculate value Your attorney can help you with this if you have a copy of the policy Otherwise you may have to write or call the company to determine the value

WholeUniversal Life (cont)bull It is equally important to determine if there is a loan

against the policy You would put the loan amount in the column for the Amount Owed and make a note to discuss that with your attorney

bull Again the difference between ldquofair market valuerdquo and ldquoloan amountrdquo is the ldquoequityrdquo

WholeUniversal Life (cont)

bull Who gets the policy Even if the insurance is on your spousersquo life you can be an owner of the policy and decide who will be the beneficiary

bull Possession of the policy is who has the physical policy

Term Life Insurancendash Most policies that are provided by your employer are term

policies That is to say you will not have the insurance once you stop working for your employer As such these policies do not have any ldquofair market valuerdquo Put in $0 for ldquofair market valuerdquo and $0 for ldquoequityrdquo Of course you still want to designate who gets the policy and who has the policies in the last 2 columns

ndash Sometimes however couples buy term insurance for a variety of reasons Again getting a copy of the policy and showing it to your attorney if you are in doubt will help you complete this section

Retirementpension or profit sharing

ndash Some pension plans will have values that you can determine from the reports that you get from the employer These accounts like 401Krsquos or thrift savings accounts will be relatively easy to determine the fair market value Simply put in the amount from the statement or report

Retirementpension or profit sharing (cont)

bull Other types of pension plans will not be as easy to determine the ldquofair market valuerdquo The pensions that report how much money you will receive ldquomonthlyrdquo at sometime in the future will need to be calculated for ldquofair market valuerdquo The ldquofair market valuerdquo is not just the monthly amount Your attorney will help you calculate the value and explain just what ldquopresent valuerdquo means to you Often these values are one of the largest assets in most marital estates

Retirementpension or profit sharing (cont)

bull Also remember you are listing your spouses retirement information Even if your spouse started work before you got married you may be entitled to list a portion of the pension as marital property Your attorney will help you determine how that is done

Loans against Pension Plans

ndash Sometimes loans are taken against the pensions or thrift plans That information should be noted in the column for Amount Owed

ndash If you donrsquot know what to put down put as much information as you do know and leave the values blank Your attorney will help you complete the rest of the information

Debts owed to youIf someone owes either you or your spouse money list it here Put in the name and address of the person and if the debt is not yet owed but will be owed in the future put in the date it will be do The amount owed will generally be put under ldquofair market valuerdquo However if the debt is uncollectible you might be

listing it as ldquofair market valuerdquo $0

Debts owed to you (cont)ndash Sometimes this will be investments where you

have sold property and someone owes you for the property and is paying it off on a monthly basis Your attorney will help you determine the value in those situations

ndash Again do you want the debt paid to you or do you want it paid to you spouse will be your decision by placing H or W in the column as to who should get the debt

Sole proprietorships joint ventures partnerships

ndash List the business name and whether it is a corporation and who else may be involved in the ownership of the business and their percent of ownership Your attorney will help you fill out the rest of that portion of the form if you are unsure what to do This is the most difficult asset to determine itrsquos ldquofair market valuerdquo In many cases the value is nothing but in other cases the value may be significant Your attorney may also discuss with you the possibility of having the business professionally appraised in some circumstances

Claims or lawsuit against others

Put in all the information called for in the first column Your attorney will assist you in valuation after discussing this item with you The value of a lawsuit is not what your asking to collect Additionally there are certain laws that impact how to figure ldquomartialrdquo values in the case of workers compensation claims or other types of claims

Claims or lawsuit against others (cont)

ndash Also be sure to note on the form if you owe any support to another person This will affect the value of the claim and should be discussed with your attorney It may be a lien on what ever proceeds you ultimately get in the suit

Cash on handndash While most people think of this as the money you

have in your billfold do not forget the change jar money in the back yard refrigerator or where ever cash money is being kept Even if you canrsquot find it right away because your spouse has taken it list it here but note who has it The coin collection could be listed here or under ldquoother assetsrdquo in ldquoMrdquo below A coin collection may be worth more than the value of the coins

Household and Personal Goods

ndash Start on the pages 6789 attached for listing your personal property You will then total and go back to page 3

Page 6

Page 3

Household and Personal Goods

ndash The property in your possession generally furniture and household items list individually You can list general items such as Pots and Pans or ldquosheets and towelsrdquo as one item and value the total If you have a particular item or items that you want to make sure you have list it out If it is not on this list you cannot be sure you will get it

Household and Personal Goods (cont)

bull Valuing personal property is sometimes a tricky business Think of ldquogarage sale valuerdquo on your furniture Even though you paid $1500 for the couch last week you would be lucky to get $150 for it in a garage sale Most folks have a tendency to over inflate the value of their furniture

Household and Personal Goods (cont)

ndash You want to list both what you have and also what your spouse has These values will go into the overall value of the property division and may help you get your fair share of value in the marital estate If you are in doubt put it down on the list

Household and Personal Goods (cont)

ndash Some folks have heard itrsquos a good idea to value the property your spouse has high and the property you have low Try not to go there The Court has seen parties that inflate values Remember the Court could give you the inflated item ndash saying in effect if you think itrsquos worth that much then you get it

Other Assets

ndash Anything else that you have if you donrsquot know where to list it put it here

ndash This is a good place to put your pets Also remember ldquoFidordquo may be worth a lot to you but he may not be worth anything to someone else

Non-Marital propertyndash Definition of Non-marital Property

bull Everything you had coming into the marriagebull Gifts you personally have received from others or even

your spousebull Money or property you have received from inheritance

You will want to discuss with your attorney what to do about money that you have deposited in joint accounts with your spouse or money you have used to purchase other items for both you and your spouse

bull Money received from someonersquos life insurancebull Items you have that have replaced property you might

consider non-marital property

Non-Marital property (cont)

ndash Non-marital property is not used to value the division of marital property so try to list everything that is non-marital both for yourself and for your spouse

DebtsPlease be as accurate as possible on the debts that you owe Fill out all information requestedndash It is very helpful to list account numbers for credit cardsndash List if you are both obligated or just one of you on the debtndash You should also discuss with your attorney what happens on

a particular debt if you or your spouse doesnrsquot pay what he or she is supposed to pay

Final Thoughtndash Now you have completed your marital property

statement Drop it off at the attorneys office If you have followed these instructions you will have very few questions asked of you If you have not completed the form fully the attorney or his staff will be in touch as to getting additional information

ndash Remember the more information you can supply at the beginning will save you money in attorneyrsquos fees later

  • Dissolution Discovery
  • Overview
  • What is Discovery
  • What happens if you do not follow the rules
  • Sanctions
  • Avoid Sanctions
  • Marital Property Statement
  • A few principles when you complete your marital property statement
  • Property is divided equitably
  • Dissipated assets
  • You need to decide who has the property and who will get the property
  • You will need to designate if the property is marital or non-marital
  • Marital vs Non-marital
  • Marital vs Non-marital (cont)
  • Property can be non-marital but then turned into marital property
  • Complete each section of the marital property statement
  • Now wersquoll start to complete the Marital Property Statement
  • Real Estate
  • The legal description
  • The Legal Description (cont)
  • Fair Market Value
  • Amount Owed
  • Equity
  • Who should have the property
  • Possession
  • Motor Vehicles
  • Vehicle Identification Number
  • Fair Market Value
  • Amount owed
  • Equity
  • Who gets it and who has it
  • Bank Accounts
  • Bank Accounts (cont)
  • Bank Accounts (cont) Names
  • Fair Market Value and Equity
  • Slide 36
  • Slide 37
  • Who gets it and who has it
  • Securities
  • WholeUniversal Life Insurance
  • Face Amount and Beneficiaries
  • WholeUniversal Life Insurance (cont)
  • Value of the Policy
  • WholeUniversal Life (cont)
  • Slide 45
  • Term Life Insurance
  • Retirementpension or profit sharing
  • Retirementpension or profit sharing (cont)
  • Retirementpension or profit sharing (cont)
  • Loans against Pension Plans
  • Debts owed to you
  • Debts owed to you (cont)
  • Sole proprietorships joint ventures partnerships
  • Claims or lawsuit against others
  • Claims or lawsuit against others (cont)
  • Cash on hand
  • Household and Personal Goods
  • Slide 58
  • Household and Personal Goods (cont)
  • Slide 60
  • Slide 61
  • Other Assets
  • Non-Marital property
  • Non-Marital property (cont)
  • Debts
  • Final Thought
Page 13: Dissolution Discovery By the Law offices of Piedimonte and Associates, P.C. Suite 101 221 W. Lexington Independence, MO 64050 (816)836-8900.

Marital vs Non-marital

An exception would be if you personally received a gift even if it was from your spouse That would be a non-marital piece of property Example- your wedding ring

ndash Another exception would be if you received an inheritance

Marital vs Non-marital (cont)

Property you had before the marriage is generally non-marital property

Property can be non-marital but then turned into marital property

If you got an inheritance and deposited into a joint bank account that could turn the property into a marital asset In those kind of situations your attorney needs to know how the property was acquired and how it got into the joint account Be sure to discuss any situations that you are unsure how to designate whether your property is marital or non-marital with your attorney

Complete each section of the marital property statement

There may be changes along the way as to who you would like to have the property and changing values What you are trying to do by completing the form is to give your attorney enough information to know where there may be problems and in the end to help you determine what is a ldquofairrdquo division of the marital estate

Now wersquoll start to complete the Marital Property Statement

Real Estatendash In the first box you are asked to give

bull the interest including lease holds If you own the property with someone else be sure to list with whom you own it

bull addressbull legal description bull and name of lender The name of the mortgage

holder where you pay your house payment

The legal descriptionndash The legal description is found on your deed or your deed of trust It

is usually in that big pack of papers you got when you bought your house

ndash The legal description will look something like lot 4 Highland Heights a subdivision in Independence Jackson County

Missouri according to the recorded plat thereof ndash Sometimes the legal description will be a long description like

beginning at the SW corner of Section 41 township 12 range 8 then east 150 ft thence proceed south for a distance of 200 ft thence west 140 ft thence on a straight line to the point of beginning

The Legal Description (cont)

bull Do not rely on your tax assessment card These descriptions are often abbreviated It is important that you get the correct description because it is from this marital property statement that other deeds may be drafted if you were to get the property as your own

Fair Market Valuebull This is the value that you think someone would pay

for the property if it were up for sale today in the condition it is currently in It may be more than what you paid for the property or it could be less It is tempting to ldquofudgerdquo on the value You might thinkrdquoif my spouse is going to get this property I want to list it at the highest possible price so hersquoll owe me more moneyrdquo However you might end up with it Your best course of action is to be as accurate as you can If you are unsure how to come up with the price discuss that fact with your attorney

Amount Owed

bull Most of the time this is the mortgage What is the payoff You may have to call your mortgage company to get this information if it is not available on your mortgage statement when you pay your house payment each month

Equity

bull Equity is the difference between the ldquofair market valuerdquo and the ldquoAmount Owedrdquo

bull (fair market) ndash (Amount owed) = Equity

Who should have the property

bull You have to state who will get the house If you want it put down H or W as the case may be in the ldquoTordquo column If you want to sell it put down HampW and note ldquosell and splitrdquo

Possession

bull You have to state who has possession of the property If you are in the house and your spouse is living else where put down (H or W) for yourself as the case may be If you are both in the house put both ldquoHampWrdquo

Motor VehiclesYou are asked to list

ndash all automobiles boats trailers aircraft recreational vehicles and campers

ndash yearndash makendash modelndash vehicle identification numberndash leasehold interest

Vehicle Identification Number

ndash Located on the dash in the left hand side up by the windshield or on the car title Get the number correct It will be used to draft documents later to give you the vehicle so you can have the vehicle put in your name with the department of motor vehicles

Fair Market Value

you can obtain the fair market value from your banker buy a book at the bookstore like Kelly Blue Book look in the newspaper or go to used care values on the internet like wwwkbbcom

Amount owed

This is the payoff You may need to contact your bank or finance company where you pay your car payment to get the ldquopayoffrdquo figure

Equity

This is the difference between the Fair Market Value minus the Amount owed (FMV-Amount owed = Equity)

Who gets it and who has it

ndash To H Wbull who should get itbull put in H or W (husband or wife)

ndash Possrsquon H Wbull who has it

Bank Accounts

You are asked to list all your ndash Savingndash checkingndash money marketndash certificates of deposit

Bank Accounts (cont)bull You are asked to list

ndash the names on the accountndash the institution (The bank or credit union where the

account is kept)ndash the account numberndash balance in the account

Bank Accounts (cont) Namesbull If you have money in an account whether your

name is on the account or not and whether you can sign on the account you need to list the account

bull If you think your spouse has an account even if you donrsquot know all of the information list that account here with what information you do know

Fair Market Value and Equity

ndash Fair Market Value is the balance

Amount Owed

ndash Amount Owed could be any loan against the account This would be rare

Equityndash Equity is generally the balance Itrsquos the

same figure (Unless there is a loan against the account)

Who gets it and who has itndash To H W

bull who should get itbull put in H or W (husband or wife)

ndash Possrsquon H Wbull who has it

Securitiesbull List your stocks bonds and mutual funds here bull For fair market value put in the value on the

date you are completing the form and put the date next to the value As it will change this will help with when the stock or mutual fund was valued Sometimes you may not know the actual stocks but you will know the brokerage house and the account number Any information you have that would help locate or identify the account will help

WholeUniversal Life Insurancendash The name of the company that holds the policy and the policy

number are important This information is used to transfer the policy from one person to another Without the policy number you may not be able to have the policy put in your name alone if your spouse was also on the policy

ndash Having a copy of the policy is the best way to insure you are getting all of the correct information If you do not have a copy talk to your attorney about what you need to do to help complete this section of the marital property statement

Face Amount and Beneficiariesbull Put the face amount along with the other

information requested in the first column bull Beneficiaries of the policy should also be noted

in the first column It may be that your spouse is a beneficiary and that will have to be changed later

WholeUniversal Life Insurance (cont)

bull The Fair Market value is not the face Amount It is the cash valuemdashsometimes called the loan value

Value of the Policybull The Fair Market Value of whole life policies is

sometimes difficult to figure Most policies have a table in the policy itself that can be used to calculate value Your attorney can help you with this if you have a copy of the policy Otherwise you may have to write or call the company to determine the value

WholeUniversal Life (cont)bull It is equally important to determine if there is a loan

against the policy You would put the loan amount in the column for the Amount Owed and make a note to discuss that with your attorney

bull Again the difference between ldquofair market valuerdquo and ldquoloan amountrdquo is the ldquoequityrdquo

WholeUniversal Life (cont)

bull Who gets the policy Even if the insurance is on your spousersquo life you can be an owner of the policy and decide who will be the beneficiary

bull Possession of the policy is who has the physical policy

Term Life Insurancendash Most policies that are provided by your employer are term

policies That is to say you will not have the insurance once you stop working for your employer As such these policies do not have any ldquofair market valuerdquo Put in $0 for ldquofair market valuerdquo and $0 for ldquoequityrdquo Of course you still want to designate who gets the policy and who has the policies in the last 2 columns

ndash Sometimes however couples buy term insurance for a variety of reasons Again getting a copy of the policy and showing it to your attorney if you are in doubt will help you complete this section

Retirementpension or profit sharing

ndash Some pension plans will have values that you can determine from the reports that you get from the employer These accounts like 401Krsquos or thrift savings accounts will be relatively easy to determine the fair market value Simply put in the amount from the statement or report

Retirementpension or profit sharing (cont)

bull Other types of pension plans will not be as easy to determine the ldquofair market valuerdquo The pensions that report how much money you will receive ldquomonthlyrdquo at sometime in the future will need to be calculated for ldquofair market valuerdquo The ldquofair market valuerdquo is not just the monthly amount Your attorney will help you calculate the value and explain just what ldquopresent valuerdquo means to you Often these values are one of the largest assets in most marital estates

Retirementpension or profit sharing (cont)

bull Also remember you are listing your spouses retirement information Even if your spouse started work before you got married you may be entitled to list a portion of the pension as marital property Your attorney will help you determine how that is done

Loans against Pension Plans

ndash Sometimes loans are taken against the pensions or thrift plans That information should be noted in the column for Amount Owed

ndash If you donrsquot know what to put down put as much information as you do know and leave the values blank Your attorney will help you complete the rest of the information

Debts owed to youIf someone owes either you or your spouse money list it here Put in the name and address of the person and if the debt is not yet owed but will be owed in the future put in the date it will be do The amount owed will generally be put under ldquofair market valuerdquo However if the debt is uncollectible you might be

listing it as ldquofair market valuerdquo $0

Debts owed to you (cont)ndash Sometimes this will be investments where you

have sold property and someone owes you for the property and is paying it off on a monthly basis Your attorney will help you determine the value in those situations

ndash Again do you want the debt paid to you or do you want it paid to you spouse will be your decision by placing H or W in the column as to who should get the debt

Sole proprietorships joint ventures partnerships

ndash List the business name and whether it is a corporation and who else may be involved in the ownership of the business and their percent of ownership Your attorney will help you fill out the rest of that portion of the form if you are unsure what to do This is the most difficult asset to determine itrsquos ldquofair market valuerdquo In many cases the value is nothing but in other cases the value may be significant Your attorney may also discuss with you the possibility of having the business professionally appraised in some circumstances

Claims or lawsuit against others

Put in all the information called for in the first column Your attorney will assist you in valuation after discussing this item with you The value of a lawsuit is not what your asking to collect Additionally there are certain laws that impact how to figure ldquomartialrdquo values in the case of workers compensation claims or other types of claims

Claims or lawsuit against others (cont)

ndash Also be sure to note on the form if you owe any support to another person This will affect the value of the claim and should be discussed with your attorney It may be a lien on what ever proceeds you ultimately get in the suit

Cash on handndash While most people think of this as the money you

have in your billfold do not forget the change jar money in the back yard refrigerator or where ever cash money is being kept Even if you canrsquot find it right away because your spouse has taken it list it here but note who has it The coin collection could be listed here or under ldquoother assetsrdquo in ldquoMrdquo below A coin collection may be worth more than the value of the coins

Household and Personal Goods

ndash Start on the pages 6789 attached for listing your personal property You will then total and go back to page 3

Page 6

Page 3

Household and Personal Goods

ndash The property in your possession generally furniture and household items list individually You can list general items such as Pots and Pans or ldquosheets and towelsrdquo as one item and value the total If you have a particular item or items that you want to make sure you have list it out If it is not on this list you cannot be sure you will get it

Household and Personal Goods (cont)

bull Valuing personal property is sometimes a tricky business Think of ldquogarage sale valuerdquo on your furniture Even though you paid $1500 for the couch last week you would be lucky to get $150 for it in a garage sale Most folks have a tendency to over inflate the value of their furniture

Household and Personal Goods (cont)

ndash You want to list both what you have and also what your spouse has These values will go into the overall value of the property division and may help you get your fair share of value in the marital estate If you are in doubt put it down on the list

Household and Personal Goods (cont)

ndash Some folks have heard itrsquos a good idea to value the property your spouse has high and the property you have low Try not to go there The Court has seen parties that inflate values Remember the Court could give you the inflated item ndash saying in effect if you think itrsquos worth that much then you get it

Other Assets

ndash Anything else that you have if you donrsquot know where to list it put it here

ndash This is a good place to put your pets Also remember ldquoFidordquo may be worth a lot to you but he may not be worth anything to someone else

Non-Marital propertyndash Definition of Non-marital Property

bull Everything you had coming into the marriagebull Gifts you personally have received from others or even

your spousebull Money or property you have received from inheritance

You will want to discuss with your attorney what to do about money that you have deposited in joint accounts with your spouse or money you have used to purchase other items for both you and your spouse

bull Money received from someonersquos life insurancebull Items you have that have replaced property you might

consider non-marital property

Non-Marital property (cont)

ndash Non-marital property is not used to value the division of marital property so try to list everything that is non-marital both for yourself and for your spouse

DebtsPlease be as accurate as possible on the debts that you owe Fill out all information requestedndash It is very helpful to list account numbers for credit cardsndash List if you are both obligated or just one of you on the debtndash You should also discuss with your attorney what happens on

a particular debt if you or your spouse doesnrsquot pay what he or she is supposed to pay

Final Thoughtndash Now you have completed your marital property

statement Drop it off at the attorneys office If you have followed these instructions you will have very few questions asked of you If you have not completed the form fully the attorney or his staff will be in touch as to getting additional information

ndash Remember the more information you can supply at the beginning will save you money in attorneyrsquos fees later

  • Dissolution Discovery
  • Overview
  • What is Discovery
  • What happens if you do not follow the rules
  • Sanctions
  • Avoid Sanctions
  • Marital Property Statement
  • A few principles when you complete your marital property statement
  • Property is divided equitably
  • Dissipated assets
  • You need to decide who has the property and who will get the property
  • You will need to designate if the property is marital or non-marital
  • Marital vs Non-marital
  • Marital vs Non-marital (cont)
  • Property can be non-marital but then turned into marital property
  • Complete each section of the marital property statement
  • Now wersquoll start to complete the Marital Property Statement
  • Real Estate
  • The legal description
  • The Legal Description (cont)
  • Fair Market Value
  • Amount Owed
  • Equity
  • Who should have the property
  • Possession
  • Motor Vehicles
  • Vehicle Identification Number
  • Fair Market Value
  • Amount owed
  • Equity
  • Who gets it and who has it
  • Bank Accounts
  • Bank Accounts (cont)
  • Bank Accounts (cont) Names
  • Fair Market Value and Equity
  • Slide 36
  • Slide 37
  • Who gets it and who has it
  • Securities
  • WholeUniversal Life Insurance
  • Face Amount and Beneficiaries
  • WholeUniversal Life Insurance (cont)
  • Value of the Policy
  • WholeUniversal Life (cont)
  • Slide 45
  • Term Life Insurance
  • Retirementpension or profit sharing
  • Retirementpension or profit sharing (cont)
  • Retirementpension or profit sharing (cont)
  • Loans against Pension Plans
  • Debts owed to you
  • Debts owed to you (cont)
  • Sole proprietorships joint ventures partnerships
  • Claims or lawsuit against others
  • Claims or lawsuit against others (cont)
  • Cash on hand
  • Household and Personal Goods
  • Slide 58
  • Household and Personal Goods (cont)
  • Slide 60
  • Slide 61
  • Other Assets
  • Non-Marital property
  • Non-Marital property (cont)
  • Debts
  • Final Thought
Page 14: Dissolution Discovery By the Law offices of Piedimonte and Associates, P.C. Suite 101 221 W. Lexington Independence, MO 64050 (816)836-8900.

Marital vs Non-marital (cont)

Property you had before the marriage is generally non-marital property

Property can be non-marital but then turned into marital property

If you got an inheritance and deposited into a joint bank account that could turn the property into a marital asset In those kind of situations your attorney needs to know how the property was acquired and how it got into the joint account Be sure to discuss any situations that you are unsure how to designate whether your property is marital or non-marital with your attorney

Complete each section of the marital property statement

There may be changes along the way as to who you would like to have the property and changing values What you are trying to do by completing the form is to give your attorney enough information to know where there may be problems and in the end to help you determine what is a ldquofairrdquo division of the marital estate

Now wersquoll start to complete the Marital Property Statement

Real Estatendash In the first box you are asked to give

bull the interest including lease holds If you own the property with someone else be sure to list with whom you own it

bull addressbull legal description bull and name of lender The name of the mortgage

holder where you pay your house payment

The legal descriptionndash The legal description is found on your deed or your deed of trust It

is usually in that big pack of papers you got when you bought your house

ndash The legal description will look something like lot 4 Highland Heights a subdivision in Independence Jackson County

Missouri according to the recorded plat thereof ndash Sometimes the legal description will be a long description like

beginning at the SW corner of Section 41 township 12 range 8 then east 150 ft thence proceed south for a distance of 200 ft thence west 140 ft thence on a straight line to the point of beginning

The Legal Description (cont)

bull Do not rely on your tax assessment card These descriptions are often abbreviated It is important that you get the correct description because it is from this marital property statement that other deeds may be drafted if you were to get the property as your own

Fair Market Valuebull This is the value that you think someone would pay

for the property if it were up for sale today in the condition it is currently in It may be more than what you paid for the property or it could be less It is tempting to ldquofudgerdquo on the value You might thinkrdquoif my spouse is going to get this property I want to list it at the highest possible price so hersquoll owe me more moneyrdquo However you might end up with it Your best course of action is to be as accurate as you can If you are unsure how to come up with the price discuss that fact with your attorney

Amount Owed

bull Most of the time this is the mortgage What is the payoff You may have to call your mortgage company to get this information if it is not available on your mortgage statement when you pay your house payment each month

Equity

bull Equity is the difference between the ldquofair market valuerdquo and the ldquoAmount Owedrdquo

bull (fair market) ndash (Amount owed) = Equity

Who should have the property

bull You have to state who will get the house If you want it put down H or W as the case may be in the ldquoTordquo column If you want to sell it put down HampW and note ldquosell and splitrdquo

Possession

bull You have to state who has possession of the property If you are in the house and your spouse is living else where put down (H or W) for yourself as the case may be If you are both in the house put both ldquoHampWrdquo

Motor VehiclesYou are asked to list

ndash all automobiles boats trailers aircraft recreational vehicles and campers

ndash yearndash makendash modelndash vehicle identification numberndash leasehold interest

Vehicle Identification Number

ndash Located on the dash in the left hand side up by the windshield or on the car title Get the number correct It will be used to draft documents later to give you the vehicle so you can have the vehicle put in your name with the department of motor vehicles

Fair Market Value

you can obtain the fair market value from your banker buy a book at the bookstore like Kelly Blue Book look in the newspaper or go to used care values on the internet like wwwkbbcom

Amount owed

This is the payoff You may need to contact your bank or finance company where you pay your car payment to get the ldquopayoffrdquo figure

Equity

This is the difference between the Fair Market Value minus the Amount owed (FMV-Amount owed = Equity)

Who gets it and who has it

ndash To H Wbull who should get itbull put in H or W (husband or wife)

ndash Possrsquon H Wbull who has it

Bank Accounts

You are asked to list all your ndash Savingndash checkingndash money marketndash certificates of deposit

Bank Accounts (cont)bull You are asked to list

ndash the names on the accountndash the institution (The bank or credit union where the

account is kept)ndash the account numberndash balance in the account

Bank Accounts (cont) Namesbull If you have money in an account whether your

name is on the account or not and whether you can sign on the account you need to list the account

bull If you think your spouse has an account even if you donrsquot know all of the information list that account here with what information you do know

Fair Market Value and Equity

ndash Fair Market Value is the balance

Amount Owed

ndash Amount Owed could be any loan against the account This would be rare

Equityndash Equity is generally the balance Itrsquos the

same figure (Unless there is a loan against the account)

Who gets it and who has itndash To H W

bull who should get itbull put in H or W (husband or wife)

ndash Possrsquon H Wbull who has it

Securitiesbull List your stocks bonds and mutual funds here bull For fair market value put in the value on the

date you are completing the form and put the date next to the value As it will change this will help with when the stock or mutual fund was valued Sometimes you may not know the actual stocks but you will know the brokerage house and the account number Any information you have that would help locate or identify the account will help

WholeUniversal Life Insurancendash The name of the company that holds the policy and the policy

number are important This information is used to transfer the policy from one person to another Without the policy number you may not be able to have the policy put in your name alone if your spouse was also on the policy

ndash Having a copy of the policy is the best way to insure you are getting all of the correct information If you do not have a copy talk to your attorney about what you need to do to help complete this section of the marital property statement

Face Amount and Beneficiariesbull Put the face amount along with the other

information requested in the first column bull Beneficiaries of the policy should also be noted

in the first column It may be that your spouse is a beneficiary and that will have to be changed later

WholeUniversal Life Insurance (cont)

bull The Fair Market value is not the face Amount It is the cash valuemdashsometimes called the loan value

Value of the Policybull The Fair Market Value of whole life policies is

sometimes difficult to figure Most policies have a table in the policy itself that can be used to calculate value Your attorney can help you with this if you have a copy of the policy Otherwise you may have to write or call the company to determine the value

WholeUniversal Life (cont)bull It is equally important to determine if there is a loan

against the policy You would put the loan amount in the column for the Amount Owed and make a note to discuss that with your attorney

bull Again the difference between ldquofair market valuerdquo and ldquoloan amountrdquo is the ldquoequityrdquo

WholeUniversal Life (cont)

bull Who gets the policy Even if the insurance is on your spousersquo life you can be an owner of the policy and decide who will be the beneficiary

bull Possession of the policy is who has the physical policy

Term Life Insurancendash Most policies that are provided by your employer are term

policies That is to say you will not have the insurance once you stop working for your employer As such these policies do not have any ldquofair market valuerdquo Put in $0 for ldquofair market valuerdquo and $0 for ldquoequityrdquo Of course you still want to designate who gets the policy and who has the policies in the last 2 columns

ndash Sometimes however couples buy term insurance for a variety of reasons Again getting a copy of the policy and showing it to your attorney if you are in doubt will help you complete this section

Retirementpension or profit sharing

ndash Some pension plans will have values that you can determine from the reports that you get from the employer These accounts like 401Krsquos or thrift savings accounts will be relatively easy to determine the fair market value Simply put in the amount from the statement or report

Retirementpension or profit sharing (cont)

bull Other types of pension plans will not be as easy to determine the ldquofair market valuerdquo The pensions that report how much money you will receive ldquomonthlyrdquo at sometime in the future will need to be calculated for ldquofair market valuerdquo The ldquofair market valuerdquo is not just the monthly amount Your attorney will help you calculate the value and explain just what ldquopresent valuerdquo means to you Often these values are one of the largest assets in most marital estates

Retirementpension or profit sharing (cont)

bull Also remember you are listing your spouses retirement information Even if your spouse started work before you got married you may be entitled to list a portion of the pension as marital property Your attorney will help you determine how that is done

Loans against Pension Plans

ndash Sometimes loans are taken against the pensions or thrift plans That information should be noted in the column for Amount Owed

ndash If you donrsquot know what to put down put as much information as you do know and leave the values blank Your attorney will help you complete the rest of the information

Debts owed to youIf someone owes either you or your spouse money list it here Put in the name and address of the person and if the debt is not yet owed but will be owed in the future put in the date it will be do The amount owed will generally be put under ldquofair market valuerdquo However if the debt is uncollectible you might be

listing it as ldquofair market valuerdquo $0

Debts owed to you (cont)ndash Sometimes this will be investments where you

have sold property and someone owes you for the property and is paying it off on a monthly basis Your attorney will help you determine the value in those situations

ndash Again do you want the debt paid to you or do you want it paid to you spouse will be your decision by placing H or W in the column as to who should get the debt

Sole proprietorships joint ventures partnerships

ndash List the business name and whether it is a corporation and who else may be involved in the ownership of the business and their percent of ownership Your attorney will help you fill out the rest of that portion of the form if you are unsure what to do This is the most difficult asset to determine itrsquos ldquofair market valuerdquo In many cases the value is nothing but in other cases the value may be significant Your attorney may also discuss with you the possibility of having the business professionally appraised in some circumstances

Claims or lawsuit against others

Put in all the information called for in the first column Your attorney will assist you in valuation after discussing this item with you The value of a lawsuit is not what your asking to collect Additionally there are certain laws that impact how to figure ldquomartialrdquo values in the case of workers compensation claims or other types of claims

Claims or lawsuit against others (cont)

ndash Also be sure to note on the form if you owe any support to another person This will affect the value of the claim and should be discussed with your attorney It may be a lien on what ever proceeds you ultimately get in the suit

Cash on handndash While most people think of this as the money you

have in your billfold do not forget the change jar money in the back yard refrigerator or where ever cash money is being kept Even if you canrsquot find it right away because your spouse has taken it list it here but note who has it The coin collection could be listed here or under ldquoother assetsrdquo in ldquoMrdquo below A coin collection may be worth more than the value of the coins

Household and Personal Goods

ndash Start on the pages 6789 attached for listing your personal property You will then total and go back to page 3

Page 6

Page 3

Household and Personal Goods

ndash The property in your possession generally furniture and household items list individually You can list general items such as Pots and Pans or ldquosheets and towelsrdquo as one item and value the total If you have a particular item or items that you want to make sure you have list it out If it is not on this list you cannot be sure you will get it

Household and Personal Goods (cont)

bull Valuing personal property is sometimes a tricky business Think of ldquogarage sale valuerdquo on your furniture Even though you paid $1500 for the couch last week you would be lucky to get $150 for it in a garage sale Most folks have a tendency to over inflate the value of their furniture

Household and Personal Goods (cont)

ndash You want to list both what you have and also what your spouse has These values will go into the overall value of the property division and may help you get your fair share of value in the marital estate If you are in doubt put it down on the list

Household and Personal Goods (cont)

ndash Some folks have heard itrsquos a good idea to value the property your spouse has high and the property you have low Try not to go there The Court has seen parties that inflate values Remember the Court could give you the inflated item ndash saying in effect if you think itrsquos worth that much then you get it

Other Assets

ndash Anything else that you have if you donrsquot know where to list it put it here

ndash This is a good place to put your pets Also remember ldquoFidordquo may be worth a lot to you but he may not be worth anything to someone else

Non-Marital propertyndash Definition of Non-marital Property

bull Everything you had coming into the marriagebull Gifts you personally have received from others or even

your spousebull Money or property you have received from inheritance

You will want to discuss with your attorney what to do about money that you have deposited in joint accounts with your spouse or money you have used to purchase other items for both you and your spouse

bull Money received from someonersquos life insurancebull Items you have that have replaced property you might

consider non-marital property

Non-Marital property (cont)

ndash Non-marital property is not used to value the division of marital property so try to list everything that is non-marital both for yourself and for your spouse

DebtsPlease be as accurate as possible on the debts that you owe Fill out all information requestedndash It is very helpful to list account numbers for credit cardsndash List if you are both obligated or just one of you on the debtndash You should also discuss with your attorney what happens on

a particular debt if you or your spouse doesnrsquot pay what he or she is supposed to pay

Final Thoughtndash Now you have completed your marital property

statement Drop it off at the attorneys office If you have followed these instructions you will have very few questions asked of you If you have not completed the form fully the attorney or his staff will be in touch as to getting additional information

ndash Remember the more information you can supply at the beginning will save you money in attorneyrsquos fees later

  • Dissolution Discovery
  • Overview
  • What is Discovery
  • What happens if you do not follow the rules
  • Sanctions
  • Avoid Sanctions
  • Marital Property Statement
  • A few principles when you complete your marital property statement
  • Property is divided equitably
  • Dissipated assets
  • You need to decide who has the property and who will get the property
  • You will need to designate if the property is marital or non-marital
  • Marital vs Non-marital
  • Marital vs Non-marital (cont)
  • Property can be non-marital but then turned into marital property
  • Complete each section of the marital property statement
  • Now wersquoll start to complete the Marital Property Statement
  • Real Estate
  • The legal description
  • The Legal Description (cont)
  • Fair Market Value
  • Amount Owed
  • Equity
  • Who should have the property
  • Possession
  • Motor Vehicles
  • Vehicle Identification Number
  • Fair Market Value
  • Amount owed
  • Equity
  • Who gets it and who has it
  • Bank Accounts
  • Bank Accounts (cont)
  • Bank Accounts (cont) Names
  • Fair Market Value and Equity
  • Slide 36
  • Slide 37
  • Who gets it and who has it
  • Securities
  • WholeUniversal Life Insurance
  • Face Amount and Beneficiaries
  • WholeUniversal Life Insurance (cont)
  • Value of the Policy
  • WholeUniversal Life (cont)
  • Slide 45
  • Term Life Insurance
  • Retirementpension or profit sharing
  • Retirementpension or profit sharing (cont)
  • Retirementpension or profit sharing (cont)
  • Loans against Pension Plans
  • Debts owed to you
  • Debts owed to you (cont)
  • Sole proprietorships joint ventures partnerships
  • Claims or lawsuit against others
  • Claims or lawsuit against others (cont)
  • Cash on hand
  • Household and Personal Goods
  • Slide 58
  • Household and Personal Goods (cont)
  • Slide 60
  • Slide 61
  • Other Assets
  • Non-Marital property
  • Non-Marital property (cont)
  • Debts
  • Final Thought
Page 15: Dissolution Discovery By the Law offices of Piedimonte and Associates, P.C. Suite 101 221 W. Lexington Independence, MO 64050 (816)836-8900.

Property can be non-marital but then turned into marital property

If you got an inheritance and deposited into a joint bank account that could turn the property into a marital asset In those kind of situations your attorney needs to know how the property was acquired and how it got into the joint account Be sure to discuss any situations that you are unsure how to designate whether your property is marital or non-marital with your attorney

Complete each section of the marital property statement

There may be changes along the way as to who you would like to have the property and changing values What you are trying to do by completing the form is to give your attorney enough information to know where there may be problems and in the end to help you determine what is a ldquofairrdquo division of the marital estate

Now wersquoll start to complete the Marital Property Statement

Real Estatendash In the first box you are asked to give

bull the interest including lease holds If you own the property with someone else be sure to list with whom you own it

bull addressbull legal description bull and name of lender The name of the mortgage

holder where you pay your house payment

The legal descriptionndash The legal description is found on your deed or your deed of trust It

is usually in that big pack of papers you got when you bought your house

ndash The legal description will look something like lot 4 Highland Heights a subdivision in Independence Jackson County

Missouri according to the recorded plat thereof ndash Sometimes the legal description will be a long description like

beginning at the SW corner of Section 41 township 12 range 8 then east 150 ft thence proceed south for a distance of 200 ft thence west 140 ft thence on a straight line to the point of beginning

The Legal Description (cont)

bull Do not rely on your tax assessment card These descriptions are often abbreviated It is important that you get the correct description because it is from this marital property statement that other deeds may be drafted if you were to get the property as your own

Fair Market Valuebull This is the value that you think someone would pay

for the property if it were up for sale today in the condition it is currently in It may be more than what you paid for the property or it could be less It is tempting to ldquofudgerdquo on the value You might thinkrdquoif my spouse is going to get this property I want to list it at the highest possible price so hersquoll owe me more moneyrdquo However you might end up with it Your best course of action is to be as accurate as you can If you are unsure how to come up with the price discuss that fact with your attorney

Amount Owed

bull Most of the time this is the mortgage What is the payoff You may have to call your mortgage company to get this information if it is not available on your mortgage statement when you pay your house payment each month

Equity

bull Equity is the difference between the ldquofair market valuerdquo and the ldquoAmount Owedrdquo

bull (fair market) ndash (Amount owed) = Equity

Who should have the property

bull You have to state who will get the house If you want it put down H or W as the case may be in the ldquoTordquo column If you want to sell it put down HampW and note ldquosell and splitrdquo

Possession

bull You have to state who has possession of the property If you are in the house and your spouse is living else where put down (H or W) for yourself as the case may be If you are both in the house put both ldquoHampWrdquo

Motor VehiclesYou are asked to list

ndash all automobiles boats trailers aircraft recreational vehicles and campers

ndash yearndash makendash modelndash vehicle identification numberndash leasehold interest

Vehicle Identification Number

ndash Located on the dash in the left hand side up by the windshield or on the car title Get the number correct It will be used to draft documents later to give you the vehicle so you can have the vehicle put in your name with the department of motor vehicles

Fair Market Value

you can obtain the fair market value from your banker buy a book at the bookstore like Kelly Blue Book look in the newspaper or go to used care values on the internet like wwwkbbcom

Amount owed

This is the payoff You may need to contact your bank or finance company where you pay your car payment to get the ldquopayoffrdquo figure

Equity

This is the difference between the Fair Market Value minus the Amount owed (FMV-Amount owed = Equity)

Who gets it and who has it

ndash To H Wbull who should get itbull put in H or W (husband or wife)

ndash Possrsquon H Wbull who has it

Bank Accounts

You are asked to list all your ndash Savingndash checkingndash money marketndash certificates of deposit

Bank Accounts (cont)bull You are asked to list

ndash the names on the accountndash the institution (The bank or credit union where the

account is kept)ndash the account numberndash balance in the account

Bank Accounts (cont) Namesbull If you have money in an account whether your

name is on the account or not and whether you can sign on the account you need to list the account

bull If you think your spouse has an account even if you donrsquot know all of the information list that account here with what information you do know

Fair Market Value and Equity

ndash Fair Market Value is the balance

Amount Owed

ndash Amount Owed could be any loan against the account This would be rare

Equityndash Equity is generally the balance Itrsquos the

same figure (Unless there is a loan against the account)

Who gets it and who has itndash To H W

bull who should get itbull put in H or W (husband or wife)

ndash Possrsquon H Wbull who has it

Securitiesbull List your stocks bonds and mutual funds here bull For fair market value put in the value on the

date you are completing the form and put the date next to the value As it will change this will help with when the stock or mutual fund was valued Sometimes you may not know the actual stocks but you will know the brokerage house and the account number Any information you have that would help locate or identify the account will help

WholeUniversal Life Insurancendash The name of the company that holds the policy and the policy

number are important This information is used to transfer the policy from one person to another Without the policy number you may not be able to have the policy put in your name alone if your spouse was also on the policy

ndash Having a copy of the policy is the best way to insure you are getting all of the correct information If you do not have a copy talk to your attorney about what you need to do to help complete this section of the marital property statement

Face Amount and Beneficiariesbull Put the face amount along with the other

information requested in the first column bull Beneficiaries of the policy should also be noted

in the first column It may be that your spouse is a beneficiary and that will have to be changed later

WholeUniversal Life Insurance (cont)

bull The Fair Market value is not the face Amount It is the cash valuemdashsometimes called the loan value

Value of the Policybull The Fair Market Value of whole life policies is

sometimes difficult to figure Most policies have a table in the policy itself that can be used to calculate value Your attorney can help you with this if you have a copy of the policy Otherwise you may have to write or call the company to determine the value

WholeUniversal Life (cont)bull It is equally important to determine if there is a loan

against the policy You would put the loan amount in the column for the Amount Owed and make a note to discuss that with your attorney

bull Again the difference between ldquofair market valuerdquo and ldquoloan amountrdquo is the ldquoequityrdquo

WholeUniversal Life (cont)

bull Who gets the policy Even if the insurance is on your spousersquo life you can be an owner of the policy and decide who will be the beneficiary

bull Possession of the policy is who has the physical policy

Term Life Insurancendash Most policies that are provided by your employer are term

policies That is to say you will not have the insurance once you stop working for your employer As such these policies do not have any ldquofair market valuerdquo Put in $0 for ldquofair market valuerdquo and $0 for ldquoequityrdquo Of course you still want to designate who gets the policy and who has the policies in the last 2 columns

ndash Sometimes however couples buy term insurance for a variety of reasons Again getting a copy of the policy and showing it to your attorney if you are in doubt will help you complete this section

Retirementpension or profit sharing

ndash Some pension plans will have values that you can determine from the reports that you get from the employer These accounts like 401Krsquos or thrift savings accounts will be relatively easy to determine the fair market value Simply put in the amount from the statement or report

Retirementpension or profit sharing (cont)

bull Other types of pension plans will not be as easy to determine the ldquofair market valuerdquo The pensions that report how much money you will receive ldquomonthlyrdquo at sometime in the future will need to be calculated for ldquofair market valuerdquo The ldquofair market valuerdquo is not just the monthly amount Your attorney will help you calculate the value and explain just what ldquopresent valuerdquo means to you Often these values are one of the largest assets in most marital estates

Retirementpension or profit sharing (cont)

bull Also remember you are listing your spouses retirement information Even if your spouse started work before you got married you may be entitled to list a portion of the pension as marital property Your attorney will help you determine how that is done

Loans against Pension Plans

ndash Sometimes loans are taken against the pensions or thrift plans That information should be noted in the column for Amount Owed

ndash If you donrsquot know what to put down put as much information as you do know and leave the values blank Your attorney will help you complete the rest of the information

Debts owed to youIf someone owes either you or your spouse money list it here Put in the name and address of the person and if the debt is not yet owed but will be owed in the future put in the date it will be do The amount owed will generally be put under ldquofair market valuerdquo However if the debt is uncollectible you might be

listing it as ldquofair market valuerdquo $0

Debts owed to you (cont)ndash Sometimes this will be investments where you

have sold property and someone owes you for the property and is paying it off on a monthly basis Your attorney will help you determine the value in those situations

ndash Again do you want the debt paid to you or do you want it paid to you spouse will be your decision by placing H or W in the column as to who should get the debt

Sole proprietorships joint ventures partnerships

ndash List the business name and whether it is a corporation and who else may be involved in the ownership of the business and their percent of ownership Your attorney will help you fill out the rest of that portion of the form if you are unsure what to do This is the most difficult asset to determine itrsquos ldquofair market valuerdquo In many cases the value is nothing but in other cases the value may be significant Your attorney may also discuss with you the possibility of having the business professionally appraised in some circumstances

Claims or lawsuit against others

Put in all the information called for in the first column Your attorney will assist you in valuation after discussing this item with you The value of a lawsuit is not what your asking to collect Additionally there are certain laws that impact how to figure ldquomartialrdquo values in the case of workers compensation claims or other types of claims

Claims or lawsuit against others (cont)

ndash Also be sure to note on the form if you owe any support to another person This will affect the value of the claim and should be discussed with your attorney It may be a lien on what ever proceeds you ultimately get in the suit

Cash on handndash While most people think of this as the money you

have in your billfold do not forget the change jar money in the back yard refrigerator or where ever cash money is being kept Even if you canrsquot find it right away because your spouse has taken it list it here but note who has it The coin collection could be listed here or under ldquoother assetsrdquo in ldquoMrdquo below A coin collection may be worth more than the value of the coins

Household and Personal Goods

ndash Start on the pages 6789 attached for listing your personal property You will then total and go back to page 3

Page 6

Page 3

Household and Personal Goods

ndash The property in your possession generally furniture and household items list individually You can list general items such as Pots and Pans or ldquosheets and towelsrdquo as one item and value the total If you have a particular item or items that you want to make sure you have list it out If it is not on this list you cannot be sure you will get it

Household and Personal Goods (cont)

bull Valuing personal property is sometimes a tricky business Think of ldquogarage sale valuerdquo on your furniture Even though you paid $1500 for the couch last week you would be lucky to get $150 for it in a garage sale Most folks have a tendency to over inflate the value of their furniture

Household and Personal Goods (cont)

ndash You want to list both what you have and also what your spouse has These values will go into the overall value of the property division and may help you get your fair share of value in the marital estate If you are in doubt put it down on the list

Household and Personal Goods (cont)

ndash Some folks have heard itrsquos a good idea to value the property your spouse has high and the property you have low Try not to go there The Court has seen parties that inflate values Remember the Court could give you the inflated item ndash saying in effect if you think itrsquos worth that much then you get it

Other Assets

ndash Anything else that you have if you donrsquot know where to list it put it here

ndash This is a good place to put your pets Also remember ldquoFidordquo may be worth a lot to you but he may not be worth anything to someone else

Non-Marital propertyndash Definition of Non-marital Property

bull Everything you had coming into the marriagebull Gifts you personally have received from others or even

your spousebull Money or property you have received from inheritance

You will want to discuss with your attorney what to do about money that you have deposited in joint accounts with your spouse or money you have used to purchase other items for both you and your spouse

bull Money received from someonersquos life insurancebull Items you have that have replaced property you might

consider non-marital property

Non-Marital property (cont)

ndash Non-marital property is not used to value the division of marital property so try to list everything that is non-marital both for yourself and for your spouse

DebtsPlease be as accurate as possible on the debts that you owe Fill out all information requestedndash It is very helpful to list account numbers for credit cardsndash List if you are both obligated or just one of you on the debtndash You should also discuss with your attorney what happens on

a particular debt if you or your spouse doesnrsquot pay what he or she is supposed to pay

Final Thoughtndash Now you have completed your marital property

statement Drop it off at the attorneys office If you have followed these instructions you will have very few questions asked of you If you have not completed the form fully the attorney or his staff will be in touch as to getting additional information

ndash Remember the more information you can supply at the beginning will save you money in attorneyrsquos fees later

  • Dissolution Discovery
  • Overview
  • What is Discovery
  • What happens if you do not follow the rules
  • Sanctions
  • Avoid Sanctions
  • Marital Property Statement
  • A few principles when you complete your marital property statement
  • Property is divided equitably
  • Dissipated assets
  • You need to decide who has the property and who will get the property
  • You will need to designate if the property is marital or non-marital
  • Marital vs Non-marital
  • Marital vs Non-marital (cont)
  • Property can be non-marital but then turned into marital property
  • Complete each section of the marital property statement
  • Now wersquoll start to complete the Marital Property Statement
  • Real Estate
  • The legal description
  • The Legal Description (cont)
  • Fair Market Value
  • Amount Owed
  • Equity
  • Who should have the property
  • Possession
  • Motor Vehicles
  • Vehicle Identification Number
  • Fair Market Value
  • Amount owed
  • Equity
  • Who gets it and who has it
  • Bank Accounts
  • Bank Accounts (cont)
  • Bank Accounts (cont) Names
  • Fair Market Value and Equity
  • Slide 36
  • Slide 37
  • Who gets it and who has it
  • Securities
  • WholeUniversal Life Insurance
  • Face Amount and Beneficiaries
  • WholeUniversal Life Insurance (cont)
  • Value of the Policy
  • WholeUniversal Life (cont)
  • Slide 45
  • Term Life Insurance
  • Retirementpension or profit sharing
  • Retirementpension or profit sharing (cont)
  • Retirementpension or profit sharing (cont)
  • Loans against Pension Plans
  • Debts owed to you
  • Debts owed to you (cont)
  • Sole proprietorships joint ventures partnerships
  • Claims or lawsuit against others
  • Claims or lawsuit against others (cont)
  • Cash on hand
  • Household and Personal Goods
  • Slide 58
  • Household and Personal Goods (cont)
  • Slide 60
  • Slide 61
  • Other Assets
  • Non-Marital property
  • Non-Marital property (cont)
  • Debts
  • Final Thought
Page 16: Dissolution Discovery By the Law offices of Piedimonte and Associates, P.C. Suite 101 221 W. Lexington Independence, MO 64050 (816)836-8900.

Complete each section of the marital property statement

There may be changes along the way as to who you would like to have the property and changing values What you are trying to do by completing the form is to give your attorney enough information to know where there may be problems and in the end to help you determine what is a ldquofairrdquo division of the marital estate

Now wersquoll start to complete the Marital Property Statement

Real Estatendash In the first box you are asked to give

bull the interest including lease holds If you own the property with someone else be sure to list with whom you own it

bull addressbull legal description bull and name of lender The name of the mortgage

holder where you pay your house payment

The legal descriptionndash The legal description is found on your deed or your deed of trust It

is usually in that big pack of papers you got when you bought your house

ndash The legal description will look something like lot 4 Highland Heights a subdivision in Independence Jackson County

Missouri according to the recorded plat thereof ndash Sometimes the legal description will be a long description like

beginning at the SW corner of Section 41 township 12 range 8 then east 150 ft thence proceed south for a distance of 200 ft thence west 140 ft thence on a straight line to the point of beginning

The Legal Description (cont)

bull Do not rely on your tax assessment card These descriptions are often abbreviated It is important that you get the correct description because it is from this marital property statement that other deeds may be drafted if you were to get the property as your own

Fair Market Valuebull This is the value that you think someone would pay

for the property if it were up for sale today in the condition it is currently in It may be more than what you paid for the property or it could be less It is tempting to ldquofudgerdquo on the value You might thinkrdquoif my spouse is going to get this property I want to list it at the highest possible price so hersquoll owe me more moneyrdquo However you might end up with it Your best course of action is to be as accurate as you can If you are unsure how to come up with the price discuss that fact with your attorney

Amount Owed

bull Most of the time this is the mortgage What is the payoff You may have to call your mortgage company to get this information if it is not available on your mortgage statement when you pay your house payment each month

Equity

bull Equity is the difference between the ldquofair market valuerdquo and the ldquoAmount Owedrdquo

bull (fair market) ndash (Amount owed) = Equity

Who should have the property

bull You have to state who will get the house If you want it put down H or W as the case may be in the ldquoTordquo column If you want to sell it put down HampW and note ldquosell and splitrdquo

Possession

bull You have to state who has possession of the property If you are in the house and your spouse is living else where put down (H or W) for yourself as the case may be If you are both in the house put both ldquoHampWrdquo

Motor VehiclesYou are asked to list

ndash all automobiles boats trailers aircraft recreational vehicles and campers

ndash yearndash makendash modelndash vehicle identification numberndash leasehold interest

Vehicle Identification Number

ndash Located on the dash in the left hand side up by the windshield or on the car title Get the number correct It will be used to draft documents later to give you the vehicle so you can have the vehicle put in your name with the department of motor vehicles

Fair Market Value

you can obtain the fair market value from your banker buy a book at the bookstore like Kelly Blue Book look in the newspaper or go to used care values on the internet like wwwkbbcom

Amount owed

This is the payoff You may need to contact your bank or finance company where you pay your car payment to get the ldquopayoffrdquo figure

Equity

This is the difference between the Fair Market Value minus the Amount owed (FMV-Amount owed = Equity)

Who gets it and who has it

ndash To H Wbull who should get itbull put in H or W (husband or wife)

ndash Possrsquon H Wbull who has it

Bank Accounts

You are asked to list all your ndash Savingndash checkingndash money marketndash certificates of deposit

Bank Accounts (cont)bull You are asked to list

ndash the names on the accountndash the institution (The bank or credit union where the

account is kept)ndash the account numberndash balance in the account

Bank Accounts (cont) Namesbull If you have money in an account whether your

name is on the account or not and whether you can sign on the account you need to list the account

bull If you think your spouse has an account even if you donrsquot know all of the information list that account here with what information you do know

Fair Market Value and Equity

ndash Fair Market Value is the balance

Amount Owed

ndash Amount Owed could be any loan against the account This would be rare

Equityndash Equity is generally the balance Itrsquos the

same figure (Unless there is a loan against the account)

Who gets it and who has itndash To H W

bull who should get itbull put in H or W (husband or wife)

ndash Possrsquon H Wbull who has it

Securitiesbull List your stocks bonds and mutual funds here bull For fair market value put in the value on the

date you are completing the form and put the date next to the value As it will change this will help with when the stock or mutual fund was valued Sometimes you may not know the actual stocks but you will know the brokerage house and the account number Any information you have that would help locate or identify the account will help

WholeUniversal Life Insurancendash The name of the company that holds the policy and the policy

number are important This information is used to transfer the policy from one person to another Without the policy number you may not be able to have the policy put in your name alone if your spouse was also on the policy

ndash Having a copy of the policy is the best way to insure you are getting all of the correct information If you do not have a copy talk to your attorney about what you need to do to help complete this section of the marital property statement

Face Amount and Beneficiariesbull Put the face amount along with the other

information requested in the first column bull Beneficiaries of the policy should also be noted

in the first column It may be that your spouse is a beneficiary and that will have to be changed later

WholeUniversal Life Insurance (cont)

bull The Fair Market value is not the face Amount It is the cash valuemdashsometimes called the loan value

Value of the Policybull The Fair Market Value of whole life policies is

sometimes difficult to figure Most policies have a table in the policy itself that can be used to calculate value Your attorney can help you with this if you have a copy of the policy Otherwise you may have to write or call the company to determine the value

WholeUniversal Life (cont)bull It is equally important to determine if there is a loan

against the policy You would put the loan amount in the column for the Amount Owed and make a note to discuss that with your attorney

bull Again the difference between ldquofair market valuerdquo and ldquoloan amountrdquo is the ldquoequityrdquo

WholeUniversal Life (cont)

bull Who gets the policy Even if the insurance is on your spousersquo life you can be an owner of the policy and decide who will be the beneficiary

bull Possession of the policy is who has the physical policy

Term Life Insurancendash Most policies that are provided by your employer are term

policies That is to say you will not have the insurance once you stop working for your employer As such these policies do not have any ldquofair market valuerdquo Put in $0 for ldquofair market valuerdquo and $0 for ldquoequityrdquo Of course you still want to designate who gets the policy and who has the policies in the last 2 columns

ndash Sometimes however couples buy term insurance for a variety of reasons Again getting a copy of the policy and showing it to your attorney if you are in doubt will help you complete this section

Retirementpension or profit sharing

ndash Some pension plans will have values that you can determine from the reports that you get from the employer These accounts like 401Krsquos or thrift savings accounts will be relatively easy to determine the fair market value Simply put in the amount from the statement or report

Retirementpension or profit sharing (cont)

bull Other types of pension plans will not be as easy to determine the ldquofair market valuerdquo The pensions that report how much money you will receive ldquomonthlyrdquo at sometime in the future will need to be calculated for ldquofair market valuerdquo The ldquofair market valuerdquo is not just the monthly amount Your attorney will help you calculate the value and explain just what ldquopresent valuerdquo means to you Often these values are one of the largest assets in most marital estates

Retirementpension or profit sharing (cont)

bull Also remember you are listing your spouses retirement information Even if your spouse started work before you got married you may be entitled to list a portion of the pension as marital property Your attorney will help you determine how that is done

Loans against Pension Plans

ndash Sometimes loans are taken against the pensions or thrift plans That information should be noted in the column for Amount Owed

ndash If you donrsquot know what to put down put as much information as you do know and leave the values blank Your attorney will help you complete the rest of the information

Debts owed to youIf someone owes either you or your spouse money list it here Put in the name and address of the person and if the debt is not yet owed but will be owed in the future put in the date it will be do The amount owed will generally be put under ldquofair market valuerdquo However if the debt is uncollectible you might be

listing it as ldquofair market valuerdquo $0

Debts owed to you (cont)ndash Sometimes this will be investments where you

have sold property and someone owes you for the property and is paying it off on a monthly basis Your attorney will help you determine the value in those situations

ndash Again do you want the debt paid to you or do you want it paid to you spouse will be your decision by placing H or W in the column as to who should get the debt

Sole proprietorships joint ventures partnerships

ndash List the business name and whether it is a corporation and who else may be involved in the ownership of the business and their percent of ownership Your attorney will help you fill out the rest of that portion of the form if you are unsure what to do This is the most difficult asset to determine itrsquos ldquofair market valuerdquo In many cases the value is nothing but in other cases the value may be significant Your attorney may also discuss with you the possibility of having the business professionally appraised in some circumstances

Claims or lawsuit against others

Put in all the information called for in the first column Your attorney will assist you in valuation after discussing this item with you The value of a lawsuit is not what your asking to collect Additionally there are certain laws that impact how to figure ldquomartialrdquo values in the case of workers compensation claims or other types of claims

Claims or lawsuit against others (cont)

ndash Also be sure to note on the form if you owe any support to another person This will affect the value of the claim and should be discussed with your attorney It may be a lien on what ever proceeds you ultimately get in the suit

Cash on handndash While most people think of this as the money you

have in your billfold do not forget the change jar money in the back yard refrigerator or where ever cash money is being kept Even if you canrsquot find it right away because your spouse has taken it list it here but note who has it The coin collection could be listed here or under ldquoother assetsrdquo in ldquoMrdquo below A coin collection may be worth more than the value of the coins

Household and Personal Goods

ndash Start on the pages 6789 attached for listing your personal property You will then total and go back to page 3

Page 6

Page 3

Household and Personal Goods

ndash The property in your possession generally furniture and household items list individually You can list general items such as Pots and Pans or ldquosheets and towelsrdquo as one item and value the total If you have a particular item or items that you want to make sure you have list it out If it is not on this list you cannot be sure you will get it

Household and Personal Goods (cont)

bull Valuing personal property is sometimes a tricky business Think of ldquogarage sale valuerdquo on your furniture Even though you paid $1500 for the couch last week you would be lucky to get $150 for it in a garage sale Most folks have a tendency to over inflate the value of their furniture

Household and Personal Goods (cont)

ndash You want to list both what you have and also what your spouse has These values will go into the overall value of the property division and may help you get your fair share of value in the marital estate If you are in doubt put it down on the list

Household and Personal Goods (cont)

ndash Some folks have heard itrsquos a good idea to value the property your spouse has high and the property you have low Try not to go there The Court has seen parties that inflate values Remember the Court could give you the inflated item ndash saying in effect if you think itrsquos worth that much then you get it

Other Assets

ndash Anything else that you have if you donrsquot know where to list it put it here

ndash This is a good place to put your pets Also remember ldquoFidordquo may be worth a lot to you but he may not be worth anything to someone else

Non-Marital propertyndash Definition of Non-marital Property

bull Everything you had coming into the marriagebull Gifts you personally have received from others or even

your spousebull Money or property you have received from inheritance

You will want to discuss with your attorney what to do about money that you have deposited in joint accounts with your spouse or money you have used to purchase other items for both you and your spouse

bull Money received from someonersquos life insurancebull Items you have that have replaced property you might

consider non-marital property

Non-Marital property (cont)

ndash Non-marital property is not used to value the division of marital property so try to list everything that is non-marital both for yourself and for your spouse

DebtsPlease be as accurate as possible on the debts that you owe Fill out all information requestedndash It is very helpful to list account numbers for credit cardsndash List if you are both obligated or just one of you on the debtndash You should also discuss with your attorney what happens on

a particular debt if you or your spouse doesnrsquot pay what he or she is supposed to pay

Final Thoughtndash Now you have completed your marital property

statement Drop it off at the attorneys office If you have followed these instructions you will have very few questions asked of you If you have not completed the form fully the attorney or his staff will be in touch as to getting additional information

ndash Remember the more information you can supply at the beginning will save you money in attorneyrsquos fees later

  • Dissolution Discovery
  • Overview
  • What is Discovery
  • What happens if you do not follow the rules
  • Sanctions
  • Avoid Sanctions
  • Marital Property Statement
  • A few principles when you complete your marital property statement
  • Property is divided equitably
  • Dissipated assets
  • You need to decide who has the property and who will get the property
  • You will need to designate if the property is marital or non-marital
  • Marital vs Non-marital
  • Marital vs Non-marital (cont)
  • Property can be non-marital but then turned into marital property
  • Complete each section of the marital property statement
  • Now wersquoll start to complete the Marital Property Statement
  • Real Estate
  • The legal description
  • The Legal Description (cont)
  • Fair Market Value
  • Amount Owed
  • Equity
  • Who should have the property
  • Possession
  • Motor Vehicles
  • Vehicle Identification Number
  • Fair Market Value
  • Amount owed
  • Equity
  • Who gets it and who has it
  • Bank Accounts
  • Bank Accounts (cont)
  • Bank Accounts (cont) Names
  • Fair Market Value and Equity
  • Slide 36
  • Slide 37
  • Who gets it and who has it
  • Securities
  • WholeUniversal Life Insurance
  • Face Amount and Beneficiaries
  • WholeUniversal Life Insurance (cont)
  • Value of the Policy
  • WholeUniversal Life (cont)
  • Slide 45
  • Term Life Insurance
  • Retirementpension or profit sharing
  • Retirementpension or profit sharing (cont)
  • Retirementpension or profit sharing (cont)
  • Loans against Pension Plans
  • Debts owed to you
  • Debts owed to you (cont)
  • Sole proprietorships joint ventures partnerships
  • Claims or lawsuit against others
  • Claims or lawsuit against others (cont)
  • Cash on hand
  • Household and Personal Goods
  • Slide 58
  • Household and Personal Goods (cont)
  • Slide 60
  • Slide 61
  • Other Assets
  • Non-Marital property
  • Non-Marital property (cont)
  • Debts
  • Final Thought
Page 17: Dissolution Discovery By the Law offices of Piedimonte and Associates, P.C. Suite 101 221 W. Lexington Independence, MO 64050 (816)836-8900.

Now wersquoll start to complete the Marital Property Statement

Real Estatendash In the first box you are asked to give

bull the interest including lease holds If you own the property with someone else be sure to list with whom you own it

bull addressbull legal description bull and name of lender The name of the mortgage

holder where you pay your house payment

The legal descriptionndash The legal description is found on your deed or your deed of trust It

is usually in that big pack of papers you got when you bought your house

ndash The legal description will look something like lot 4 Highland Heights a subdivision in Independence Jackson County

Missouri according to the recorded plat thereof ndash Sometimes the legal description will be a long description like

beginning at the SW corner of Section 41 township 12 range 8 then east 150 ft thence proceed south for a distance of 200 ft thence west 140 ft thence on a straight line to the point of beginning

The Legal Description (cont)

bull Do not rely on your tax assessment card These descriptions are often abbreviated It is important that you get the correct description because it is from this marital property statement that other deeds may be drafted if you were to get the property as your own

Fair Market Valuebull This is the value that you think someone would pay

for the property if it were up for sale today in the condition it is currently in It may be more than what you paid for the property or it could be less It is tempting to ldquofudgerdquo on the value You might thinkrdquoif my spouse is going to get this property I want to list it at the highest possible price so hersquoll owe me more moneyrdquo However you might end up with it Your best course of action is to be as accurate as you can If you are unsure how to come up with the price discuss that fact with your attorney

Amount Owed

bull Most of the time this is the mortgage What is the payoff You may have to call your mortgage company to get this information if it is not available on your mortgage statement when you pay your house payment each month

Equity

bull Equity is the difference between the ldquofair market valuerdquo and the ldquoAmount Owedrdquo

bull (fair market) ndash (Amount owed) = Equity

Who should have the property

bull You have to state who will get the house If you want it put down H or W as the case may be in the ldquoTordquo column If you want to sell it put down HampW and note ldquosell and splitrdquo

Possession

bull You have to state who has possession of the property If you are in the house and your spouse is living else where put down (H or W) for yourself as the case may be If you are both in the house put both ldquoHampWrdquo

Motor VehiclesYou are asked to list

ndash all automobiles boats trailers aircraft recreational vehicles and campers

ndash yearndash makendash modelndash vehicle identification numberndash leasehold interest

Vehicle Identification Number

ndash Located on the dash in the left hand side up by the windshield or on the car title Get the number correct It will be used to draft documents later to give you the vehicle so you can have the vehicle put in your name with the department of motor vehicles

Fair Market Value

you can obtain the fair market value from your banker buy a book at the bookstore like Kelly Blue Book look in the newspaper or go to used care values on the internet like wwwkbbcom

Amount owed

This is the payoff You may need to contact your bank or finance company where you pay your car payment to get the ldquopayoffrdquo figure

Equity

This is the difference between the Fair Market Value minus the Amount owed (FMV-Amount owed = Equity)

Who gets it and who has it

ndash To H Wbull who should get itbull put in H or W (husband or wife)

ndash Possrsquon H Wbull who has it

Bank Accounts

You are asked to list all your ndash Savingndash checkingndash money marketndash certificates of deposit

Bank Accounts (cont)bull You are asked to list

ndash the names on the accountndash the institution (The bank or credit union where the

account is kept)ndash the account numberndash balance in the account

Bank Accounts (cont) Namesbull If you have money in an account whether your

name is on the account or not and whether you can sign on the account you need to list the account

bull If you think your spouse has an account even if you donrsquot know all of the information list that account here with what information you do know

Fair Market Value and Equity

ndash Fair Market Value is the balance

Amount Owed

ndash Amount Owed could be any loan against the account This would be rare

Equityndash Equity is generally the balance Itrsquos the

same figure (Unless there is a loan against the account)

Who gets it and who has itndash To H W

bull who should get itbull put in H or W (husband or wife)

ndash Possrsquon H Wbull who has it

Securitiesbull List your stocks bonds and mutual funds here bull For fair market value put in the value on the

date you are completing the form and put the date next to the value As it will change this will help with when the stock or mutual fund was valued Sometimes you may not know the actual stocks but you will know the brokerage house and the account number Any information you have that would help locate or identify the account will help

WholeUniversal Life Insurancendash The name of the company that holds the policy and the policy

number are important This information is used to transfer the policy from one person to another Without the policy number you may not be able to have the policy put in your name alone if your spouse was also on the policy

ndash Having a copy of the policy is the best way to insure you are getting all of the correct information If you do not have a copy talk to your attorney about what you need to do to help complete this section of the marital property statement

Face Amount and Beneficiariesbull Put the face amount along with the other

information requested in the first column bull Beneficiaries of the policy should also be noted

in the first column It may be that your spouse is a beneficiary and that will have to be changed later

WholeUniversal Life Insurance (cont)

bull The Fair Market value is not the face Amount It is the cash valuemdashsometimes called the loan value

Value of the Policybull The Fair Market Value of whole life policies is

sometimes difficult to figure Most policies have a table in the policy itself that can be used to calculate value Your attorney can help you with this if you have a copy of the policy Otherwise you may have to write or call the company to determine the value

WholeUniversal Life (cont)bull It is equally important to determine if there is a loan

against the policy You would put the loan amount in the column for the Amount Owed and make a note to discuss that with your attorney

bull Again the difference between ldquofair market valuerdquo and ldquoloan amountrdquo is the ldquoequityrdquo

WholeUniversal Life (cont)

bull Who gets the policy Even if the insurance is on your spousersquo life you can be an owner of the policy and decide who will be the beneficiary

bull Possession of the policy is who has the physical policy

Term Life Insurancendash Most policies that are provided by your employer are term

policies That is to say you will not have the insurance once you stop working for your employer As such these policies do not have any ldquofair market valuerdquo Put in $0 for ldquofair market valuerdquo and $0 for ldquoequityrdquo Of course you still want to designate who gets the policy and who has the policies in the last 2 columns

ndash Sometimes however couples buy term insurance for a variety of reasons Again getting a copy of the policy and showing it to your attorney if you are in doubt will help you complete this section

Retirementpension or profit sharing

ndash Some pension plans will have values that you can determine from the reports that you get from the employer These accounts like 401Krsquos or thrift savings accounts will be relatively easy to determine the fair market value Simply put in the amount from the statement or report

Retirementpension or profit sharing (cont)

bull Other types of pension plans will not be as easy to determine the ldquofair market valuerdquo The pensions that report how much money you will receive ldquomonthlyrdquo at sometime in the future will need to be calculated for ldquofair market valuerdquo The ldquofair market valuerdquo is not just the monthly amount Your attorney will help you calculate the value and explain just what ldquopresent valuerdquo means to you Often these values are one of the largest assets in most marital estates

Retirementpension or profit sharing (cont)

bull Also remember you are listing your spouses retirement information Even if your spouse started work before you got married you may be entitled to list a portion of the pension as marital property Your attorney will help you determine how that is done

Loans against Pension Plans

ndash Sometimes loans are taken against the pensions or thrift plans That information should be noted in the column for Amount Owed

ndash If you donrsquot know what to put down put as much information as you do know and leave the values blank Your attorney will help you complete the rest of the information

Debts owed to youIf someone owes either you or your spouse money list it here Put in the name and address of the person and if the debt is not yet owed but will be owed in the future put in the date it will be do The amount owed will generally be put under ldquofair market valuerdquo However if the debt is uncollectible you might be

listing it as ldquofair market valuerdquo $0

Debts owed to you (cont)ndash Sometimes this will be investments where you

have sold property and someone owes you for the property and is paying it off on a monthly basis Your attorney will help you determine the value in those situations

ndash Again do you want the debt paid to you or do you want it paid to you spouse will be your decision by placing H or W in the column as to who should get the debt

Sole proprietorships joint ventures partnerships

ndash List the business name and whether it is a corporation and who else may be involved in the ownership of the business and their percent of ownership Your attorney will help you fill out the rest of that portion of the form if you are unsure what to do This is the most difficult asset to determine itrsquos ldquofair market valuerdquo In many cases the value is nothing but in other cases the value may be significant Your attorney may also discuss with you the possibility of having the business professionally appraised in some circumstances

Claims or lawsuit against others

Put in all the information called for in the first column Your attorney will assist you in valuation after discussing this item with you The value of a lawsuit is not what your asking to collect Additionally there are certain laws that impact how to figure ldquomartialrdquo values in the case of workers compensation claims or other types of claims

Claims or lawsuit against others (cont)

ndash Also be sure to note on the form if you owe any support to another person This will affect the value of the claim and should be discussed with your attorney It may be a lien on what ever proceeds you ultimately get in the suit

Cash on handndash While most people think of this as the money you

have in your billfold do not forget the change jar money in the back yard refrigerator or where ever cash money is being kept Even if you canrsquot find it right away because your spouse has taken it list it here but note who has it The coin collection could be listed here or under ldquoother assetsrdquo in ldquoMrdquo below A coin collection may be worth more than the value of the coins

Household and Personal Goods

ndash Start on the pages 6789 attached for listing your personal property You will then total and go back to page 3

Page 6

Page 3

Household and Personal Goods

ndash The property in your possession generally furniture and household items list individually You can list general items such as Pots and Pans or ldquosheets and towelsrdquo as one item and value the total If you have a particular item or items that you want to make sure you have list it out If it is not on this list you cannot be sure you will get it

Household and Personal Goods (cont)

bull Valuing personal property is sometimes a tricky business Think of ldquogarage sale valuerdquo on your furniture Even though you paid $1500 for the couch last week you would be lucky to get $150 for it in a garage sale Most folks have a tendency to over inflate the value of their furniture

Household and Personal Goods (cont)

ndash You want to list both what you have and also what your spouse has These values will go into the overall value of the property division and may help you get your fair share of value in the marital estate If you are in doubt put it down on the list

Household and Personal Goods (cont)

ndash Some folks have heard itrsquos a good idea to value the property your spouse has high and the property you have low Try not to go there The Court has seen parties that inflate values Remember the Court could give you the inflated item ndash saying in effect if you think itrsquos worth that much then you get it

Other Assets

ndash Anything else that you have if you donrsquot know where to list it put it here

ndash This is a good place to put your pets Also remember ldquoFidordquo may be worth a lot to you but he may not be worth anything to someone else

Non-Marital propertyndash Definition of Non-marital Property

bull Everything you had coming into the marriagebull Gifts you personally have received from others or even

your spousebull Money or property you have received from inheritance

You will want to discuss with your attorney what to do about money that you have deposited in joint accounts with your spouse or money you have used to purchase other items for both you and your spouse

bull Money received from someonersquos life insurancebull Items you have that have replaced property you might

consider non-marital property

Non-Marital property (cont)

ndash Non-marital property is not used to value the division of marital property so try to list everything that is non-marital both for yourself and for your spouse

DebtsPlease be as accurate as possible on the debts that you owe Fill out all information requestedndash It is very helpful to list account numbers for credit cardsndash List if you are both obligated or just one of you on the debtndash You should also discuss with your attorney what happens on

a particular debt if you or your spouse doesnrsquot pay what he or she is supposed to pay

Final Thoughtndash Now you have completed your marital property

statement Drop it off at the attorneys office If you have followed these instructions you will have very few questions asked of you If you have not completed the form fully the attorney or his staff will be in touch as to getting additional information

ndash Remember the more information you can supply at the beginning will save you money in attorneyrsquos fees later

  • Dissolution Discovery
  • Overview
  • What is Discovery
  • What happens if you do not follow the rules
  • Sanctions
  • Avoid Sanctions
  • Marital Property Statement
  • A few principles when you complete your marital property statement
  • Property is divided equitably
  • Dissipated assets
  • You need to decide who has the property and who will get the property
  • You will need to designate if the property is marital or non-marital
  • Marital vs Non-marital
  • Marital vs Non-marital (cont)
  • Property can be non-marital but then turned into marital property
  • Complete each section of the marital property statement
  • Now wersquoll start to complete the Marital Property Statement
  • Real Estate
  • The legal description
  • The Legal Description (cont)
  • Fair Market Value
  • Amount Owed
  • Equity
  • Who should have the property
  • Possession
  • Motor Vehicles
  • Vehicle Identification Number
  • Fair Market Value
  • Amount owed
  • Equity
  • Who gets it and who has it
  • Bank Accounts
  • Bank Accounts (cont)
  • Bank Accounts (cont) Names
  • Fair Market Value and Equity
  • Slide 36
  • Slide 37
  • Who gets it and who has it
  • Securities
  • WholeUniversal Life Insurance
  • Face Amount and Beneficiaries
  • WholeUniversal Life Insurance (cont)
  • Value of the Policy
  • WholeUniversal Life (cont)
  • Slide 45
  • Term Life Insurance
  • Retirementpension or profit sharing
  • Retirementpension or profit sharing (cont)
  • Retirementpension or profit sharing (cont)
  • Loans against Pension Plans
  • Debts owed to you
  • Debts owed to you (cont)
  • Sole proprietorships joint ventures partnerships
  • Claims or lawsuit against others
  • Claims or lawsuit against others (cont)
  • Cash on hand
  • Household and Personal Goods
  • Slide 58
  • Household and Personal Goods (cont)
  • Slide 60
  • Slide 61
  • Other Assets
  • Non-Marital property
  • Non-Marital property (cont)
  • Debts
  • Final Thought
Page 18: Dissolution Discovery By the Law offices of Piedimonte and Associates, P.C. Suite 101 221 W. Lexington Independence, MO 64050 (816)836-8900.

Real Estatendash In the first box you are asked to give

bull the interest including lease holds If you own the property with someone else be sure to list with whom you own it

bull addressbull legal description bull and name of lender The name of the mortgage

holder where you pay your house payment

The legal descriptionndash The legal description is found on your deed or your deed of trust It

is usually in that big pack of papers you got when you bought your house

ndash The legal description will look something like lot 4 Highland Heights a subdivision in Independence Jackson County

Missouri according to the recorded plat thereof ndash Sometimes the legal description will be a long description like

beginning at the SW corner of Section 41 township 12 range 8 then east 150 ft thence proceed south for a distance of 200 ft thence west 140 ft thence on a straight line to the point of beginning

The Legal Description (cont)

bull Do not rely on your tax assessment card These descriptions are often abbreviated It is important that you get the correct description because it is from this marital property statement that other deeds may be drafted if you were to get the property as your own

Fair Market Valuebull This is the value that you think someone would pay

for the property if it were up for sale today in the condition it is currently in It may be more than what you paid for the property or it could be less It is tempting to ldquofudgerdquo on the value You might thinkrdquoif my spouse is going to get this property I want to list it at the highest possible price so hersquoll owe me more moneyrdquo However you might end up with it Your best course of action is to be as accurate as you can If you are unsure how to come up with the price discuss that fact with your attorney

Amount Owed

bull Most of the time this is the mortgage What is the payoff You may have to call your mortgage company to get this information if it is not available on your mortgage statement when you pay your house payment each month

Equity

bull Equity is the difference between the ldquofair market valuerdquo and the ldquoAmount Owedrdquo

bull (fair market) ndash (Amount owed) = Equity

Who should have the property

bull You have to state who will get the house If you want it put down H or W as the case may be in the ldquoTordquo column If you want to sell it put down HampW and note ldquosell and splitrdquo

Possession

bull You have to state who has possession of the property If you are in the house and your spouse is living else where put down (H or W) for yourself as the case may be If you are both in the house put both ldquoHampWrdquo

Motor VehiclesYou are asked to list

ndash all automobiles boats trailers aircraft recreational vehicles and campers

ndash yearndash makendash modelndash vehicle identification numberndash leasehold interest

Vehicle Identification Number

ndash Located on the dash in the left hand side up by the windshield or on the car title Get the number correct It will be used to draft documents later to give you the vehicle so you can have the vehicle put in your name with the department of motor vehicles

Fair Market Value

you can obtain the fair market value from your banker buy a book at the bookstore like Kelly Blue Book look in the newspaper or go to used care values on the internet like wwwkbbcom

Amount owed

This is the payoff You may need to contact your bank or finance company where you pay your car payment to get the ldquopayoffrdquo figure

Equity

This is the difference between the Fair Market Value minus the Amount owed (FMV-Amount owed = Equity)

Who gets it and who has it

ndash To H Wbull who should get itbull put in H or W (husband or wife)

ndash Possrsquon H Wbull who has it

Bank Accounts

You are asked to list all your ndash Savingndash checkingndash money marketndash certificates of deposit

Bank Accounts (cont)bull You are asked to list

ndash the names on the accountndash the institution (The bank or credit union where the

account is kept)ndash the account numberndash balance in the account

Bank Accounts (cont) Namesbull If you have money in an account whether your

name is on the account or not and whether you can sign on the account you need to list the account

bull If you think your spouse has an account even if you donrsquot know all of the information list that account here with what information you do know

Fair Market Value and Equity

ndash Fair Market Value is the balance

Amount Owed

ndash Amount Owed could be any loan against the account This would be rare

Equityndash Equity is generally the balance Itrsquos the

same figure (Unless there is a loan against the account)

Who gets it and who has itndash To H W

bull who should get itbull put in H or W (husband or wife)

ndash Possrsquon H Wbull who has it

Securitiesbull List your stocks bonds and mutual funds here bull For fair market value put in the value on the

date you are completing the form and put the date next to the value As it will change this will help with when the stock or mutual fund was valued Sometimes you may not know the actual stocks but you will know the brokerage house and the account number Any information you have that would help locate or identify the account will help

WholeUniversal Life Insurancendash The name of the company that holds the policy and the policy

number are important This information is used to transfer the policy from one person to another Without the policy number you may not be able to have the policy put in your name alone if your spouse was also on the policy

ndash Having a copy of the policy is the best way to insure you are getting all of the correct information If you do not have a copy talk to your attorney about what you need to do to help complete this section of the marital property statement

Face Amount and Beneficiariesbull Put the face amount along with the other

information requested in the first column bull Beneficiaries of the policy should also be noted

in the first column It may be that your spouse is a beneficiary and that will have to be changed later

WholeUniversal Life Insurance (cont)

bull The Fair Market value is not the face Amount It is the cash valuemdashsometimes called the loan value

Value of the Policybull The Fair Market Value of whole life policies is

sometimes difficult to figure Most policies have a table in the policy itself that can be used to calculate value Your attorney can help you with this if you have a copy of the policy Otherwise you may have to write or call the company to determine the value

WholeUniversal Life (cont)bull It is equally important to determine if there is a loan

against the policy You would put the loan amount in the column for the Amount Owed and make a note to discuss that with your attorney

bull Again the difference between ldquofair market valuerdquo and ldquoloan amountrdquo is the ldquoequityrdquo

WholeUniversal Life (cont)

bull Who gets the policy Even if the insurance is on your spousersquo life you can be an owner of the policy and decide who will be the beneficiary

bull Possession of the policy is who has the physical policy

Term Life Insurancendash Most policies that are provided by your employer are term

policies That is to say you will not have the insurance once you stop working for your employer As such these policies do not have any ldquofair market valuerdquo Put in $0 for ldquofair market valuerdquo and $0 for ldquoequityrdquo Of course you still want to designate who gets the policy and who has the policies in the last 2 columns

ndash Sometimes however couples buy term insurance for a variety of reasons Again getting a copy of the policy and showing it to your attorney if you are in doubt will help you complete this section

Retirementpension or profit sharing

ndash Some pension plans will have values that you can determine from the reports that you get from the employer These accounts like 401Krsquos or thrift savings accounts will be relatively easy to determine the fair market value Simply put in the amount from the statement or report

Retirementpension or profit sharing (cont)

bull Other types of pension plans will not be as easy to determine the ldquofair market valuerdquo The pensions that report how much money you will receive ldquomonthlyrdquo at sometime in the future will need to be calculated for ldquofair market valuerdquo The ldquofair market valuerdquo is not just the monthly amount Your attorney will help you calculate the value and explain just what ldquopresent valuerdquo means to you Often these values are one of the largest assets in most marital estates

Retirementpension or profit sharing (cont)

bull Also remember you are listing your spouses retirement information Even if your spouse started work before you got married you may be entitled to list a portion of the pension as marital property Your attorney will help you determine how that is done

Loans against Pension Plans

ndash Sometimes loans are taken against the pensions or thrift plans That information should be noted in the column for Amount Owed

ndash If you donrsquot know what to put down put as much information as you do know and leave the values blank Your attorney will help you complete the rest of the information

Debts owed to youIf someone owes either you or your spouse money list it here Put in the name and address of the person and if the debt is not yet owed but will be owed in the future put in the date it will be do The amount owed will generally be put under ldquofair market valuerdquo However if the debt is uncollectible you might be

listing it as ldquofair market valuerdquo $0

Debts owed to you (cont)ndash Sometimes this will be investments where you

have sold property and someone owes you for the property and is paying it off on a monthly basis Your attorney will help you determine the value in those situations

ndash Again do you want the debt paid to you or do you want it paid to you spouse will be your decision by placing H or W in the column as to who should get the debt

Sole proprietorships joint ventures partnerships

ndash List the business name and whether it is a corporation and who else may be involved in the ownership of the business and their percent of ownership Your attorney will help you fill out the rest of that portion of the form if you are unsure what to do This is the most difficult asset to determine itrsquos ldquofair market valuerdquo In many cases the value is nothing but in other cases the value may be significant Your attorney may also discuss with you the possibility of having the business professionally appraised in some circumstances

Claims or lawsuit against others

Put in all the information called for in the first column Your attorney will assist you in valuation after discussing this item with you The value of a lawsuit is not what your asking to collect Additionally there are certain laws that impact how to figure ldquomartialrdquo values in the case of workers compensation claims or other types of claims

Claims or lawsuit against others (cont)

ndash Also be sure to note on the form if you owe any support to another person This will affect the value of the claim and should be discussed with your attorney It may be a lien on what ever proceeds you ultimately get in the suit

Cash on handndash While most people think of this as the money you

have in your billfold do not forget the change jar money in the back yard refrigerator or where ever cash money is being kept Even if you canrsquot find it right away because your spouse has taken it list it here but note who has it The coin collection could be listed here or under ldquoother assetsrdquo in ldquoMrdquo below A coin collection may be worth more than the value of the coins

Household and Personal Goods

ndash Start on the pages 6789 attached for listing your personal property You will then total and go back to page 3

Page 6

Page 3

Household and Personal Goods

ndash The property in your possession generally furniture and household items list individually You can list general items such as Pots and Pans or ldquosheets and towelsrdquo as one item and value the total If you have a particular item or items that you want to make sure you have list it out If it is not on this list you cannot be sure you will get it

Household and Personal Goods (cont)

bull Valuing personal property is sometimes a tricky business Think of ldquogarage sale valuerdquo on your furniture Even though you paid $1500 for the couch last week you would be lucky to get $150 for it in a garage sale Most folks have a tendency to over inflate the value of their furniture

Household and Personal Goods (cont)

ndash You want to list both what you have and also what your spouse has These values will go into the overall value of the property division and may help you get your fair share of value in the marital estate If you are in doubt put it down on the list

Household and Personal Goods (cont)

ndash Some folks have heard itrsquos a good idea to value the property your spouse has high and the property you have low Try not to go there The Court has seen parties that inflate values Remember the Court could give you the inflated item ndash saying in effect if you think itrsquos worth that much then you get it

Other Assets

ndash Anything else that you have if you donrsquot know where to list it put it here

ndash This is a good place to put your pets Also remember ldquoFidordquo may be worth a lot to you but he may not be worth anything to someone else

Non-Marital propertyndash Definition of Non-marital Property

bull Everything you had coming into the marriagebull Gifts you personally have received from others or even

your spousebull Money or property you have received from inheritance

You will want to discuss with your attorney what to do about money that you have deposited in joint accounts with your spouse or money you have used to purchase other items for both you and your spouse

bull Money received from someonersquos life insurancebull Items you have that have replaced property you might

consider non-marital property

Non-Marital property (cont)

ndash Non-marital property is not used to value the division of marital property so try to list everything that is non-marital both for yourself and for your spouse

DebtsPlease be as accurate as possible on the debts that you owe Fill out all information requestedndash It is very helpful to list account numbers for credit cardsndash List if you are both obligated or just one of you on the debtndash You should also discuss with your attorney what happens on

a particular debt if you or your spouse doesnrsquot pay what he or she is supposed to pay

Final Thoughtndash Now you have completed your marital property

statement Drop it off at the attorneys office If you have followed these instructions you will have very few questions asked of you If you have not completed the form fully the attorney or his staff will be in touch as to getting additional information

ndash Remember the more information you can supply at the beginning will save you money in attorneyrsquos fees later

  • Dissolution Discovery
  • Overview
  • What is Discovery
  • What happens if you do not follow the rules
  • Sanctions
  • Avoid Sanctions
  • Marital Property Statement
  • A few principles when you complete your marital property statement
  • Property is divided equitably
  • Dissipated assets
  • You need to decide who has the property and who will get the property
  • You will need to designate if the property is marital or non-marital
  • Marital vs Non-marital
  • Marital vs Non-marital (cont)
  • Property can be non-marital but then turned into marital property
  • Complete each section of the marital property statement
  • Now wersquoll start to complete the Marital Property Statement
  • Real Estate
  • The legal description
  • The Legal Description (cont)
  • Fair Market Value
  • Amount Owed
  • Equity
  • Who should have the property
  • Possession
  • Motor Vehicles
  • Vehicle Identification Number
  • Fair Market Value
  • Amount owed
  • Equity
  • Who gets it and who has it
  • Bank Accounts
  • Bank Accounts (cont)
  • Bank Accounts (cont) Names
  • Fair Market Value and Equity
  • Slide 36
  • Slide 37
  • Who gets it and who has it
  • Securities
  • WholeUniversal Life Insurance
  • Face Amount and Beneficiaries
  • WholeUniversal Life Insurance (cont)
  • Value of the Policy
  • WholeUniversal Life (cont)
  • Slide 45
  • Term Life Insurance
  • Retirementpension or profit sharing
  • Retirementpension or profit sharing (cont)
  • Retirementpension or profit sharing (cont)
  • Loans against Pension Plans
  • Debts owed to you
  • Debts owed to you (cont)
  • Sole proprietorships joint ventures partnerships
  • Claims or lawsuit against others
  • Claims or lawsuit against others (cont)
  • Cash on hand
  • Household and Personal Goods
  • Slide 58
  • Household and Personal Goods (cont)
  • Slide 60
  • Slide 61
  • Other Assets
  • Non-Marital property
  • Non-Marital property (cont)
  • Debts
  • Final Thought
Page 19: Dissolution Discovery By the Law offices of Piedimonte and Associates, P.C. Suite 101 221 W. Lexington Independence, MO 64050 (816)836-8900.

The legal descriptionndash The legal description is found on your deed or your deed of trust It

is usually in that big pack of papers you got when you bought your house

ndash The legal description will look something like lot 4 Highland Heights a subdivision in Independence Jackson County

Missouri according to the recorded plat thereof ndash Sometimes the legal description will be a long description like

beginning at the SW corner of Section 41 township 12 range 8 then east 150 ft thence proceed south for a distance of 200 ft thence west 140 ft thence on a straight line to the point of beginning

The Legal Description (cont)

bull Do not rely on your tax assessment card These descriptions are often abbreviated It is important that you get the correct description because it is from this marital property statement that other deeds may be drafted if you were to get the property as your own

Fair Market Valuebull This is the value that you think someone would pay

for the property if it were up for sale today in the condition it is currently in It may be more than what you paid for the property or it could be less It is tempting to ldquofudgerdquo on the value You might thinkrdquoif my spouse is going to get this property I want to list it at the highest possible price so hersquoll owe me more moneyrdquo However you might end up with it Your best course of action is to be as accurate as you can If you are unsure how to come up with the price discuss that fact with your attorney

Amount Owed

bull Most of the time this is the mortgage What is the payoff You may have to call your mortgage company to get this information if it is not available on your mortgage statement when you pay your house payment each month

Equity

bull Equity is the difference between the ldquofair market valuerdquo and the ldquoAmount Owedrdquo

bull (fair market) ndash (Amount owed) = Equity

Who should have the property

bull You have to state who will get the house If you want it put down H or W as the case may be in the ldquoTordquo column If you want to sell it put down HampW and note ldquosell and splitrdquo

Possession

bull You have to state who has possession of the property If you are in the house and your spouse is living else where put down (H or W) for yourself as the case may be If you are both in the house put both ldquoHampWrdquo

Motor VehiclesYou are asked to list

ndash all automobiles boats trailers aircraft recreational vehicles and campers

ndash yearndash makendash modelndash vehicle identification numberndash leasehold interest

Vehicle Identification Number

ndash Located on the dash in the left hand side up by the windshield or on the car title Get the number correct It will be used to draft documents later to give you the vehicle so you can have the vehicle put in your name with the department of motor vehicles

Fair Market Value

you can obtain the fair market value from your banker buy a book at the bookstore like Kelly Blue Book look in the newspaper or go to used care values on the internet like wwwkbbcom

Amount owed

This is the payoff You may need to contact your bank or finance company where you pay your car payment to get the ldquopayoffrdquo figure

Equity

This is the difference between the Fair Market Value minus the Amount owed (FMV-Amount owed = Equity)

Who gets it and who has it

ndash To H Wbull who should get itbull put in H or W (husband or wife)

ndash Possrsquon H Wbull who has it

Bank Accounts

You are asked to list all your ndash Savingndash checkingndash money marketndash certificates of deposit

Bank Accounts (cont)bull You are asked to list

ndash the names on the accountndash the institution (The bank or credit union where the

account is kept)ndash the account numberndash balance in the account

Bank Accounts (cont) Namesbull If you have money in an account whether your

name is on the account or not and whether you can sign on the account you need to list the account

bull If you think your spouse has an account even if you donrsquot know all of the information list that account here with what information you do know

Fair Market Value and Equity

ndash Fair Market Value is the balance

Amount Owed

ndash Amount Owed could be any loan against the account This would be rare

Equityndash Equity is generally the balance Itrsquos the

same figure (Unless there is a loan against the account)

Who gets it and who has itndash To H W

bull who should get itbull put in H or W (husband or wife)

ndash Possrsquon H Wbull who has it

Securitiesbull List your stocks bonds and mutual funds here bull For fair market value put in the value on the

date you are completing the form and put the date next to the value As it will change this will help with when the stock or mutual fund was valued Sometimes you may not know the actual stocks but you will know the brokerage house and the account number Any information you have that would help locate or identify the account will help

WholeUniversal Life Insurancendash The name of the company that holds the policy and the policy

number are important This information is used to transfer the policy from one person to another Without the policy number you may not be able to have the policy put in your name alone if your spouse was also on the policy

ndash Having a copy of the policy is the best way to insure you are getting all of the correct information If you do not have a copy talk to your attorney about what you need to do to help complete this section of the marital property statement

Face Amount and Beneficiariesbull Put the face amount along with the other

information requested in the first column bull Beneficiaries of the policy should also be noted

in the first column It may be that your spouse is a beneficiary and that will have to be changed later

WholeUniversal Life Insurance (cont)

bull The Fair Market value is not the face Amount It is the cash valuemdashsometimes called the loan value

Value of the Policybull The Fair Market Value of whole life policies is

sometimes difficult to figure Most policies have a table in the policy itself that can be used to calculate value Your attorney can help you with this if you have a copy of the policy Otherwise you may have to write or call the company to determine the value

WholeUniversal Life (cont)bull It is equally important to determine if there is a loan

against the policy You would put the loan amount in the column for the Amount Owed and make a note to discuss that with your attorney

bull Again the difference between ldquofair market valuerdquo and ldquoloan amountrdquo is the ldquoequityrdquo

WholeUniversal Life (cont)

bull Who gets the policy Even if the insurance is on your spousersquo life you can be an owner of the policy and decide who will be the beneficiary

bull Possession of the policy is who has the physical policy

Term Life Insurancendash Most policies that are provided by your employer are term

policies That is to say you will not have the insurance once you stop working for your employer As such these policies do not have any ldquofair market valuerdquo Put in $0 for ldquofair market valuerdquo and $0 for ldquoequityrdquo Of course you still want to designate who gets the policy and who has the policies in the last 2 columns

ndash Sometimes however couples buy term insurance for a variety of reasons Again getting a copy of the policy and showing it to your attorney if you are in doubt will help you complete this section

Retirementpension or profit sharing

ndash Some pension plans will have values that you can determine from the reports that you get from the employer These accounts like 401Krsquos or thrift savings accounts will be relatively easy to determine the fair market value Simply put in the amount from the statement or report

Retirementpension or profit sharing (cont)

bull Other types of pension plans will not be as easy to determine the ldquofair market valuerdquo The pensions that report how much money you will receive ldquomonthlyrdquo at sometime in the future will need to be calculated for ldquofair market valuerdquo The ldquofair market valuerdquo is not just the monthly amount Your attorney will help you calculate the value and explain just what ldquopresent valuerdquo means to you Often these values are one of the largest assets in most marital estates

Retirementpension or profit sharing (cont)

bull Also remember you are listing your spouses retirement information Even if your spouse started work before you got married you may be entitled to list a portion of the pension as marital property Your attorney will help you determine how that is done

Loans against Pension Plans

ndash Sometimes loans are taken against the pensions or thrift plans That information should be noted in the column for Amount Owed

ndash If you donrsquot know what to put down put as much information as you do know and leave the values blank Your attorney will help you complete the rest of the information

Debts owed to youIf someone owes either you or your spouse money list it here Put in the name and address of the person and if the debt is not yet owed but will be owed in the future put in the date it will be do The amount owed will generally be put under ldquofair market valuerdquo However if the debt is uncollectible you might be

listing it as ldquofair market valuerdquo $0

Debts owed to you (cont)ndash Sometimes this will be investments where you

have sold property and someone owes you for the property and is paying it off on a monthly basis Your attorney will help you determine the value in those situations

ndash Again do you want the debt paid to you or do you want it paid to you spouse will be your decision by placing H or W in the column as to who should get the debt

Sole proprietorships joint ventures partnerships

ndash List the business name and whether it is a corporation and who else may be involved in the ownership of the business and their percent of ownership Your attorney will help you fill out the rest of that portion of the form if you are unsure what to do This is the most difficult asset to determine itrsquos ldquofair market valuerdquo In many cases the value is nothing but in other cases the value may be significant Your attorney may also discuss with you the possibility of having the business professionally appraised in some circumstances

Claims or lawsuit against others

Put in all the information called for in the first column Your attorney will assist you in valuation after discussing this item with you The value of a lawsuit is not what your asking to collect Additionally there are certain laws that impact how to figure ldquomartialrdquo values in the case of workers compensation claims or other types of claims

Claims or lawsuit against others (cont)

ndash Also be sure to note on the form if you owe any support to another person This will affect the value of the claim and should be discussed with your attorney It may be a lien on what ever proceeds you ultimately get in the suit

Cash on handndash While most people think of this as the money you

have in your billfold do not forget the change jar money in the back yard refrigerator or where ever cash money is being kept Even if you canrsquot find it right away because your spouse has taken it list it here but note who has it The coin collection could be listed here or under ldquoother assetsrdquo in ldquoMrdquo below A coin collection may be worth more than the value of the coins

Household and Personal Goods

ndash Start on the pages 6789 attached for listing your personal property You will then total and go back to page 3

Page 6

Page 3

Household and Personal Goods

ndash The property in your possession generally furniture and household items list individually You can list general items such as Pots and Pans or ldquosheets and towelsrdquo as one item and value the total If you have a particular item or items that you want to make sure you have list it out If it is not on this list you cannot be sure you will get it

Household and Personal Goods (cont)

bull Valuing personal property is sometimes a tricky business Think of ldquogarage sale valuerdquo on your furniture Even though you paid $1500 for the couch last week you would be lucky to get $150 for it in a garage sale Most folks have a tendency to over inflate the value of their furniture

Household and Personal Goods (cont)

ndash You want to list both what you have and also what your spouse has These values will go into the overall value of the property division and may help you get your fair share of value in the marital estate If you are in doubt put it down on the list

Household and Personal Goods (cont)

ndash Some folks have heard itrsquos a good idea to value the property your spouse has high and the property you have low Try not to go there The Court has seen parties that inflate values Remember the Court could give you the inflated item ndash saying in effect if you think itrsquos worth that much then you get it

Other Assets

ndash Anything else that you have if you donrsquot know where to list it put it here

ndash This is a good place to put your pets Also remember ldquoFidordquo may be worth a lot to you but he may not be worth anything to someone else

Non-Marital propertyndash Definition of Non-marital Property

bull Everything you had coming into the marriagebull Gifts you personally have received from others or even

your spousebull Money or property you have received from inheritance

You will want to discuss with your attorney what to do about money that you have deposited in joint accounts with your spouse or money you have used to purchase other items for both you and your spouse

bull Money received from someonersquos life insurancebull Items you have that have replaced property you might

consider non-marital property

Non-Marital property (cont)

ndash Non-marital property is not used to value the division of marital property so try to list everything that is non-marital both for yourself and for your spouse

DebtsPlease be as accurate as possible on the debts that you owe Fill out all information requestedndash It is very helpful to list account numbers for credit cardsndash List if you are both obligated or just one of you on the debtndash You should also discuss with your attorney what happens on

a particular debt if you or your spouse doesnrsquot pay what he or she is supposed to pay

Final Thoughtndash Now you have completed your marital property

statement Drop it off at the attorneys office If you have followed these instructions you will have very few questions asked of you If you have not completed the form fully the attorney or his staff will be in touch as to getting additional information

ndash Remember the more information you can supply at the beginning will save you money in attorneyrsquos fees later

  • Dissolution Discovery
  • Overview
  • What is Discovery
  • What happens if you do not follow the rules
  • Sanctions
  • Avoid Sanctions
  • Marital Property Statement
  • A few principles when you complete your marital property statement
  • Property is divided equitably
  • Dissipated assets
  • You need to decide who has the property and who will get the property
  • You will need to designate if the property is marital or non-marital
  • Marital vs Non-marital
  • Marital vs Non-marital (cont)
  • Property can be non-marital but then turned into marital property
  • Complete each section of the marital property statement
  • Now wersquoll start to complete the Marital Property Statement
  • Real Estate
  • The legal description
  • The Legal Description (cont)
  • Fair Market Value
  • Amount Owed
  • Equity
  • Who should have the property
  • Possession
  • Motor Vehicles
  • Vehicle Identification Number
  • Fair Market Value
  • Amount owed
  • Equity
  • Who gets it and who has it
  • Bank Accounts
  • Bank Accounts (cont)
  • Bank Accounts (cont) Names
  • Fair Market Value and Equity
  • Slide 36
  • Slide 37
  • Who gets it and who has it
  • Securities
  • WholeUniversal Life Insurance
  • Face Amount and Beneficiaries
  • WholeUniversal Life Insurance (cont)
  • Value of the Policy
  • WholeUniversal Life (cont)
  • Slide 45
  • Term Life Insurance
  • Retirementpension or profit sharing
  • Retirementpension or profit sharing (cont)
  • Retirementpension or profit sharing (cont)
  • Loans against Pension Plans
  • Debts owed to you
  • Debts owed to you (cont)
  • Sole proprietorships joint ventures partnerships
  • Claims or lawsuit against others
  • Claims or lawsuit against others (cont)
  • Cash on hand
  • Household and Personal Goods
  • Slide 58
  • Household and Personal Goods (cont)
  • Slide 60
  • Slide 61
  • Other Assets
  • Non-Marital property
  • Non-Marital property (cont)
  • Debts
  • Final Thought
Page 20: Dissolution Discovery By the Law offices of Piedimonte and Associates, P.C. Suite 101 221 W. Lexington Independence, MO 64050 (816)836-8900.

The Legal Description (cont)

bull Do not rely on your tax assessment card These descriptions are often abbreviated It is important that you get the correct description because it is from this marital property statement that other deeds may be drafted if you were to get the property as your own

Fair Market Valuebull This is the value that you think someone would pay

for the property if it were up for sale today in the condition it is currently in It may be more than what you paid for the property or it could be less It is tempting to ldquofudgerdquo on the value You might thinkrdquoif my spouse is going to get this property I want to list it at the highest possible price so hersquoll owe me more moneyrdquo However you might end up with it Your best course of action is to be as accurate as you can If you are unsure how to come up with the price discuss that fact with your attorney

Amount Owed

bull Most of the time this is the mortgage What is the payoff You may have to call your mortgage company to get this information if it is not available on your mortgage statement when you pay your house payment each month

Equity

bull Equity is the difference between the ldquofair market valuerdquo and the ldquoAmount Owedrdquo

bull (fair market) ndash (Amount owed) = Equity

Who should have the property

bull You have to state who will get the house If you want it put down H or W as the case may be in the ldquoTordquo column If you want to sell it put down HampW and note ldquosell and splitrdquo

Possession

bull You have to state who has possession of the property If you are in the house and your spouse is living else where put down (H or W) for yourself as the case may be If you are both in the house put both ldquoHampWrdquo

Motor VehiclesYou are asked to list

ndash all automobiles boats trailers aircraft recreational vehicles and campers

ndash yearndash makendash modelndash vehicle identification numberndash leasehold interest

Vehicle Identification Number

ndash Located on the dash in the left hand side up by the windshield or on the car title Get the number correct It will be used to draft documents later to give you the vehicle so you can have the vehicle put in your name with the department of motor vehicles

Fair Market Value

you can obtain the fair market value from your banker buy a book at the bookstore like Kelly Blue Book look in the newspaper or go to used care values on the internet like wwwkbbcom

Amount owed

This is the payoff You may need to contact your bank or finance company where you pay your car payment to get the ldquopayoffrdquo figure

Equity

This is the difference between the Fair Market Value minus the Amount owed (FMV-Amount owed = Equity)

Who gets it and who has it

ndash To H Wbull who should get itbull put in H or W (husband or wife)

ndash Possrsquon H Wbull who has it

Bank Accounts

You are asked to list all your ndash Savingndash checkingndash money marketndash certificates of deposit

Bank Accounts (cont)bull You are asked to list

ndash the names on the accountndash the institution (The bank or credit union where the

account is kept)ndash the account numberndash balance in the account

Bank Accounts (cont) Namesbull If you have money in an account whether your

name is on the account or not and whether you can sign on the account you need to list the account

bull If you think your spouse has an account even if you donrsquot know all of the information list that account here with what information you do know

Fair Market Value and Equity

ndash Fair Market Value is the balance

Amount Owed

ndash Amount Owed could be any loan against the account This would be rare

Equityndash Equity is generally the balance Itrsquos the

same figure (Unless there is a loan against the account)

Who gets it and who has itndash To H W

bull who should get itbull put in H or W (husband or wife)

ndash Possrsquon H Wbull who has it

Securitiesbull List your stocks bonds and mutual funds here bull For fair market value put in the value on the

date you are completing the form and put the date next to the value As it will change this will help with when the stock or mutual fund was valued Sometimes you may not know the actual stocks but you will know the brokerage house and the account number Any information you have that would help locate or identify the account will help

WholeUniversal Life Insurancendash The name of the company that holds the policy and the policy

number are important This information is used to transfer the policy from one person to another Without the policy number you may not be able to have the policy put in your name alone if your spouse was also on the policy

ndash Having a copy of the policy is the best way to insure you are getting all of the correct information If you do not have a copy talk to your attorney about what you need to do to help complete this section of the marital property statement

Face Amount and Beneficiariesbull Put the face amount along with the other

information requested in the first column bull Beneficiaries of the policy should also be noted

in the first column It may be that your spouse is a beneficiary and that will have to be changed later

WholeUniversal Life Insurance (cont)

bull The Fair Market value is not the face Amount It is the cash valuemdashsometimes called the loan value

Value of the Policybull The Fair Market Value of whole life policies is

sometimes difficult to figure Most policies have a table in the policy itself that can be used to calculate value Your attorney can help you with this if you have a copy of the policy Otherwise you may have to write or call the company to determine the value

WholeUniversal Life (cont)bull It is equally important to determine if there is a loan

against the policy You would put the loan amount in the column for the Amount Owed and make a note to discuss that with your attorney

bull Again the difference between ldquofair market valuerdquo and ldquoloan amountrdquo is the ldquoequityrdquo

WholeUniversal Life (cont)

bull Who gets the policy Even if the insurance is on your spousersquo life you can be an owner of the policy and decide who will be the beneficiary

bull Possession of the policy is who has the physical policy

Term Life Insurancendash Most policies that are provided by your employer are term

policies That is to say you will not have the insurance once you stop working for your employer As such these policies do not have any ldquofair market valuerdquo Put in $0 for ldquofair market valuerdquo and $0 for ldquoequityrdquo Of course you still want to designate who gets the policy and who has the policies in the last 2 columns

ndash Sometimes however couples buy term insurance for a variety of reasons Again getting a copy of the policy and showing it to your attorney if you are in doubt will help you complete this section

Retirementpension or profit sharing

ndash Some pension plans will have values that you can determine from the reports that you get from the employer These accounts like 401Krsquos or thrift savings accounts will be relatively easy to determine the fair market value Simply put in the amount from the statement or report

Retirementpension or profit sharing (cont)

bull Other types of pension plans will not be as easy to determine the ldquofair market valuerdquo The pensions that report how much money you will receive ldquomonthlyrdquo at sometime in the future will need to be calculated for ldquofair market valuerdquo The ldquofair market valuerdquo is not just the monthly amount Your attorney will help you calculate the value and explain just what ldquopresent valuerdquo means to you Often these values are one of the largest assets in most marital estates

Retirementpension or profit sharing (cont)

bull Also remember you are listing your spouses retirement information Even if your spouse started work before you got married you may be entitled to list a portion of the pension as marital property Your attorney will help you determine how that is done

Loans against Pension Plans

ndash Sometimes loans are taken against the pensions or thrift plans That information should be noted in the column for Amount Owed

ndash If you donrsquot know what to put down put as much information as you do know and leave the values blank Your attorney will help you complete the rest of the information

Debts owed to youIf someone owes either you or your spouse money list it here Put in the name and address of the person and if the debt is not yet owed but will be owed in the future put in the date it will be do The amount owed will generally be put under ldquofair market valuerdquo However if the debt is uncollectible you might be

listing it as ldquofair market valuerdquo $0

Debts owed to you (cont)ndash Sometimes this will be investments where you

have sold property and someone owes you for the property and is paying it off on a monthly basis Your attorney will help you determine the value in those situations

ndash Again do you want the debt paid to you or do you want it paid to you spouse will be your decision by placing H or W in the column as to who should get the debt

Sole proprietorships joint ventures partnerships

ndash List the business name and whether it is a corporation and who else may be involved in the ownership of the business and their percent of ownership Your attorney will help you fill out the rest of that portion of the form if you are unsure what to do This is the most difficult asset to determine itrsquos ldquofair market valuerdquo In many cases the value is nothing but in other cases the value may be significant Your attorney may also discuss with you the possibility of having the business professionally appraised in some circumstances

Claims or lawsuit against others

Put in all the information called for in the first column Your attorney will assist you in valuation after discussing this item with you The value of a lawsuit is not what your asking to collect Additionally there are certain laws that impact how to figure ldquomartialrdquo values in the case of workers compensation claims or other types of claims

Claims or lawsuit against others (cont)

ndash Also be sure to note on the form if you owe any support to another person This will affect the value of the claim and should be discussed with your attorney It may be a lien on what ever proceeds you ultimately get in the suit

Cash on handndash While most people think of this as the money you

have in your billfold do not forget the change jar money in the back yard refrigerator or where ever cash money is being kept Even if you canrsquot find it right away because your spouse has taken it list it here but note who has it The coin collection could be listed here or under ldquoother assetsrdquo in ldquoMrdquo below A coin collection may be worth more than the value of the coins

Household and Personal Goods

ndash Start on the pages 6789 attached for listing your personal property You will then total and go back to page 3

Page 6

Page 3

Household and Personal Goods

ndash The property in your possession generally furniture and household items list individually You can list general items such as Pots and Pans or ldquosheets and towelsrdquo as one item and value the total If you have a particular item or items that you want to make sure you have list it out If it is not on this list you cannot be sure you will get it

Household and Personal Goods (cont)

bull Valuing personal property is sometimes a tricky business Think of ldquogarage sale valuerdquo on your furniture Even though you paid $1500 for the couch last week you would be lucky to get $150 for it in a garage sale Most folks have a tendency to over inflate the value of their furniture

Household and Personal Goods (cont)

ndash You want to list both what you have and also what your spouse has These values will go into the overall value of the property division and may help you get your fair share of value in the marital estate If you are in doubt put it down on the list

Household and Personal Goods (cont)

ndash Some folks have heard itrsquos a good idea to value the property your spouse has high and the property you have low Try not to go there The Court has seen parties that inflate values Remember the Court could give you the inflated item ndash saying in effect if you think itrsquos worth that much then you get it

Other Assets

ndash Anything else that you have if you donrsquot know where to list it put it here

ndash This is a good place to put your pets Also remember ldquoFidordquo may be worth a lot to you but he may not be worth anything to someone else

Non-Marital propertyndash Definition of Non-marital Property

bull Everything you had coming into the marriagebull Gifts you personally have received from others or even

your spousebull Money or property you have received from inheritance

You will want to discuss with your attorney what to do about money that you have deposited in joint accounts with your spouse or money you have used to purchase other items for both you and your spouse

bull Money received from someonersquos life insurancebull Items you have that have replaced property you might

consider non-marital property

Non-Marital property (cont)

ndash Non-marital property is not used to value the division of marital property so try to list everything that is non-marital both for yourself and for your spouse

DebtsPlease be as accurate as possible on the debts that you owe Fill out all information requestedndash It is very helpful to list account numbers for credit cardsndash List if you are both obligated or just one of you on the debtndash You should also discuss with your attorney what happens on

a particular debt if you or your spouse doesnrsquot pay what he or she is supposed to pay

Final Thoughtndash Now you have completed your marital property

statement Drop it off at the attorneys office If you have followed these instructions you will have very few questions asked of you If you have not completed the form fully the attorney or his staff will be in touch as to getting additional information

ndash Remember the more information you can supply at the beginning will save you money in attorneyrsquos fees later

  • Dissolution Discovery
  • Overview
  • What is Discovery
  • What happens if you do not follow the rules
  • Sanctions
  • Avoid Sanctions
  • Marital Property Statement
  • A few principles when you complete your marital property statement
  • Property is divided equitably
  • Dissipated assets
  • You need to decide who has the property and who will get the property
  • You will need to designate if the property is marital or non-marital
  • Marital vs Non-marital
  • Marital vs Non-marital (cont)
  • Property can be non-marital but then turned into marital property
  • Complete each section of the marital property statement
  • Now wersquoll start to complete the Marital Property Statement
  • Real Estate
  • The legal description
  • The Legal Description (cont)
  • Fair Market Value
  • Amount Owed
  • Equity
  • Who should have the property
  • Possession
  • Motor Vehicles
  • Vehicle Identification Number
  • Fair Market Value
  • Amount owed
  • Equity
  • Who gets it and who has it
  • Bank Accounts
  • Bank Accounts (cont)
  • Bank Accounts (cont) Names
  • Fair Market Value and Equity
  • Slide 36
  • Slide 37
  • Who gets it and who has it
  • Securities
  • WholeUniversal Life Insurance
  • Face Amount and Beneficiaries
  • WholeUniversal Life Insurance (cont)
  • Value of the Policy
  • WholeUniversal Life (cont)
  • Slide 45
  • Term Life Insurance
  • Retirementpension or profit sharing
  • Retirementpension or profit sharing (cont)
  • Retirementpension or profit sharing (cont)
  • Loans against Pension Plans
  • Debts owed to you
  • Debts owed to you (cont)
  • Sole proprietorships joint ventures partnerships
  • Claims or lawsuit against others
  • Claims or lawsuit against others (cont)
  • Cash on hand
  • Household and Personal Goods
  • Slide 58
  • Household and Personal Goods (cont)
  • Slide 60
  • Slide 61
  • Other Assets
  • Non-Marital property
  • Non-Marital property (cont)
  • Debts
  • Final Thought
Page 21: Dissolution Discovery By the Law offices of Piedimonte and Associates, P.C. Suite 101 221 W. Lexington Independence, MO 64050 (816)836-8900.

Fair Market Valuebull This is the value that you think someone would pay

for the property if it were up for sale today in the condition it is currently in It may be more than what you paid for the property or it could be less It is tempting to ldquofudgerdquo on the value You might thinkrdquoif my spouse is going to get this property I want to list it at the highest possible price so hersquoll owe me more moneyrdquo However you might end up with it Your best course of action is to be as accurate as you can If you are unsure how to come up with the price discuss that fact with your attorney

Amount Owed

bull Most of the time this is the mortgage What is the payoff You may have to call your mortgage company to get this information if it is not available on your mortgage statement when you pay your house payment each month

Equity

bull Equity is the difference between the ldquofair market valuerdquo and the ldquoAmount Owedrdquo

bull (fair market) ndash (Amount owed) = Equity

Who should have the property

bull You have to state who will get the house If you want it put down H or W as the case may be in the ldquoTordquo column If you want to sell it put down HampW and note ldquosell and splitrdquo

Possession

bull You have to state who has possession of the property If you are in the house and your spouse is living else where put down (H or W) for yourself as the case may be If you are both in the house put both ldquoHampWrdquo

Motor VehiclesYou are asked to list

ndash all automobiles boats trailers aircraft recreational vehicles and campers

ndash yearndash makendash modelndash vehicle identification numberndash leasehold interest

Vehicle Identification Number

ndash Located on the dash in the left hand side up by the windshield or on the car title Get the number correct It will be used to draft documents later to give you the vehicle so you can have the vehicle put in your name with the department of motor vehicles

Fair Market Value

you can obtain the fair market value from your banker buy a book at the bookstore like Kelly Blue Book look in the newspaper or go to used care values on the internet like wwwkbbcom

Amount owed

This is the payoff You may need to contact your bank or finance company where you pay your car payment to get the ldquopayoffrdquo figure

Equity

This is the difference between the Fair Market Value minus the Amount owed (FMV-Amount owed = Equity)

Who gets it and who has it

ndash To H Wbull who should get itbull put in H or W (husband or wife)

ndash Possrsquon H Wbull who has it

Bank Accounts

You are asked to list all your ndash Savingndash checkingndash money marketndash certificates of deposit

Bank Accounts (cont)bull You are asked to list

ndash the names on the accountndash the institution (The bank or credit union where the

account is kept)ndash the account numberndash balance in the account

Bank Accounts (cont) Namesbull If you have money in an account whether your

name is on the account or not and whether you can sign on the account you need to list the account

bull If you think your spouse has an account even if you donrsquot know all of the information list that account here with what information you do know

Fair Market Value and Equity

ndash Fair Market Value is the balance

Amount Owed

ndash Amount Owed could be any loan against the account This would be rare

Equityndash Equity is generally the balance Itrsquos the

same figure (Unless there is a loan against the account)

Who gets it and who has itndash To H W

bull who should get itbull put in H or W (husband or wife)

ndash Possrsquon H Wbull who has it

Securitiesbull List your stocks bonds and mutual funds here bull For fair market value put in the value on the

date you are completing the form and put the date next to the value As it will change this will help with when the stock or mutual fund was valued Sometimes you may not know the actual stocks but you will know the brokerage house and the account number Any information you have that would help locate or identify the account will help

WholeUniversal Life Insurancendash The name of the company that holds the policy and the policy

number are important This information is used to transfer the policy from one person to another Without the policy number you may not be able to have the policy put in your name alone if your spouse was also on the policy

ndash Having a copy of the policy is the best way to insure you are getting all of the correct information If you do not have a copy talk to your attorney about what you need to do to help complete this section of the marital property statement

Face Amount and Beneficiariesbull Put the face amount along with the other

information requested in the first column bull Beneficiaries of the policy should also be noted

in the first column It may be that your spouse is a beneficiary and that will have to be changed later

WholeUniversal Life Insurance (cont)

bull The Fair Market value is not the face Amount It is the cash valuemdashsometimes called the loan value

Value of the Policybull The Fair Market Value of whole life policies is

sometimes difficult to figure Most policies have a table in the policy itself that can be used to calculate value Your attorney can help you with this if you have a copy of the policy Otherwise you may have to write or call the company to determine the value

WholeUniversal Life (cont)bull It is equally important to determine if there is a loan

against the policy You would put the loan amount in the column for the Amount Owed and make a note to discuss that with your attorney

bull Again the difference between ldquofair market valuerdquo and ldquoloan amountrdquo is the ldquoequityrdquo

WholeUniversal Life (cont)

bull Who gets the policy Even if the insurance is on your spousersquo life you can be an owner of the policy and decide who will be the beneficiary

bull Possession of the policy is who has the physical policy

Term Life Insurancendash Most policies that are provided by your employer are term

policies That is to say you will not have the insurance once you stop working for your employer As such these policies do not have any ldquofair market valuerdquo Put in $0 for ldquofair market valuerdquo and $0 for ldquoequityrdquo Of course you still want to designate who gets the policy and who has the policies in the last 2 columns

ndash Sometimes however couples buy term insurance for a variety of reasons Again getting a copy of the policy and showing it to your attorney if you are in doubt will help you complete this section

Retirementpension or profit sharing

ndash Some pension plans will have values that you can determine from the reports that you get from the employer These accounts like 401Krsquos or thrift savings accounts will be relatively easy to determine the fair market value Simply put in the amount from the statement or report

Retirementpension or profit sharing (cont)

bull Other types of pension plans will not be as easy to determine the ldquofair market valuerdquo The pensions that report how much money you will receive ldquomonthlyrdquo at sometime in the future will need to be calculated for ldquofair market valuerdquo The ldquofair market valuerdquo is not just the monthly amount Your attorney will help you calculate the value and explain just what ldquopresent valuerdquo means to you Often these values are one of the largest assets in most marital estates

Retirementpension or profit sharing (cont)

bull Also remember you are listing your spouses retirement information Even if your spouse started work before you got married you may be entitled to list a portion of the pension as marital property Your attorney will help you determine how that is done

Loans against Pension Plans

ndash Sometimes loans are taken against the pensions or thrift plans That information should be noted in the column for Amount Owed

ndash If you donrsquot know what to put down put as much information as you do know and leave the values blank Your attorney will help you complete the rest of the information

Debts owed to youIf someone owes either you or your spouse money list it here Put in the name and address of the person and if the debt is not yet owed but will be owed in the future put in the date it will be do The amount owed will generally be put under ldquofair market valuerdquo However if the debt is uncollectible you might be

listing it as ldquofair market valuerdquo $0

Debts owed to you (cont)ndash Sometimes this will be investments where you

have sold property and someone owes you for the property and is paying it off on a monthly basis Your attorney will help you determine the value in those situations

ndash Again do you want the debt paid to you or do you want it paid to you spouse will be your decision by placing H or W in the column as to who should get the debt

Sole proprietorships joint ventures partnerships

ndash List the business name and whether it is a corporation and who else may be involved in the ownership of the business and their percent of ownership Your attorney will help you fill out the rest of that portion of the form if you are unsure what to do This is the most difficult asset to determine itrsquos ldquofair market valuerdquo In many cases the value is nothing but in other cases the value may be significant Your attorney may also discuss with you the possibility of having the business professionally appraised in some circumstances

Claims or lawsuit against others

Put in all the information called for in the first column Your attorney will assist you in valuation after discussing this item with you The value of a lawsuit is not what your asking to collect Additionally there are certain laws that impact how to figure ldquomartialrdquo values in the case of workers compensation claims or other types of claims

Claims or lawsuit against others (cont)

ndash Also be sure to note on the form if you owe any support to another person This will affect the value of the claim and should be discussed with your attorney It may be a lien on what ever proceeds you ultimately get in the suit

Cash on handndash While most people think of this as the money you

have in your billfold do not forget the change jar money in the back yard refrigerator or where ever cash money is being kept Even if you canrsquot find it right away because your spouse has taken it list it here but note who has it The coin collection could be listed here or under ldquoother assetsrdquo in ldquoMrdquo below A coin collection may be worth more than the value of the coins

Household and Personal Goods

ndash Start on the pages 6789 attached for listing your personal property You will then total and go back to page 3

Page 6

Page 3

Household and Personal Goods

ndash The property in your possession generally furniture and household items list individually You can list general items such as Pots and Pans or ldquosheets and towelsrdquo as one item and value the total If you have a particular item or items that you want to make sure you have list it out If it is not on this list you cannot be sure you will get it

Household and Personal Goods (cont)

bull Valuing personal property is sometimes a tricky business Think of ldquogarage sale valuerdquo on your furniture Even though you paid $1500 for the couch last week you would be lucky to get $150 for it in a garage sale Most folks have a tendency to over inflate the value of their furniture

Household and Personal Goods (cont)

ndash You want to list both what you have and also what your spouse has These values will go into the overall value of the property division and may help you get your fair share of value in the marital estate If you are in doubt put it down on the list

Household and Personal Goods (cont)

ndash Some folks have heard itrsquos a good idea to value the property your spouse has high and the property you have low Try not to go there The Court has seen parties that inflate values Remember the Court could give you the inflated item ndash saying in effect if you think itrsquos worth that much then you get it

Other Assets

ndash Anything else that you have if you donrsquot know where to list it put it here

ndash This is a good place to put your pets Also remember ldquoFidordquo may be worth a lot to you but he may not be worth anything to someone else

Non-Marital propertyndash Definition of Non-marital Property

bull Everything you had coming into the marriagebull Gifts you personally have received from others or even

your spousebull Money or property you have received from inheritance

You will want to discuss with your attorney what to do about money that you have deposited in joint accounts with your spouse or money you have used to purchase other items for both you and your spouse

bull Money received from someonersquos life insurancebull Items you have that have replaced property you might

consider non-marital property

Non-Marital property (cont)

ndash Non-marital property is not used to value the division of marital property so try to list everything that is non-marital both for yourself and for your spouse

DebtsPlease be as accurate as possible on the debts that you owe Fill out all information requestedndash It is very helpful to list account numbers for credit cardsndash List if you are both obligated or just one of you on the debtndash You should also discuss with your attorney what happens on

a particular debt if you or your spouse doesnrsquot pay what he or she is supposed to pay

Final Thoughtndash Now you have completed your marital property

statement Drop it off at the attorneys office If you have followed these instructions you will have very few questions asked of you If you have not completed the form fully the attorney or his staff will be in touch as to getting additional information

ndash Remember the more information you can supply at the beginning will save you money in attorneyrsquos fees later

  • Dissolution Discovery
  • Overview
  • What is Discovery
  • What happens if you do not follow the rules
  • Sanctions
  • Avoid Sanctions
  • Marital Property Statement
  • A few principles when you complete your marital property statement
  • Property is divided equitably
  • Dissipated assets
  • You need to decide who has the property and who will get the property
  • You will need to designate if the property is marital or non-marital
  • Marital vs Non-marital
  • Marital vs Non-marital (cont)
  • Property can be non-marital but then turned into marital property
  • Complete each section of the marital property statement
  • Now wersquoll start to complete the Marital Property Statement
  • Real Estate
  • The legal description
  • The Legal Description (cont)
  • Fair Market Value
  • Amount Owed
  • Equity
  • Who should have the property
  • Possession
  • Motor Vehicles
  • Vehicle Identification Number
  • Fair Market Value
  • Amount owed
  • Equity
  • Who gets it and who has it
  • Bank Accounts
  • Bank Accounts (cont)
  • Bank Accounts (cont) Names
  • Fair Market Value and Equity
  • Slide 36
  • Slide 37
  • Who gets it and who has it
  • Securities
  • WholeUniversal Life Insurance
  • Face Amount and Beneficiaries
  • WholeUniversal Life Insurance (cont)
  • Value of the Policy
  • WholeUniversal Life (cont)
  • Slide 45
  • Term Life Insurance
  • Retirementpension or profit sharing
  • Retirementpension or profit sharing (cont)
  • Retirementpension or profit sharing (cont)
  • Loans against Pension Plans
  • Debts owed to you
  • Debts owed to you (cont)
  • Sole proprietorships joint ventures partnerships
  • Claims or lawsuit against others
  • Claims or lawsuit against others (cont)
  • Cash on hand
  • Household and Personal Goods
  • Slide 58
  • Household and Personal Goods (cont)
  • Slide 60
  • Slide 61
  • Other Assets
  • Non-Marital property
  • Non-Marital property (cont)
  • Debts
  • Final Thought
Page 22: Dissolution Discovery By the Law offices of Piedimonte and Associates, P.C. Suite 101 221 W. Lexington Independence, MO 64050 (816)836-8900.

Amount Owed

bull Most of the time this is the mortgage What is the payoff You may have to call your mortgage company to get this information if it is not available on your mortgage statement when you pay your house payment each month

Equity

bull Equity is the difference between the ldquofair market valuerdquo and the ldquoAmount Owedrdquo

bull (fair market) ndash (Amount owed) = Equity

Who should have the property

bull You have to state who will get the house If you want it put down H or W as the case may be in the ldquoTordquo column If you want to sell it put down HampW and note ldquosell and splitrdquo

Possession

bull You have to state who has possession of the property If you are in the house and your spouse is living else where put down (H or W) for yourself as the case may be If you are both in the house put both ldquoHampWrdquo

Motor VehiclesYou are asked to list

ndash all automobiles boats trailers aircraft recreational vehicles and campers

ndash yearndash makendash modelndash vehicle identification numberndash leasehold interest

Vehicle Identification Number

ndash Located on the dash in the left hand side up by the windshield or on the car title Get the number correct It will be used to draft documents later to give you the vehicle so you can have the vehicle put in your name with the department of motor vehicles

Fair Market Value

you can obtain the fair market value from your banker buy a book at the bookstore like Kelly Blue Book look in the newspaper or go to used care values on the internet like wwwkbbcom

Amount owed

This is the payoff You may need to contact your bank or finance company where you pay your car payment to get the ldquopayoffrdquo figure

Equity

This is the difference between the Fair Market Value minus the Amount owed (FMV-Amount owed = Equity)

Who gets it and who has it

ndash To H Wbull who should get itbull put in H or W (husband or wife)

ndash Possrsquon H Wbull who has it

Bank Accounts

You are asked to list all your ndash Savingndash checkingndash money marketndash certificates of deposit

Bank Accounts (cont)bull You are asked to list

ndash the names on the accountndash the institution (The bank or credit union where the

account is kept)ndash the account numberndash balance in the account

Bank Accounts (cont) Namesbull If you have money in an account whether your

name is on the account or not and whether you can sign on the account you need to list the account

bull If you think your spouse has an account even if you donrsquot know all of the information list that account here with what information you do know

Fair Market Value and Equity

ndash Fair Market Value is the balance

Amount Owed

ndash Amount Owed could be any loan against the account This would be rare

Equityndash Equity is generally the balance Itrsquos the

same figure (Unless there is a loan against the account)

Who gets it and who has itndash To H W

bull who should get itbull put in H or W (husband or wife)

ndash Possrsquon H Wbull who has it

Securitiesbull List your stocks bonds and mutual funds here bull For fair market value put in the value on the

date you are completing the form and put the date next to the value As it will change this will help with when the stock or mutual fund was valued Sometimes you may not know the actual stocks but you will know the brokerage house and the account number Any information you have that would help locate or identify the account will help

WholeUniversal Life Insurancendash The name of the company that holds the policy and the policy

number are important This information is used to transfer the policy from one person to another Without the policy number you may not be able to have the policy put in your name alone if your spouse was also on the policy

ndash Having a copy of the policy is the best way to insure you are getting all of the correct information If you do not have a copy talk to your attorney about what you need to do to help complete this section of the marital property statement

Face Amount and Beneficiariesbull Put the face amount along with the other

information requested in the first column bull Beneficiaries of the policy should also be noted

in the first column It may be that your spouse is a beneficiary and that will have to be changed later

WholeUniversal Life Insurance (cont)

bull The Fair Market value is not the face Amount It is the cash valuemdashsometimes called the loan value

Value of the Policybull The Fair Market Value of whole life policies is

sometimes difficult to figure Most policies have a table in the policy itself that can be used to calculate value Your attorney can help you with this if you have a copy of the policy Otherwise you may have to write or call the company to determine the value

WholeUniversal Life (cont)bull It is equally important to determine if there is a loan

against the policy You would put the loan amount in the column for the Amount Owed and make a note to discuss that with your attorney

bull Again the difference between ldquofair market valuerdquo and ldquoloan amountrdquo is the ldquoequityrdquo

WholeUniversal Life (cont)

bull Who gets the policy Even if the insurance is on your spousersquo life you can be an owner of the policy and decide who will be the beneficiary

bull Possession of the policy is who has the physical policy

Term Life Insurancendash Most policies that are provided by your employer are term

policies That is to say you will not have the insurance once you stop working for your employer As such these policies do not have any ldquofair market valuerdquo Put in $0 for ldquofair market valuerdquo and $0 for ldquoequityrdquo Of course you still want to designate who gets the policy and who has the policies in the last 2 columns

ndash Sometimes however couples buy term insurance for a variety of reasons Again getting a copy of the policy and showing it to your attorney if you are in doubt will help you complete this section

Retirementpension or profit sharing

ndash Some pension plans will have values that you can determine from the reports that you get from the employer These accounts like 401Krsquos or thrift savings accounts will be relatively easy to determine the fair market value Simply put in the amount from the statement or report

Retirementpension or profit sharing (cont)

bull Other types of pension plans will not be as easy to determine the ldquofair market valuerdquo The pensions that report how much money you will receive ldquomonthlyrdquo at sometime in the future will need to be calculated for ldquofair market valuerdquo The ldquofair market valuerdquo is not just the monthly amount Your attorney will help you calculate the value and explain just what ldquopresent valuerdquo means to you Often these values are one of the largest assets in most marital estates

Retirementpension or profit sharing (cont)

bull Also remember you are listing your spouses retirement information Even if your spouse started work before you got married you may be entitled to list a portion of the pension as marital property Your attorney will help you determine how that is done

Loans against Pension Plans

ndash Sometimes loans are taken against the pensions or thrift plans That information should be noted in the column for Amount Owed

ndash If you donrsquot know what to put down put as much information as you do know and leave the values blank Your attorney will help you complete the rest of the information

Debts owed to youIf someone owes either you or your spouse money list it here Put in the name and address of the person and if the debt is not yet owed but will be owed in the future put in the date it will be do The amount owed will generally be put under ldquofair market valuerdquo However if the debt is uncollectible you might be

listing it as ldquofair market valuerdquo $0

Debts owed to you (cont)ndash Sometimes this will be investments where you

have sold property and someone owes you for the property and is paying it off on a monthly basis Your attorney will help you determine the value in those situations

ndash Again do you want the debt paid to you or do you want it paid to you spouse will be your decision by placing H or W in the column as to who should get the debt

Sole proprietorships joint ventures partnerships

ndash List the business name and whether it is a corporation and who else may be involved in the ownership of the business and their percent of ownership Your attorney will help you fill out the rest of that portion of the form if you are unsure what to do This is the most difficult asset to determine itrsquos ldquofair market valuerdquo In many cases the value is nothing but in other cases the value may be significant Your attorney may also discuss with you the possibility of having the business professionally appraised in some circumstances

Claims or lawsuit against others

Put in all the information called for in the first column Your attorney will assist you in valuation after discussing this item with you The value of a lawsuit is not what your asking to collect Additionally there are certain laws that impact how to figure ldquomartialrdquo values in the case of workers compensation claims or other types of claims

Claims or lawsuit against others (cont)

ndash Also be sure to note on the form if you owe any support to another person This will affect the value of the claim and should be discussed with your attorney It may be a lien on what ever proceeds you ultimately get in the suit

Cash on handndash While most people think of this as the money you

have in your billfold do not forget the change jar money in the back yard refrigerator or where ever cash money is being kept Even if you canrsquot find it right away because your spouse has taken it list it here but note who has it The coin collection could be listed here or under ldquoother assetsrdquo in ldquoMrdquo below A coin collection may be worth more than the value of the coins

Household and Personal Goods

ndash Start on the pages 6789 attached for listing your personal property You will then total and go back to page 3

Page 6

Page 3

Household and Personal Goods

ndash The property in your possession generally furniture and household items list individually You can list general items such as Pots and Pans or ldquosheets and towelsrdquo as one item and value the total If you have a particular item or items that you want to make sure you have list it out If it is not on this list you cannot be sure you will get it

Household and Personal Goods (cont)

bull Valuing personal property is sometimes a tricky business Think of ldquogarage sale valuerdquo on your furniture Even though you paid $1500 for the couch last week you would be lucky to get $150 for it in a garage sale Most folks have a tendency to over inflate the value of their furniture

Household and Personal Goods (cont)

ndash You want to list both what you have and also what your spouse has These values will go into the overall value of the property division and may help you get your fair share of value in the marital estate If you are in doubt put it down on the list

Household and Personal Goods (cont)

ndash Some folks have heard itrsquos a good idea to value the property your spouse has high and the property you have low Try not to go there The Court has seen parties that inflate values Remember the Court could give you the inflated item ndash saying in effect if you think itrsquos worth that much then you get it

Other Assets

ndash Anything else that you have if you donrsquot know where to list it put it here

ndash This is a good place to put your pets Also remember ldquoFidordquo may be worth a lot to you but he may not be worth anything to someone else

Non-Marital propertyndash Definition of Non-marital Property

bull Everything you had coming into the marriagebull Gifts you personally have received from others or even

your spousebull Money or property you have received from inheritance

You will want to discuss with your attorney what to do about money that you have deposited in joint accounts with your spouse or money you have used to purchase other items for both you and your spouse

bull Money received from someonersquos life insurancebull Items you have that have replaced property you might

consider non-marital property

Non-Marital property (cont)

ndash Non-marital property is not used to value the division of marital property so try to list everything that is non-marital both for yourself and for your spouse

DebtsPlease be as accurate as possible on the debts that you owe Fill out all information requestedndash It is very helpful to list account numbers for credit cardsndash List if you are both obligated or just one of you on the debtndash You should also discuss with your attorney what happens on

a particular debt if you or your spouse doesnrsquot pay what he or she is supposed to pay

Final Thoughtndash Now you have completed your marital property

statement Drop it off at the attorneys office If you have followed these instructions you will have very few questions asked of you If you have not completed the form fully the attorney or his staff will be in touch as to getting additional information

ndash Remember the more information you can supply at the beginning will save you money in attorneyrsquos fees later

  • Dissolution Discovery
  • Overview
  • What is Discovery
  • What happens if you do not follow the rules
  • Sanctions
  • Avoid Sanctions
  • Marital Property Statement
  • A few principles when you complete your marital property statement
  • Property is divided equitably
  • Dissipated assets
  • You need to decide who has the property and who will get the property
  • You will need to designate if the property is marital or non-marital
  • Marital vs Non-marital
  • Marital vs Non-marital (cont)
  • Property can be non-marital but then turned into marital property
  • Complete each section of the marital property statement
  • Now wersquoll start to complete the Marital Property Statement
  • Real Estate
  • The legal description
  • The Legal Description (cont)
  • Fair Market Value
  • Amount Owed
  • Equity
  • Who should have the property
  • Possession
  • Motor Vehicles
  • Vehicle Identification Number
  • Fair Market Value
  • Amount owed
  • Equity
  • Who gets it and who has it
  • Bank Accounts
  • Bank Accounts (cont)
  • Bank Accounts (cont) Names
  • Fair Market Value and Equity
  • Slide 36
  • Slide 37
  • Who gets it and who has it
  • Securities
  • WholeUniversal Life Insurance
  • Face Amount and Beneficiaries
  • WholeUniversal Life Insurance (cont)
  • Value of the Policy
  • WholeUniversal Life (cont)
  • Slide 45
  • Term Life Insurance
  • Retirementpension or profit sharing
  • Retirementpension or profit sharing (cont)
  • Retirementpension or profit sharing (cont)
  • Loans against Pension Plans
  • Debts owed to you
  • Debts owed to you (cont)
  • Sole proprietorships joint ventures partnerships
  • Claims or lawsuit against others
  • Claims or lawsuit against others (cont)
  • Cash on hand
  • Household and Personal Goods
  • Slide 58
  • Household and Personal Goods (cont)
  • Slide 60
  • Slide 61
  • Other Assets
  • Non-Marital property
  • Non-Marital property (cont)
  • Debts
  • Final Thought
Page 23: Dissolution Discovery By the Law offices of Piedimonte and Associates, P.C. Suite 101 221 W. Lexington Independence, MO 64050 (816)836-8900.

Equity

bull Equity is the difference between the ldquofair market valuerdquo and the ldquoAmount Owedrdquo

bull (fair market) ndash (Amount owed) = Equity

Who should have the property

bull You have to state who will get the house If you want it put down H or W as the case may be in the ldquoTordquo column If you want to sell it put down HampW and note ldquosell and splitrdquo

Possession

bull You have to state who has possession of the property If you are in the house and your spouse is living else where put down (H or W) for yourself as the case may be If you are both in the house put both ldquoHampWrdquo

Motor VehiclesYou are asked to list

ndash all automobiles boats trailers aircraft recreational vehicles and campers

ndash yearndash makendash modelndash vehicle identification numberndash leasehold interest

Vehicle Identification Number

ndash Located on the dash in the left hand side up by the windshield or on the car title Get the number correct It will be used to draft documents later to give you the vehicle so you can have the vehicle put in your name with the department of motor vehicles

Fair Market Value

you can obtain the fair market value from your banker buy a book at the bookstore like Kelly Blue Book look in the newspaper or go to used care values on the internet like wwwkbbcom

Amount owed

This is the payoff You may need to contact your bank or finance company where you pay your car payment to get the ldquopayoffrdquo figure

Equity

This is the difference between the Fair Market Value minus the Amount owed (FMV-Amount owed = Equity)

Who gets it and who has it

ndash To H Wbull who should get itbull put in H or W (husband or wife)

ndash Possrsquon H Wbull who has it

Bank Accounts

You are asked to list all your ndash Savingndash checkingndash money marketndash certificates of deposit

Bank Accounts (cont)bull You are asked to list

ndash the names on the accountndash the institution (The bank or credit union where the

account is kept)ndash the account numberndash balance in the account

Bank Accounts (cont) Namesbull If you have money in an account whether your

name is on the account or not and whether you can sign on the account you need to list the account

bull If you think your spouse has an account even if you donrsquot know all of the information list that account here with what information you do know

Fair Market Value and Equity

ndash Fair Market Value is the balance

Amount Owed

ndash Amount Owed could be any loan against the account This would be rare

Equityndash Equity is generally the balance Itrsquos the

same figure (Unless there is a loan against the account)

Who gets it and who has itndash To H W

bull who should get itbull put in H or W (husband or wife)

ndash Possrsquon H Wbull who has it

Securitiesbull List your stocks bonds and mutual funds here bull For fair market value put in the value on the

date you are completing the form and put the date next to the value As it will change this will help with when the stock or mutual fund was valued Sometimes you may not know the actual stocks but you will know the brokerage house and the account number Any information you have that would help locate or identify the account will help

WholeUniversal Life Insurancendash The name of the company that holds the policy and the policy

number are important This information is used to transfer the policy from one person to another Without the policy number you may not be able to have the policy put in your name alone if your spouse was also on the policy

ndash Having a copy of the policy is the best way to insure you are getting all of the correct information If you do not have a copy talk to your attorney about what you need to do to help complete this section of the marital property statement

Face Amount and Beneficiariesbull Put the face amount along with the other

information requested in the first column bull Beneficiaries of the policy should also be noted

in the first column It may be that your spouse is a beneficiary and that will have to be changed later

WholeUniversal Life Insurance (cont)

bull The Fair Market value is not the face Amount It is the cash valuemdashsometimes called the loan value

Value of the Policybull The Fair Market Value of whole life policies is

sometimes difficult to figure Most policies have a table in the policy itself that can be used to calculate value Your attorney can help you with this if you have a copy of the policy Otherwise you may have to write or call the company to determine the value

WholeUniversal Life (cont)bull It is equally important to determine if there is a loan

against the policy You would put the loan amount in the column for the Amount Owed and make a note to discuss that with your attorney

bull Again the difference between ldquofair market valuerdquo and ldquoloan amountrdquo is the ldquoequityrdquo

WholeUniversal Life (cont)

bull Who gets the policy Even if the insurance is on your spousersquo life you can be an owner of the policy and decide who will be the beneficiary

bull Possession of the policy is who has the physical policy

Term Life Insurancendash Most policies that are provided by your employer are term

policies That is to say you will not have the insurance once you stop working for your employer As such these policies do not have any ldquofair market valuerdquo Put in $0 for ldquofair market valuerdquo and $0 for ldquoequityrdquo Of course you still want to designate who gets the policy and who has the policies in the last 2 columns

ndash Sometimes however couples buy term insurance for a variety of reasons Again getting a copy of the policy and showing it to your attorney if you are in doubt will help you complete this section

Retirementpension or profit sharing

ndash Some pension plans will have values that you can determine from the reports that you get from the employer These accounts like 401Krsquos or thrift savings accounts will be relatively easy to determine the fair market value Simply put in the amount from the statement or report

Retirementpension or profit sharing (cont)

bull Other types of pension plans will not be as easy to determine the ldquofair market valuerdquo The pensions that report how much money you will receive ldquomonthlyrdquo at sometime in the future will need to be calculated for ldquofair market valuerdquo The ldquofair market valuerdquo is not just the monthly amount Your attorney will help you calculate the value and explain just what ldquopresent valuerdquo means to you Often these values are one of the largest assets in most marital estates

Retirementpension or profit sharing (cont)

bull Also remember you are listing your spouses retirement information Even if your spouse started work before you got married you may be entitled to list a portion of the pension as marital property Your attorney will help you determine how that is done

Loans against Pension Plans

ndash Sometimes loans are taken against the pensions or thrift plans That information should be noted in the column for Amount Owed

ndash If you donrsquot know what to put down put as much information as you do know and leave the values blank Your attorney will help you complete the rest of the information

Debts owed to youIf someone owes either you or your spouse money list it here Put in the name and address of the person and if the debt is not yet owed but will be owed in the future put in the date it will be do The amount owed will generally be put under ldquofair market valuerdquo However if the debt is uncollectible you might be

listing it as ldquofair market valuerdquo $0

Debts owed to you (cont)ndash Sometimes this will be investments where you

have sold property and someone owes you for the property and is paying it off on a monthly basis Your attorney will help you determine the value in those situations

ndash Again do you want the debt paid to you or do you want it paid to you spouse will be your decision by placing H or W in the column as to who should get the debt

Sole proprietorships joint ventures partnerships

ndash List the business name and whether it is a corporation and who else may be involved in the ownership of the business and their percent of ownership Your attorney will help you fill out the rest of that portion of the form if you are unsure what to do This is the most difficult asset to determine itrsquos ldquofair market valuerdquo In many cases the value is nothing but in other cases the value may be significant Your attorney may also discuss with you the possibility of having the business professionally appraised in some circumstances

Claims or lawsuit against others

Put in all the information called for in the first column Your attorney will assist you in valuation after discussing this item with you The value of a lawsuit is not what your asking to collect Additionally there are certain laws that impact how to figure ldquomartialrdquo values in the case of workers compensation claims or other types of claims

Claims or lawsuit against others (cont)

ndash Also be sure to note on the form if you owe any support to another person This will affect the value of the claim and should be discussed with your attorney It may be a lien on what ever proceeds you ultimately get in the suit

Cash on handndash While most people think of this as the money you

have in your billfold do not forget the change jar money in the back yard refrigerator or where ever cash money is being kept Even if you canrsquot find it right away because your spouse has taken it list it here but note who has it The coin collection could be listed here or under ldquoother assetsrdquo in ldquoMrdquo below A coin collection may be worth more than the value of the coins

Household and Personal Goods

ndash Start on the pages 6789 attached for listing your personal property You will then total and go back to page 3

Page 6

Page 3

Household and Personal Goods

ndash The property in your possession generally furniture and household items list individually You can list general items such as Pots and Pans or ldquosheets and towelsrdquo as one item and value the total If you have a particular item or items that you want to make sure you have list it out If it is not on this list you cannot be sure you will get it

Household and Personal Goods (cont)

bull Valuing personal property is sometimes a tricky business Think of ldquogarage sale valuerdquo on your furniture Even though you paid $1500 for the couch last week you would be lucky to get $150 for it in a garage sale Most folks have a tendency to over inflate the value of their furniture

Household and Personal Goods (cont)

ndash You want to list both what you have and also what your spouse has These values will go into the overall value of the property division and may help you get your fair share of value in the marital estate If you are in doubt put it down on the list

Household and Personal Goods (cont)

ndash Some folks have heard itrsquos a good idea to value the property your spouse has high and the property you have low Try not to go there The Court has seen parties that inflate values Remember the Court could give you the inflated item ndash saying in effect if you think itrsquos worth that much then you get it

Other Assets

ndash Anything else that you have if you donrsquot know where to list it put it here

ndash This is a good place to put your pets Also remember ldquoFidordquo may be worth a lot to you but he may not be worth anything to someone else

Non-Marital propertyndash Definition of Non-marital Property

bull Everything you had coming into the marriagebull Gifts you personally have received from others or even

your spousebull Money or property you have received from inheritance

You will want to discuss with your attorney what to do about money that you have deposited in joint accounts with your spouse or money you have used to purchase other items for both you and your spouse

bull Money received from someonersquos life insurancebull Items you have that have replaced property you might

consider non-marital property

Non-Marital property (cont)

ndash Non-marital property is not used to value the division of marital property so try to list everything that is non-marital both for yourself and for your spouse

DebtsPlease be as accurate as possible on the debts that you owe Fill out all information requestedndash It is very helpful to list account numbers for credit cardsndash List if you are both obligated or just one of you on the debtndash You should also discuss with your attorney what happens on

a particular debt if you or your spouse doesnrsquot pay what he or she is supposed to pay

Final Thoughtndash Now you have completed your marital property

statement Drop it off at the attorneys office If you have followed these instructions you will have very few questions asked of you If you have not completed the form fully the attorney or his staff will be in touch as to getting additional information

ndash Remember the more information you can supply at the beginning will save you money in attorneyrsquos fees later

  • Dissolution Discovery
  • Overview
  • What is Discovery
  • What happens if you do not follow the rules
  • Sanctions
  • Avoid Sanctions
  • Marital Property Statement
  • A few principles when you complete your marital property statement
  • Property is divided equitably
  • Dissipated assets
  • You need to decide who has the property and who will get the property
  • You will need to designate if the property is marital or non-marital
  • Marital vs Non-marital
  • Marital vs Non-marital (cont)
  • Property can be non-marital but then turned into marital property
  • Complete each section of the marital property statement
  • Now wersquoll start to complete the Marital Property Statement
  • Real Estate
  • The legal description
  • The Legal Description (cont)
  • Fair Market Value
  • Amount Owed
  • Equity
  • Who should have the property
  • Possession
  • Motor Vehicles
  • Vehicle Identification Number
  • Fair Market Value
  • Amount owed
  • Equity
  • Who gets it and who has it
  • Bank Accounts
  • Bank Accounts (cont)
  • Bank Accounts (cont) Names
  • Fair Market Value and Equity
  • Slide 36
  • Slide 37
  • Who gets it and who has it
  • Securities
  • WholeUniversal Life Insurance
  • Face Amount and Beneficiaries
  • WholeUniversal Life Insurance (cont)
  • Value of the Policy
  • WholeUniversal Life (cont)
  • Slide 45
  • Term Life Insurance
  • Retirementpension or profit sharing
  • Retirementpension or profit sharing (cont)
  • Retirementpension or profit sharing (cont)
  • Loans against Pension Plans
  • Debts owed to you
  • Debts owed to you (cont)
  • Sole proprietorships joint ventures partnerships
  • Claims or lawsuit against others
  • Claims or lawsuit against others (cont)
  • Cash on hand
  • Household and Personal Goods
  • Slide 58
  • Household and Personal Goods (cont)
  • Slide 60
  • Slide 61
  • Other Assets
  • Non-Marital property
  • Non-Marital property (cont)
  • Debts
  • Final Thought
Page 24: Dissolution Discovery By the Law offices of Piedimonte and Associates, P.C. Suite 101 221 W. Lexington Independence, MO 64050 (816)836-8900.

Who should have the property

bull You have to state who will get the house If you want it put down H or W as the case may be in the ldquoTordquo column If you want to sell it put down HampW and note ldquosell and splitrdquo

Possession

bull You have to state who has possession of the property If you are in the house and your spouse is living else where put down (H or W) for yourself as the case may be If you are both in the house put both ldquoHampWrdquo

Motor VehiclesYou are asked to list

ndash all automobiles boats trailers aircraft recreational vehicles and campers

ndash yearndash makendash modelndash vehicle identification numberndash leasehold interest

Vehicle Identification Number

ndash Located on the dash in the left hand side up by the windshield or on the car title Get the number correct It will be used to draft documents later to give you the vehicle so you can have the vehicle put in your name with the department of motor vehicles

Fair Market Value

you can obtain the fair market value from your banker buy a book at the bookstore like Kelly Blue Book look in the newspaper or go to used care values on the internet like wwwkbbcom

Amount owed

This is the payoff You may need to contact your bank or finance company where you pay your car payment to get the ldquopayoffrdquo figure

Equity

This is the difference between the Fair Market Value minus the Amount owed (FMV-Amount owed = Equity)

Who gets it and who has it

ndash To H Wbull who should get itbull put in H or W (husband or wife)

ndash Possrsquon H Wbull who has it

Bank Accounts

You are asked to list all your ndash Savingndash checkingndash money marketndash certificates of deposit

Bank Accounts (cont)bull You are asked to list

ndash the names on the accountndash the institution (The bank or credit union where the

account is kept)ndash the account numberndash balance in the account

Bank Accounts (cont) Namesbull If you have money in an account whether your

name is on the account or not and whether you can sign on the account you need to list the account

bull If you think your spouse has an account even if you donrsquot know all of the information list that account here with what information you do know

Fair Market Value and Equity

ndash Fair Market Value is the balance

Amount Owed

ndash Amount Owed could be any loan against the account This would be rare

Equityndash Equity is generally the balance Itrsquos the

same figure (Unless there is a loan against the account)

Who gets it and who has itndash To H W

bull who should get itbull put in H or W (husband or wife)

ndash Possrsquon H Wbull who has it

Securitiesbull List your stocks bonds and mutual funds here bull For fair market value put in the value on the

date you are completing the form and put the date next to the value As it will change this will help with when the stock or mutual fund was valued Sometimes you may not know the actual stocks but you will know the brokerage house and the account number Any information you have that would help locate or identify the account will help

WholeUniversal Life Insurancendash The name of the company that holds the policy and the policy

number are important This information is used to transfer the policy from one person to another Without the policy number you may not be able to have the policy put in your name alone if your spouse was also on the policy

ndash Having a copy of the policy is the best way to insure you are getting all of the correct information If you do not have a copy talk to your attorney about what you need to do to help complete this section of the marital property statement

Face Amount and Beneficiariesbull Put the face amount along with the other

information requested in the first column bull Beneficiaries of the policy should also be noted

in the first column It may be that your spouse is a beneficiary and that will have to be changed later

WholeUniversal Life Insurance (cont)

bull The Fair Market value is not the face Amount It is the cash valuemdashsometimes called the loan value

Value of the Policybull The Fair Market Value of whole life policies is

sometimes difficult to figure Most policies have a table in the policy itself that can be used to calculate value Your attorney can help you with this if you have a copy of the policy Otherwise you may have to write or call the company to determine the value

WholeUniversal Life (cont)bull It is equally important to determine if there is a loan

against the policy You would put the loan amount in the column for the Amount Owed and make a note to discuss that with your attorney

bull Again the difference between ldquofair market valuerdquo and ldquoloan amountrdquo is the ldquoequityrdquo

WholeUniversal Life (cont)

bull Who gets the policy Even if the insurance is on your spousersquo life you can be an owner of the policy and decide who will be the beneficiary

bull Possession of the policy is who has the physical policy

Term Life Insurancendash Most policies that are provided by your employer are term

policies That is to say you will not have the insurance once you stop working for your employer As such these policies do not have any ldquofair market valuerdquo Put in $0 for ldquofair market valuerdquo and $0 for ldquoequityrdquo Of course you still want to designate who gets the policy and who has the policies in the last 2 columns

ndash Sometimes however couples buy term insurance for a variety of reasons Again getting a copy of the policy and showing it to your attorney if you are in doubt will help you complete this section

Retirementpension or profit sharing

ndash Some pension plans will have values that you can determine from the reports that you get from the employer These accounts like 401Krsquos or thrift savings accounts will be relatively easy to determine the fair market value Simply put in the amount from the statement or report

Retirementpension or profit sharing (cont)

bull Other types of pension plans will not be as easy to determine the ldquofair market valuerdquo The pensions that report how much money you will receive ldquomonthlyrdquo at sometime in the future will need to be calculated for ldquofair market valuerdquo The ldquofair market valuerdquo is not just the monthly amount Your attorney will help you calculate the value and explain just what ldquopresent valuerdquo means to you Often these values are one of the largest assets in most marital estates

Retirementpension or profit sharing (cont)

bull Also remember you are listing your spouses retirement information Even if your spouse started work before you got married you may be entitled to list a portion of the pension as marital property Your attorney will help you determine how that is done

Loans against Pension Plans

ndash Sometimes loans are taken against the pensions or thrift plans That information should be noted in the column for Amount Owed

ndash If you donrsquot know what to put down put as much information as you do know and leave the values blank Your attorney will help you complete the rest of the information

Debts owed to youIf someone owes either you or your spouse money list it here Put in the name and address of the person and if the debt is not yet owed but will be owed in the future put in the date it will be do The amount owed will generally be put under ldquofair market valuerdquo However if the debt is uncollectible you might be

listing it as ldquofair market valuerdquo $0

Debts owed to you (cont)ndash Sometimes this will be investments where you

have sold property and someone owes you for the property and is paying it off on a monthly basis Your attorney will help you determine the value in those situations

ndash Again do you want the debt paid to you or do you want it paid to you spouse will be your decision by placing H or W in the column as to who should get the debt

Sole proprietorships joint ventures partnerships

ndash List the business name and whether it is a corporation and who else may be involved in the ownership of the business and their percent of ownership Your attorney will help you fill out the rest of that portion of the form if you are unsure what to do This is the most difficult asset to determine itrsquos ldquofair market valuerdquo In many cases the value is nothing but in other cases the value may be significant Your attorney may also discuss with you the possibility of having the business professionally appraised in some circumstances

Claims or lawsuit against others

Put in all the information called for in the first column Your attorney will assist you in valuation after discussing this item with you The value of a lawsuit is not what your asking to collect Additionally there are certain laws that impact how to figure ldquomartialrdquo values in the case of workers compensation claims or other types of claims

Claims or lawsuit against others (cont)

ndash Also be sure to note on the form if you owe any support to another person This will affect the value of the claim and should be discussed with your attorney It may be a lien on what ever proceeds you ultimately get in the suit

Cash on handndash While most people think of this as the money you

have in your billfold do not forget the change jar money in the back yard refrigerator or where ever cash money is being kept Even if you canrsquot find it right away because your spouse has taken it list it here but note who has it The coin collection could be listed here or under ldquoother assetsrdquo in ldquoMrdquo below A coin collection may be worth more than the value of the coins

Household and Personal Goods

ndash Start on the pages 6789 attached for listing your personal property You will then total and go back to page 3

Page 6

Page 3

Household and Personal Goods

ndash The property in your possession generally furniture and household items list individually You can list general items such as Pots and Pans or ldquosheets and towelsrdquo as one item and value the total If you have a particular item or items that you want to make sure you have list it out If it is not on this list you cannot be sure you will get it

Household and Personal Goods (cont)

bull Valuing personal property is sometimes a tricky business Think of ldquogarage sale valuerdquo on your furniture Even though you paid $1500 for the couch last week you would be lucky to get $150 for it in a garage sale Most folks have a tendency to over inflate the value of their furniture

Household and Personal Goods (cont)

ndash You want to list both what you have and also what your spouse has These values will go into the overall value of the property division and may help you get your fair share of value in the marital estate If you are in doubt put it down on the list

Household and Personal Goods (cont)

ndash Some folks have heard itrsquos a good idea to value the property your spouse has high and the property you have low Try not to go there The Court has seen parties that inflate values Remember the Court could give you the inflated item ndash saying in effect if you think itrsquos worth that much then you get it

Other Assets

ndash Anything else that you have if you donrsquot know where to list it put it here

ndash This is a good place to put your pets Also remember ldquoFidordquo may be worth a lot to you but he may not be worth anything to someone else

Non-Marital propertyndash Definition of Non-marital Property

bull Everything you had coming into the marriagebull Gifts you personally have received from others or even

your spousebull Money or property you have received from inheritance

You will want to discuss with your attorney what to do about money that you have deposited in joint accounts with your spouse or money you have used to purchase other items for both you and your spouse

bull Money received from someonersquos life insurancebull Items you have that have replaced property you might

consider non-marital property

Non-Marital property (cont)

ndash Non-marital property is not used to value the division of marital property so try to list everything that is non-marital both for yourself and for your spouse

DebtsPlease be as accurate as possible on the debts that you owe Fill out all information requestedndash It is very helpful to list account numbers for credit cardsndash List if you are both obligated or just one of you on the debtndash You should also discuss with your attorney what happens on

a particular debt if you or your spouse doesnrsquot pay what he or she is supposed to pay

Final Thoughtndash Now you have completed your marital property

statement Drop it off at the attorneys office If you have followed these instructions you will have very few questions asked of you If you have not completed the form fully the attorney or his staff will be in touch as to getting additional information

ndash Remember the more information you can supply at the beginning will save you money in attorneyrsquos fees later

  • Dissolution Discovery
  • Overview
  • What is Discovery
  • What happens if you do not follow the rules
  • Sanctions
  • Avoid Sanctions
  • Marital Property Statement
  • A few principles when you complete your marital property statement
  • Property is divided equitably
  • Dissipated assets
  • You need to decide who has the property and who will get the property
  • You will need to designate if the property is marital or non-marital
  • Marital vs Non-marital
  • Marital vs Non-marital (cont)
  • Property can be non-marital but then turned into marital property
  • Complete each section of the marital property statement
  • Now wersquoll start to complete the Marital Property Statement
  • Real Estate
  • The legal description
  • The Legal Description (cont)
  • Fair Market Value
  • Amount Owed
  • Equity
  • Who should have the property
  • Possession
  • Motor Vehicles
  • Vehicle Identification Number
  • Fair Market Value
  • Amount owed
  • Equity
  • Who gets it and who has it
  • Bank Accounts
  • Bank Accounts (cont)
  • Bank Accounts (cont) Names
  • Fair Market Value and Equity
  • Slide 36
  • Slide 37
  • Who gets it and who has it
  • Securities
  • WholeUniversal Life Insurance
  • Face Amount and Beneficiaries
  • WholeUniversal Life Insurance (cont)
  • Value of the Policy
  • WholeUniversal Life (cont)
  • Slide 45
  • Term Life Insurance
  • Retirementpension or profit sharing
  • Retirementpension or profit sharing (cont)
  • Retirementpension or profit sharing (cont)
  • Loans against Pension Plans
  • Debts owed to you
  • Debts owed to you (cont)
  • Sole proprietorships joint ventures partnerships
  • Claims or lawsuit against others
  • Claims or lawsuit against others (cont)
  • Cash on hand
  • Household and Personal Goods
  • Slide 58
  • Household and Personal Goods (cont)
  • Slide 60
  • Slide 61
  • Other Assets
  • Non-Marital property
  • Non-Marital property (cont)
  • Debts
  • Final Thought
Page 25: Dissolution Discovery By the Law offices of Piedimonte and Associates, P.C. Suite 101 221 W. Lexington Independence, MO 64050 (816)836-8900.

Possession

bull You have to state who has possession of the property If you are in the house and your spouse is living else where put down (H or W) for yourself as the case may be If you are both in the house put both ldquoHampWrdquo

Motor VehiclesYou are asked to list

ndash all automobiles boats trailers aircraft recreational vehicles and campers

ndash yearndash makendash modelndash vehicle identification numberndash leasehold interest

Vehicle Identification Number

ndash Located on the dash in the left hand side up by the windshield or on the car title Get the number correct It will be used to draft documents later to give you the vehicle so you can have the vehicle put in your name with the department of motor vehicles

Fair Market Value

you can obtain the fair market value from your banker buy a book at the bookstore like Kelly Blue Book look in the newspaper or go to used care values on the internet like wwwkbbcom

Amount owed

This is the payoff You may need to contact your bank or finance company where you pay your car payment to get the ldquopayoffrdquo figure

Equity

This is the difference between the Fair Market Value minus the Amount owed (FMV-Amount owed = Equity)

Who gets it and who has it

ndash To H Wbull who should get itbull put in H or W (husband or wife)

ndash Possrsquon H Wbull who has it

Bank Accounts

You are asked to list all your ndash Savingndash checkingndash money marketndash certificates of deposit

Bank Accounts (cont)bull You are asked to list

ndash the names on the accountndash the institution (The bank or credit union where the

account is kept)ndash the account numberndash balance in the account

Bank Accounts (cont) Namesbull If you have money in an account whether your

name is on the account or not and whether you can sign on the account you need to list the account

bull If you think your spouse has an account even if you donrsquot know all of the information list that account here with what information you do know

Fair Market Value and Equity

ndash Fair Market Value is the balance

Amount Owed

ndash Amount Owed could be any loan against the account This would be rare

Equityndash Equity is generally the balance Itrsquos the

same figure (Unless there is a loan against the account)

Who gets it and who has itndash To H W

bull who should get itbull put in H or W (husband or wife)

ndash Possrsquon H Wbull who has it

Securitiesbull List your stocks bonds and mutual funds here bull For fair market value put in the value on the

date you are completing the form and put the date next to the value As it will change this will help with when the stock or mutual fund was valued Sometimes you may not know the actual stocks but you will know the brokerage house and the account number Any information you have that would help locate or identify the account will help

WholeUniversal Life Insurancendash The name of the company that holds the policy and the policy

number are important This information is used to transfer the policy from one person to another Without the policy number you may not be able to have the policy put in your name alone if your spouse was also on the policy

ndash Having a copy of the policy is the best way to insure you are getting all of the correct information If you do not have a copy talk to your attorney about what you need to do to help complete this section of the marital property statement

Face Amount and Beneficiariesbull Put the face amount along with the other

information requested in the first column bull Beneficiaries of the policy should also be noted

in the first column It may be that your spouse is a beneficiary and that will have to be changed later

WholeUniversal Life Insurance (cont)

bull The Fair Market value is not the face Amount It is the cash valuemdashsometimes called the loan value

Value of the Policybull The Fair Market Value of whole life policies is

sometimes difficult to figure Most policies have a table in the policy itself that can be used to calculate value Your attorney can help you with this if you have a copy of the policy Otherwise you may have to write or call the company to determine the value

WholeUniversal Life (cont)bull It is equally important to determine if there is a loan

against the policy You would put the loan amount in the column for the Amount Owed and make a note to discuss that with your attorney

bull Again the difference between ldquofair market valuerdquo and ldquoloan amountrdquo is the ldquoequityrdquo

WholeUniversal Life (cont)

bull Who gets the policy Even if the insurance is on your spousersquo life you can be an owner of the policy and decide who will be the beneficiary

bull Possession of the policy is who has the physical policy

Term Life Insurancendash Most policies that are provided by your employer are term

policies That is to say you will not have the insurance once you stop working for your employer As such these policies do not have any ldquofair market valuerdquo Put in $0 for ldquofair market valuerdquo and $0 for ldquoequityrdquo Of course you still want to designate who gets the policy and who has the policies in the last 2 columns

ndash Sometimes however couples buy term insurance for a variety of reasons Again getting a copy of the policy and showing it to your attorney if you are in doubt will help you complete this section

Retirementpension or profit sharing

ndash Some pension plans will have values that you can determine from the reports that you get from the employer These accounts like 401Krsquos or thrift savings accounts will be relatively easy to determine the fair market value Simply put in the amount from the statement or report

Retirementpension or profit sharing (cont)

bull Other types of pension plans will not be as easy to determine the ldquofair market valuerdquo The pensions that report how much money you will receive ldquomonthlyrdquo at sometime in the future will need to be calculated for ldquofair market valuerdquo The ldquofair market valuerdquo is not just the monthly amount Your attorney will help you calculate the value and explain just what ldquopresent valuerdquo means to you Often these values are one of the largest assets in most marital estates

Retirementpension or profit sharing (cont)

bull Also remember you are listing your spouses retirement information Even if your spouse started work before you got married you may be entitled to list a portion of the pension as marital property Your attorney will help you determine how that is done

Loans against Pension Plans

ndash Sometimes loans are taken against the pensions or thrift plans That information should be noted in the column for Amount Owed

ndash If you donrsquot know what to put down put as much information as you do know and leave the values blank Your attorney will help you complete the rest of the information

Debts owed to youIf someone owes either you or your spouse money list it here Put in the name and address of the person and if the debt is not yet owed but will be owed in the future put in the date it will be do The amount owed will generally be put under ldquofair market valuerdquo However if the debt is uncollectible you might be

listing it as ldquofair market valuerdquo $0

Debts owed to you (cont)ndash Sometimes this will be investments where you

have sold property and someone owes you for the property and is paying it off on a monthly basis Your attorney will help you determine the value in those situations

ndash Again do you want the debt paid to you or do you want it paid to you spouse will be your decision by placing H or W in the column as to who should get the debt

Sole proprietorships joint ventures partnerships

ndash List the business name and whether it is a corporation and who else may be involved in the ownership of the business and their percent of ownership Your attorney will help you fill out the rest of that portion of the form if you are unsure what to do This is the most difficult asset to determine itrsquos ldquofair market valuerdquo In many cases the value is nothing but in other cases the value may be significant Your attorney may also discuss with you the possibility of having the business professionally appraised in some circumstances

Claims or lawsuit against others

Put in all the information called for in the first column Your attorney will assist you in valuation after discussing this item with you The value of a lawsuit is not what your asking to collect Additionally there are certain laws that impact how to figure ldquomartialrdquo values in the case of workers compensation claims or other types of claims

Claims or lawsuit against others (cont)

ndash Also be sure to note on the form if you owe any support to another person This will affect the value of the claim and should be discussed with your attorney It may be a lien on what ever proceeds you ultimately get in the suit

Cash on handndash While most people think of this as the money you

have in your billfold do not forget the change jar money in the back yard refrigerator or where ever cash money is being kept Even if you canrsquot find it right away because your spouse has taken it list it here but note who has it The coin collection could be listed here or under ldquoother assetsrdquo in ldquoMrdquo below A coin collection may be worth more than the value of the coins

Household and Personal Goods

ndash Start on the pages 6789 attached for listing your personal property You will then total and go back to page 3

Page 6

Page 3

Household and Personal Goods

ndash The property in your possession generally furniture and household items list individually You can list general items such as Pots and Pans or ldquosheets and towelsrdquo as one item and value the total If you have a particular item or items that you want to make sure you have list it out If it is not on this list you cannot be sure you will get it

Household and Personal Goods (cont)

bull Valuing personal property is sometimes a tricky business Think of ldquogarage sale valuerdquo on your furniture Even though you paid $1500 for the couch last week you would be lucky to get $150 for it in a garage sale Most folks have a tendency to over inflate the value of their furniture

Household and Personal Goods (cont)

ndash You want to list both what you have and also what your spouse has These values will go into the overall value of the property division and may help you get your fair share of value in the marital estate If you are in doubt put it down on the list

Household and Personal Goods (cont)

ndash Some folks have heard itrsquos a good idea to value the property your spouse has high and the property you have low Try not to go there The Court has seen parties that inflate values Remember the Court could give you the inflated item ndash saying in effect if you think itrsquos worth that much then you get it

Other Assets

ndash Anything else that you have if you donrsquot know where to list it put it here

ndash This is a good place to put your pets Also remember ldquoFidordquo may be worth a lot to you but he may not be worth anything to someone else

Non-Marital propertyndash Definition of Non-marital Property

bull Everything you had coming into the marriagebull Gifts you personally have received from others or even

your spousebull Money or property you have received from inheritance

You will want to discuss with your attorney what to do about money that you have deposited in joint accounts with your spouse or money you have used to purchase other items for both you and your spouse

bull Money received from someonersquos life insurancebull Items you have that have replaced property you might

consider non-marital property

Non-Marital property (cont)

ndash Non-marital property is not used to value the division of marital property so try to list everything that is non-marital both for yourself and for your spouse

DebtsPlease be as accurate as possible on the debts that you owe Fill out all information requestedndash It is very helpful to list account numbers for credit cardsndash List if you are both obligated or just one of you on the debtndash You should also discuss with your attorney what happens on

a particular debt if you or your spouse doesnrsquot pay what he or she is supposed to pay

Final Thoughtndash Now you have completed your marital property

statement Drop it off at the attorneys office If you have followed these instructions you will have very few questions asked of you If you have not completed the form fully the attorney or his staff will be in touch as to getting additional information

ndash Remember the more information you can supply at the beginning will save you money in attorneyrsquos fees later

  • Dissolution Discovery
  • Overview
  • What is Discovery
  • What happens if you do not follow the rules
  • Sanctions
  • Avoid Sanctions
  • Marital Property Statement
  • A few principles when you complete your marital property statement
  • Property is divided equitably
  • Dissipated assets
  • You need to decide who has the property and who will get the property
  • You will need to designate if the property is marital or non-marital
  • Marital vs Non-marital
  • Marital vs Non-marital (cont)
  • Property can be non-marital but then turned into marital property
  • Complete each section of the marital property statement
  • Now wersquoll start to complete the Marital Property Statement
  • Real Estate
  • The legal description
  • The Legal Description (cont)
  • Fair Market Value
  • Amount Owed
  • Equity
  • Who should have the property
  • Possession
  • Motor Vehicles
  • Vehicle Identification Number
  • Fair Market Value
  • Amount owed
  • Equity
  • Who gets it and who has it
  • Bank Accounts
  • Bank Accounts (cont)
  • Bank Accounts (cont) Names
  • Fair Market Value and Equity
  • Slide 36
  • Slide 37
  • Who gets it and who has it
  • Securities
  • WholeUniversal Life Insurance
  • Face Amount and Beneficiaries
  • WholeUniversal Life Insurance (cont)
  • Value of the Policy
  • WholeUniversal Life (cont)
  • Slide 45
  • Term Life Insurance
  • Retirementpension or profit sharing
  • Retirementpension or profit sharing (cont)
  • Retirementpension or profit sharing (cont)
  • Loans against Pension Plans
  • Debts owed to you
  • Debts owed to you (cont)
  • Sole proprietorships joint ventures partnerships
  • Claims or lawsuit against others
  • Claims or lawsuit against others (cont)
  • Cash on hand
  • Household and Personal Goods
  • Slide 58
  • Household and Personal Goods (cont)
  • Slide 60
  • Slide 61
  • Other Assets
  • Non-Marital property
  • Non-Marital property (cont)
  • Debts
  • Final Thought
Page 26: Dissolution Discovery By the Law offices of Piedimonte and Associates, P.C. Suite 101 221 W. Lexington Independence, MO 64050 (816)836-8900.

Motor VehiclesYou are asked to list

ndash all automobiles boats trailers aircraft recreational vehicles and campers

ndash yearndash makendash modelndash vehicle identification numberndash leasehold interest

Vehicle Identification Number

ndash Located on the dash in the left hand side up by the windshield or on the car title Get the number correct It will be used to draft documents later to give you the vehicle so you can have the vehicle put in your name with the department of motor vehicles

Fair Market Value

you can obtain the fair market value from your banker buy a book at the bookstore like Kelly Blue Book look in the newspaper or go to used care values on the internet like wwwkbbcom

Amount owed

This is the payoff You may need to contact your bank or finance company where you pay your car payment to get the ldquopayoffrdquo figure

Equity

This is the difference between the Fair Market Value minus the Amount owed (FMV-Amount owed = Equity)

Who gets it and who has it

ndash To H Wbull who should get itbull put in H or W (husband or wife)

ndash Possrsquon H Wbull who has it

Bank Accounts

You are asked to list all your ndash Savingndash checkingndash money marketndash certificates of deposit

Bank Accounts (cont)bull You are asked to list

ndash the names on the accountndash the institution (The bank or credit union where the

account is kept)ndash the account numberndash balance in the account

Bank Accounts (cont) Namesbull If you have money in an account whether your

name is on the account or not and whether you can sign on the account you need to list the account

bull If you think your spouse has an account even if you donrsquot know all of the information list that account here with what information you do know

Fair Market Value and Equity

ndash Fair Market Value is the balance

Amount Owed

ndash Amount Owed could be any loan against the account This would be rare

Equityndash Equity is generally the balance Itrsquos the

same figure (Unless there is a loan against the account)

Who gets it and who has itndash To H W

bull who should get itbull put in H or W (husband or wife)

ndash Possrsquon H Wbull who has it

Securitiesbull List your stocks bonds and mutual funds here bull For fair market value put in the value on the

date you are completing the form and put the date next to the value As it will change this will help with when the stock or mutual fund was valued Sometimes you may not know the actual stocks but you will know the brokerage house and the account number Any information you have that would help locate or identify the account will help

WholeUniversal Life Insurancendash The name of the company that holds the policy and the policy

number are important This information is used to transfer the policy from one person to another Without the policy number you may not be able to have the policy put in your name alone if your spouse was also on the policy

ndash Having a copy of the policy is the best way to insure you are getting all of the correct information If you do not have a copy talk to your attorney about what you need to do to help complete this section of the marital property statement

Face Amount and Beneficiariesbull Put the face amount along with the other

information requested in the first column bull Beneficiaries of the policy should also be noted

in the first column It may be that your spouse is a beneficiary and that will have to be changed later

WholeUniversal Life Insurance (cont)

bull The Fair Market value is not the face Amount It is the cash valuemdashsometimes called the loan value

Value of the Policybull The Fair Market Value of whole life policies is

sometimes difficult to figure Most policies have a table in the policy itself that can be used to calculate value Your attorney can help you with this if you have a copy of the policy Otherwise you may have to write or call the company to determine the value

WholeUniversal Life (cont)bull It is equally important to determine if there is a loan

against the policy You would put the loan amount in the column for the Amount Owed and make a note to discuss that with your attorney

bull Again the difference between ldquofair market valuerdquo and ldquoloan amountrdquo is the ldquoequityrdquo

WholeUniversal Life (cont)

bull Who gets the policy Even if the insurance is on your spousersquo life you can be an owner of the policy and decide who will be the beneficiary

bull Possession of the policy is who has the physical policy

Term Life Insurancendash Most policies that are provided by your employer are term

policies That is to say you will not have the insurance once you stop working for your employer As such these policies do not have any ldquofair market valuerdquo Put in $0 for ldquofair market valuerdquo and $0 for ldquoequityrdquo Of course you still want to designate who gets the policy and who has the policies in the last 2 columns

ndash Sometimes however couples buy term insurance for a variety of reasons Again getting a copy of the policy and showing it to your attorney if you are in doubt will help you complete this section

Retirementpension or profit sharing

ndash Some pension plans will have values that you can determine from the reports that you get from the employer These accounts like 401Krsquos or thrift savings accounts will be relatively easy to determine the fair market value Simply put in the amount from the statement or report

Retirementpension or profit sharing (cont)

bull Other types of pension plans will not be as easy to determine the ldquofair market valuerdquo The pensions that report how much money you will receive ldquomonthlyrdquo at sometime in the future will need to be calculated for ldquofair market valuerdquo The ldquofair market valuerdquo is not just the monthly amount Your attorney will help you calculate the value and explain just what ldquopresent valuerdquo means to you Often these values are one of the largest assets in most marital estates

Retirementpension or profit sharing (cont)

bull Also remember you are listing your spouses retirement information Even if your spouse started work before you got married you may be entitled to list a portion of the pension as marital property Your attorney will help you determine how that is done

Loans against Pension Plans

ndash Sometimes loans are taken against the pensions or thrift plans That information should be noted in the column for Amount Owed

ndash If you donrsquot know what to put down put as much information as you do know and leave the values blank Your attorney will help you complete the rest of the information

Debts owed to youIf someone owes either you or your spouse money list it here Put in the name and address of the person and if the debt is not yet owed but will be owed in the future put in the date it will be do The amount owed will generally be put under ldquofair market valuerdquo However if the debt is uncollectible you might be

listing it as ldquofair market valuerdquo $0

Debts owed to you (cont)ndash Sometimes this will be investments where you

have sold property and someone owes you for the property and is paying it off on a monthly basis Your attorney will help you determine the value in those situations

ndash Again do you want the debt paid to you or do you want it paid to you spouse will be your decision by placing H or W in the column as to who should get the debt

Sole proprietorships joint ventures partnerships

ndash List the business name and whether it is a corporation and who else may be involved in the ownership of the business and their percent of ownership Your attorney will help you fill out the rest of that portion of the form if you are unsure what to do This is the most difficult asset to determine itrsquos ldquofair market valuerdquo In many cases the value is nothing but in other cases the value may be significant Your attorney may also discuss with you the possibility of having the business professionally appraised in some circumstances

Claims or lawsuit against others

Put in all the information called for in the first column Your attorney will assist you in valuation after discussing this item with you The value of a lawsuit is not what your asking to collect Additionally there are certain laws that impact how to figure ldquomartialrdquo values in the case of workers compensation claims or other types of claims

Claims or lawsuit against others (cont)

ndash Also be sure to note on the form if you owe any support to another person This will affect the value of the claim and should be discussed with your attorney It may be a lien on what ever proceeds you ultimately get in the suit

Cash on handndash While most people think of this as the money you

have in your billfold do not forget the change jar money in the back yard refrigerator or where ever cash money is being kept Even if you canrsquot find it right away because your spouse has taken it list it here but note who has it The coin collection could be listed here or under ldquoother assetsrdquo in ldquoMrdquo below A coin collection may be worth more than the value of the coins

Household and Personal Goods

ndash Start on the pages 6789 attached for listing your personal property You will then total and go back to page 3

Page 6

Page 3

Household and Personal Goods

ndash The property in your possession generally furniture and household items list individually You can list general items such as Pots and Pans or ldquosheets and towelsrdquo as one item and value the total If you have a particular item or items that you want to make sure you have list it out If it is not on this list you cannot be sure you will get it

Household and Personal Goods (cont)

bull Valuing personal property is sometimes a tricky business Think of ldquogarage sale valuerdquo on your furniture Even though you paid $1500 for the couch last week you would be lucky to get $150 for it in a garage sale Most folks have a tendency to over inflate the value of their furniture

Household and Personal Goods (cont)

ndash You want to list both what you have and also what your spouse has These values will go into the overall value of the property division and may help you get your fair share of value in the marital estate If you are in doubt put it down on the list

Household and Personal Goods (cont)

ndash Some folks have heard itrsquos a good idea to value the property your spouse has high and the property you have low Try not to go there The Court has seen parties that inflate values Remember the Court could give you the inflated item ndash saying in effect if you think itrsquos worth that much then you get it

Other Assets

ndash Anything else that you have if you donrsquot know where to list it put it here

ndash This is a good place to put your pets Also remember ldquoFidordquo may be worth a lot to you but he may not be worth anything to someone else

Non-Marital propertyndash Definition of Non-marital Property

bull Everything you had coming into the marriagebull Gifts you personally have received from others or even

your spousebull Money or property you have received from inheritance

You will want to discuss with your attorney what to do about money that you have deposited in joint accounts with your spouse or money you have used to purchase other items for both you and your spouse

bull Money received from someonersquos life insurancebull Items you have that have replaced property you might

consider non-marital property

Non-Marital property (cont)

ndash Non-marital property is not used to value the division of marital property so try to list everything that is non-marital both for yourself and for your spouse

DebtsPlease be as accurate as possible on the debts that you owe Fill out all information requestedndash It is very helpful to list account numbers for credit cardsndash List if you are both obligated or just one of you on the debtndash You should also discuss with your attorney what happens on

a particular debt if you or your spouse doesnrsquot pay what he or she is supposed to pay

Final Thoughtndash Now you have completed your marital property

statement Drop it off at the attorneys office If you have followed these instructions you will have very few questions asked of you If you have not completed the form fully the attorney or his staff will be in touch as to getting additional information

ndash Remember the more information you can supply at the beginning will save you money in attorneyrsquos fees later

  • Dissolution Discovery
  • Overview
  • What is Discovery
  • What happens if you do not follow the rules
  • Sanctions
  • Avoid Sanctions
  • Marital Property Statement
  • A few principles when you complete your marital property statement
  • Property is divided equitably
  • Dissipated assets
  • You need to decide who has the property and who will get the property
  • You will need to designate if the property is marital or non-marital
  • Marital vs Non-marital
  • Marital vs Non-marital (cont)
  • Property can be non-marital but then turned into marital property
  • Complete each section of the marital property statement
  • Now wersquoll start to complete the Marital Property Statement
  • Real Estate
  • The legal description
  • The Legal Description (cont)
  • Fair Market Value
  • Amount Owed
  • Equity
  • Who should have the property
  • Possession
  • Motor Vehicles
  • Vehicle Identification Number
  • Fair Market Value
  • Amount owed
  • Equity
  • Who gets it and who has it
  • Bank Accounts
  • Bank Accounts (cont)
  • Bank Accounts (cont) Names
  • Fair Market Value and Equity
  • Slide 36
  • Slide 37
  • Who gets it and who has it
  • Securities
  • WholeUniversal Life Insurance
  • Face Amount and Beneficiaries
  • WholeUniversal Life Insurance (cont)
  • Value of the Policy
  • WholeUniversal Life (cont)
  • Slide 45
  • Term Life Insurance
  • Retirementpension or profit sharing
  • Retirementpension or profit sharing (cont)
  • Retirementpension or profit sharing (cont)
  • Loans against Pension Plans
  • Debts owed to you
  • Debts owed to you (cont)
  • Sole proprietorships joint ventures partnerships
  • Claims or lawsuit against others
  • Claims or lawsuit against others (cont)
  • Cash on hand
  • Household and Personal Goods
  • Slide 58
  • Household and Personal Goods (cont)
  • Slide 60
  • Slide 61
  • Other Assets
  • Non-Marital property
  • Non-Marital property (cont)
  • Debts
  • Final Thought
Page 27: Dissolution Discovery By the Law offices of Piedimonte and Associates, P.C. Suite 101 221 W. Lexington Independence, MO 64050 (816)836-8900.

Vehicle Identification Number

ndash Located on the dash in the left hand side up by the windshield or on the car title Get the number correct It will be used to draft documents later to give you the vehicle so you can have the vehicle put in your name with the department of motor vehicles

Fair Market Value

you can obtain the fair market value from your banker buy a book at the bookstore like Kelly Blue Book look in the newspaper or go to used care values on the internet like wwwkbbcom

Amount owed

This is the payoff You may need to contact your bank or finance company where you pay your car payment to get the ldquopayoffrdquo figure

Equity

This is the difference between the Fair Market Value minus the Amount owed (FMV-Amount owed = Equity)

Who gets it and who has it

ndash To H Wbull who should get itbull put in H or W (husband or wife)

ndash Possrsquon H Wbull who has it

Bank Accounts

You are asked to list all your ndash Savingndash checkingndash money marketndash certificates of deposit

Bank Accounts (cont)bull You are asked to list

ndash the names on the accountndash the institution (The bank or credit union where the

account is kept)ndash the account numberndash balance in the account

Bank Accounts (cont) Namesbull If you have money in an account whether your

name is on the account or not and whether you can sign on the account you need to list the account

bull If you think your spouse has an account even if you donrsquot know all of the information list that account here with what information you do know

Fair Market Value and Equity

ndash Fair Market Value is the balance

Amount Owed

ndash Amount Owed could be any loan against the account This would be rare

Equityndash Equity is generally the balance Itrsquos the

same figure (Unless there is a loan against the account)

Who gets it and who has itndash To H W

bull who should get itbull put in H or W (husband or wife)

ndash Possrsquon H Wbull who has it

Securitiesbull List your stocks bonds and mutual funds here bull For fair market value put in the value on the

date you are completing the form and put the date next to the value As it will change this will help with when the stock or mutual fund was valued Sometimes you may not know the actual stocks but you will know the brokerage house and the account number Any information you have that would help locate or identify the account will help

WholeUniversal Life Insurancendash The name of the company that holds the policy and the policy

number are important This information is used to transfer the policy from one person to another Without the policy number you may not be able to have the policy put in your name alone if your spouse was also on the policy

ndash Having a copy of the policy is the best way to insure you are getting all of the correct information If you do not have a copy talk to your attorney about what you need to do to help complete this section of the marital property statement

Face Amount and Beneficiariesbull Put the face amount along with the other

information requested in the first column bull Beneficiaries of the policy should also be noted

in the first column It may be that your spouse is a beneficiary and that will have to be changed later

WholeUniversal Life Insurance (cont)

bull The Fair Market value is not the face Amount It is the cash valuemdashsometimes called the loan value

Value of the Policybull The Fair Market Value of whole life policies is

sometimes difficult to figure Most policies have a table in the policy itself that can be used to calculate value Your attorney can help you with this if you have a copy of the policy Otherwise you may have to write or call the company to determine the value

WholeUniversal Life (cont)bull It is equally important to determine if there is a loan

against the policy You would put the loan amount in the column for the Amount Owed and make a note to discuss that with your attorney

bull Again the difference between ldquofair market valuerdquo and ldquoloan amountrdquo is the ldquoequityrdquo

WholeUniversal Life (cont)

bull Who gets the policy Even if the insurance is on your spousersquo life you can be an owner of the policy and decide who will be the beneficiary

bull Possession of the policy is who has the physical policy

Term Life Insurancendash Most policies that are provided by your employer are term

policies That is to say you will not have the insurance once you stop working for your employer As such these policies do not have any ldquofair market valuerdquo Put in $0 for ldquofair market valuerdquo and $0 for ldquoequityrdquo Of course you still want to designate who gets the policy and who has the policies in the last 2 columns

ndash Sometimes however couples buy term insurance for a variety of reasons Again getting a copy of the policy and showing it to your attorney if you are in doubt will help you complete this section

Retirementpension or profit sharing

ndash Some pension plans will have values that you can determine from the reports that you get from the employer These accounts like 401Krsquos or thrift savings accounts will be relatively easy to determine the fair market value Simply put in the amount from the statement or report

Retirementpension or profit sharing (cont)

bull Other types of pension plans will not be as easy to determine the ldquofair market valuerdquo The pensions that report how much money you will receive ldquomonthlyrdquo at sometime in the future will need to be calculated for ldquofair market valuerdquo The ldquofair market valuerdquo is not just the monthly amount Your attorney will help you calculate the value and explain just what ldquopresent valuerdquo means to you Often these values are one of the largest assets in most marital estates

Retirementpension or profit sharing (cont)

bull Also remember you are listing your spouses retirement information Even if your spouse started work before you got married you may be entitled to list a portion of the pension as marital property Your attorney will help you determine how that is done

Loans against Pension Plans

ndash Sometimes loans are taken against the pensions or thrift plans That information should be noted in the column for Amount Owed

ndash If you donrsquot know what to put down put as much information as you do know and leave the values blank Your attorney will help you complete the rest of the information

Debts owed to youIf someone owes either you or your spouse money list it here Put in the name and address of the person and if the debt is not yet owed but will be owed in the future put in the date it will be do The amount owed will generally be put under ldquofair market valuerdquo However if the debt is uncollectible you might be

listing it as ldquofair market valuerdquo $0

Debts owed to you (cont)ndash Sometimes this will be investments where you

have sold property and someone owes you for the property and is paying it off on a monthly basis Your attorney will help you determine the value in those situations

ndash Again do you want the debt paid to you or do you want it paid to you spouse will be your decision by placing H or W in the column as to who should get the debt

Sole proprietorships joint ventures partnerships

ndash List the business name and whether it is a corporation and who else may be involved in the ownership of the business and their percent of ownership Your attorney will help you fill out the rest of that portion of the form if you are unsure what to do This is the most difficult asset to determine itrsquos ldquofair market valuerdquo In many cases the value is nothing but in other cases the value may be significant Your attorney may also discuss with you the possibility of having the business professionally appraised in some circumstances

Claims or lawsuit against others

Put in all the information called for in the first column Your attorney will assist you in valuation after discussing this item with you The value of a lawsuit is not what your asking to collect Additionally there are certain laws that impact how to figure ldquomartialrdquo values in the case of workers compensation claims or other types of claims

Claims or lawsuit against others (cont)

ndash Also be sure to note on the form if you owe any support to another person This will affect the value of the claim and should be discussed with your attorney It may be a lien on what ever proceeds you ultimately get in the suit

Cash on handndash While most people think of this as the money you

have in your billfold do not forget the change jar money in the back yard refrigerator or where ever cash money is being kept Even if you canrsquot find it right away because your spouse has taken it list it here but note who has it The coin collection could be listed here or under ldquoother assetsrdquo in ldquoMrdquo below A coin collection may be worth more than the value of the coins

Household and Personal Goods

ndash Start on the pages 6789 attached for listing your personal property You will then total and go back to page 3

Page 6

Page 3

Household and Personal Goods

ndash The property in your possession generally furniture and household items list individually You can list general items such as Pots and Pans or ldquosheets and towelsrdquo as one item and value the total If you have a particular item or items that you want to make sure you have list it out If it is not on this list you cannot be sure you will get it

Household and Personal Goods (cont)

bull Valuing personal property is sometimes a tricky business Think of ldquogarage sale valuerdquo on your furniture Even though you paid $1500 for the couch last week you would be lucky to get $150 for it in a garage sale Most folks have a tendency to over inflate the value of their furniture

Household and Personal Goods (cont)

ndash You want to list both what you have and also what your spouse has These values will go into the overall value of the property division and may help you get your fair share of value in the marital estate If you are in doubt put it down on the list

Household and Personal Goods (cont)

ndash Some folks have heard itrsquos a good idea to value the property your spouse has high and the property you have low Try not to go there The Court has seen parties that inflate values Remember the Court could give you the inflated item ndash saying in effect if you think itrsquos worth that much then you get it

Other Assets

ndash Anything else that you have if you donrsquot know where to list it put it here

ndash This is a good place to put your pets Also remember ldquoFidordquo may be worth a lot to you but he may not be worth anything to someone else

Non-Marital propertyndash Definition of Non-marital Property

bull Everything you had coming into the marriagebull Gifts you personally have received from others or even

your spousebull Money or property you have received from inheritance

You will want to discuss with your attorney what to do about money that you have deposited in joint accounts with your spouse or money you have used to purchase other items for both you and your spouse

bull Money received from someonersquos life insurancebull Items you have that have replaced property you might

consider non-marital property

Non-Marital property (cont)

ndash Non-marital property is not used to value the division of marital property so try to list everything that is non-marital both for yourself and for your spouse

DebtsPlease be as accurate as possible on the debts that you owe Fill out all information requestedndash It is very helpful to list account numbers for credit cardsndash List if you are both obligated or just one of you on the debtndash You should also discuss with your attorney what happens on

a particular debt if you or your spouse doesnrsquot pay what he or she is supposed to pay

Final Thoughtndash Now you have completed your marital property

statement Drop it off at the attorneys office If you have followed these instructions you will have very few questions asked of you If you have not completed the form fully the attorney or his staff will be in touch as to getting additional information

ndash Remember the more information you can supply at the beginning will save you money in attorneyrsquos fees later

  • Dissolution Discovery
  • Overview
  • What is Discovery
  • What happens if you do not follow the rules
  • Sanctions
  • Avoid Sanctions
  • Marital Property Statement
  • A few principles when you complete your marital property statement
  • Property is divided equitably
  • Dissipated assets
  • You need to decide who has the property and who will get the property
  • You will need to designate if the property is marital or non-marital
  • Marital vs Non-marital
  • Marital vs Non-marital (cont)
  • Property can be non-marital but then turned into marital property
  • Complete each section of the marital property statement
  • Now wersquoll start to complete the Marital Property Statement
  • Real Estate
  • The legal description
  • The Legal Description (cont)
  • Fair Market Value
  • Amount Owed
  • Equity
  • Who should have the property
  • Possession
  • Motor Vehicles
  • Vehicle Identification Number
  • Fair Market Value
  • Amount owed
  • Equity
  • Who gets it and who has it
  • Bank Accounts
  • Bank Accounts (cont)
  • Bank Accounts (cont) Names
  • Fair Market Value and Equity
  • Slide 36
  • Slide 37
  • Who gets it and who has it
  • Securities
  • WholeUniversal Life Insurance
  • Face Amount and Beneficiaries
  • WholeUniversal Life Insurance (cont)
  • Value of the Policy
  • WholeUniversal Life (cont)
  • Slide 45
  • Term Life Insurance
  • Retirementpension or profit sharing
  • Retirementpension or profit sharing (cont)
  • Retirementpension or profit sharing (cont)
  • Loans against Pension Plans
  • Debts owed to you
  • Debts owed to you (cont)
  • Sole proprietorships joint ventures partnerships
  • Claims or lawsuit against others
  • Claims or lawsuit against others (cont)
  • Cash on hand
  • Household and Personal Goods
  • Slide 58
  • Household and Personal Goods (cont)
  • Slide 60
  • Slide 61
  • Other Assets
  • Non-Marital property
  • Non-Marital property (cont)
  • Debts
  • Final Thought
Page 28: Dissolution Discovery By the Law offices of Piedimonte and Associates, P.C. Suite 101 221 W. Lexington Independence, MO 64050 (816)836-8900.

Fair Market Value

you can obtain the fair market value from your banker buy a book at the bookstore like Kelly Blue Book look in the newspaper or go to used care values on the internet like wwwkbbcom

Amount owed

This is the payoff You may need to contact your bank or finance company where you pay your car payment to get the ldquopayoffrdquo figure

Equity

This is the difference between the Fair Market Value minus the Amount owed (FMV-Amount owed = Equity)

Who gets it and who has it

ndash To H Wbull who should get itbull put in H or W (husband or wife)

ndash Possrsquon H Wbull who has it

Bank Accounts

You are asked to list all your ndash Savingndash checkingndash money marketndash certificates of deposit

Bank Accounts (cont)bull You are asked to list

ndash the names on the accountndash the institution (The bank or credit union where the

account is kept)ndash the account numberndash balance in the account

Bank Accounts (cont) Namesbull If you have money in an account whether your

name is on the account or not and whether you can sign on the account you need to list the account

bull If you think your spouse has an account even if you donrsquot know all of the information list that account here with what information you do know

Fair Market Value and Equity

ndash Fair Market Value is the balance

Amount Owed

ndash Amount Owed could be any loan against the account This would be rare

Equityndash Equity is generally the balance Itrsquos the

same figure (Unless there is a loan against the account)

Who gets it and who has itndash To H W

bull who should get itbull put in H or W (husband or wife)

ndash Possrsquon H Wbull who has it

Securitiesbull List your stocks bonds and mutual funds here bull For fair market value put in the value on the

date you are completing the form and put the date next to the value As it will change this will help with when the stock or mutual fund was valued Sometimes you may not know the actual stocks but you will know the brokerage house and the account number Any information you have that would help locate or identify the account will help

WholeUniversal Life Insurancendash The name of the company that holds the policy and the policy

number are important This information is used to transfer the policy from one person to another Without the policy number you may not be able to have the policy put in your name alone if your spouse was also on the policy

ndash Having a copy of the policy is the best way to insure you are getting all of the correct information If you do not have a copy talk to your attorney about what you need to do to help complete this section of the marital property statement

Face Amount and Beneficiariesbull Put the face amount along with the other

information requested in the first column bull Beneficiaries of the policy should also be noted

in the first column It may be that your spouse is a beneficiary and that will have to be changed later

WholeUniversal Life Insurance (cont)

bull The Fair Market value is not the face Amount It is the cash valuemdashsometimes called the loan value

Value of the Policybull The Fair Market Value of whole life policies is

sometimes difficult to figure Most policies have a table in the policy itself that can be used to calculate value Your attorney can help you with this if you have a copy of the policy Otherwise you may have to write or call the company to determine the value

WholeUniversal Life (cont)bull It is equally important to determine if there is a loan

against the policy You would put the loan amount in the column for the Amount Owed and make a note to discuss that with your attorney

bull Again the difference between ldquofair market valuerdquo and ldquoloan amountrdquo is the ldquoequityrdquo

WholeUniversal Life (cont)

bull Who gets the policy Even if the insurance is on your spousersquo life you can be an owner of the policy and decide who will be the beneficiary

bull Possession of the policy is who has the physical policy

Term Life Insurancendash Most policies that are provided by your employer are term

policies That is to say you will not have the insurance once you stop working for your employer As such these policies do not have any ldquofair market valuerdquo Put in $0 for ldquofair market valuerdquo and $0 for ldquoequityrdquo Of course you still want to designate who gets the policy and who has the policies in the last 2 columns

ndash Sometimes however couples buy term insurance for a variety of reasons Again getting a copy of the policy and showing it to your attorney if you are in doubt will help you complete this section

Retirementpension or profit sharing

ndash Some pension plans will have values that you can determine from the reports that you get from the employer These accounts like 401Krsquos or thrift savings accounts will be relatively easy to determine the fair market value Simply put in the amount from the statement or report

Retirementpension or profit sharing (cont)

bull Other types of pension plans will not be as easy to determine the ldquofair market valuerdquo The pensions that report how much money you will receive ldquomonthlyrdquo at sometime in the future will need to be calculated for ldquofair market valuerdquo The ldquofair market valuerdquo is not just the monthly amount Your attorney will help you calculate the value and explain just what ldquopresent valuerdquo means to you Often these values are one of the largest assets in most marital estates

Retirementpension or profit sharing (cont)

bull Also remember you are listing your spouses retirement information Even if your spouse started work before you got married you may be entitled to list a portion of the pension as marital property Your attorney will help you determine how that is done

Loans against Pension Plans

ndash Sometimes loans are taken against the pensions or thrift plans That information should be noted in the column for Amount Owed

ndash If you donrsquot know what to put down put as much information as you do know and leave the values blank Your attorney will help you complete the rest of the information

Debts owed to youIf someone owes either you or your spouse money list it here Put in the name and address of the person and if the debt is not yet owed but will be owed in the future put in the date it will be do The amount owed will generally be put under ldquofair market valuerdquo However if the debt is uncollectible you might be

listing it as ldquofair market valuerdquo $0

Debts owed to you (cont)ndash Sometimes this will be investments where you

have sold property and someone owes you for the property and is paying it off on a monthly basis Your attorney will help you determine the value in those situations

ndash Again do you want the debt paid to you or do you want it paid to you spouse will be your decision by placing H or W in the column as to who should get the debt

Sole proprietorships joint ventures partnerships

ndash List the business name and whether it is a corporation and who else may be involved in the ownership of the business and their percent of ownership Your attorney will help you fill out the rest of that portion of the form if you are unsure what to do This is the most difficult asset to determine itrsquos ldquofair market valuerdquo In many cases the value is nothing but in other cases the value may be significant Your attorney may also discuss with you the possibility of having the business professionally appraised in some circumstances

Claims or lawsuit against others

Put in all the information called for in the first column Your attorney will assist you in valuation after discussing this item with you The value of a lawsuit is not what your asking to collect Additionally there are certain laws that impact how to figure ldquomartialrdquo values in the case of workers compensation claims or other types of claims

Claims or lawsuit against others (cont)

ndash Also be sure to note on the form if you owe any support to another person This will affect the value of the claim and should be discussed with your attorney It may be a lien on what ever proceeds you ultimately get in the suit

Cash on handndash While most people think of this as the money you

have in your billfold do not forget the change jar money in the back yard refrigerator or where ever cash money is being kept Even if you canrsquot find it right away because your spouse has taken it list it here but note who has it The coin collection could be listed here or under ldquoother assetsrdquo in ldquoMrdquo below A coin collection may be worth more than the value of the coins

Household and Personal Goods

ndash Start on the pages 6789 attached for listing your personal property You will then total and go back to page 3

Page 6

Page 3

Household and Personal Goods

ndash The property in your possession generally furniture and household items list individually You can list general items such as Pots and Pans or ldquosheets and towelsrdquo as one item and value the total If you have a particular item or items that you want to make sure you have list it out If it is not on this list you cannot be sure you will get it

Household and Personal Goods (cont)

bull Valuing personal property is sometimes a tricky business Think of ldquogarage sale valuerdquo on your furniture Even though you paid $1500 for the couch last week you would be lucky to get $150 for it in a garage sale Most folks have a tendency to over inflate the value of their furniture

Household and Personal Goods (cont)

ndash You want to list both what you have and also what your spouse has These values will go into the overall value of the property division and may help you get your fair share of value in the marital estate If you are in doubt put it down on the list

Household and Personal Goods (cont)

ndash Some folks have heard itrsquos a good idea to value the property your spouse has high and the property you have low Try not to go there The Court has seen parties that inflate values Remember the Court could give you the inflated item ndash saying in effect if you think itrsquos worth that much then you get it

Other Assets

ndash Anything else that you have if you donrsquot know where to list it put it here

ndash This is a good place to put your pets Also remember ldquoFidordquo may be worth a lot to you but he may not be worth anything to someone else

Non-Marital propertyndash Definition of Non-marital Property

bull Everything you had coming into the marriagebull Gifts you personally have received from others or even

your spousebull Money or property you have received from inheritance

You will want to discuss with your attorney what to do about money that you have deposited in joint accounts with your spouse or money you have used to purchase other items for both you and your spouse

bull Money received from someonersquos life insurancebull Items you have that have replaced property you might

consider non-marital property

Non-Marital property (cont)

ndash Non-marital property is not used to value the division of marital property so try to list everything that is non-marital both for yourself and for your spouse

DebtsPlease be as accurate as possible on the debts that you owe Fill out all information requestedndash It is very helpful to list account numbers for credit cardsndash List if you are both obligated or just one of you on the debtndash You should also discuss with your attorney what happens on

a particular debt if you or your spouse doesnrsquot pay what he or she is supposed to pay

Final Thoughtndash Now you have completed your marital property

statement Drop it off at the attorneys office If you have followed these instructions you will have very few questions asked of you If you have not completed the form fully the attorney or his staff will be in touch as to getting additional information

ndash Remember the more information you can supply at the beginning will save you money in attorneyrsquos fees later

  • Dissolution Discovery
  • Overview
  • What is Discovery
  • What happens if you do not follow the rules
  • Sanctions
  • Avoid Sanctions
  • Marital Property Statement
  • A few principles when you complete your marital property statement
  • Property is divided equitably
  • Dissipated assets
  • You need to decide who has the property and who will get the property
  • You will need to designate if the property is marital or non-marital
  • Marital vs Non-marital
  • Marital vs Non-marital (cont)
  • Property can be non-marital but then turned into marital property
  • Complete each section of the marital property statement
  • Now wersquoll start to complete the Marital Property Statement
  • Real Estate
  • The legal description
  • The Legal Description (cont)
  • Fair Market Value
  • Amount Owed
  • Equity
  • Who should have the property
  • Possession
  • Motor Vehicles
  • Vehicle Identification Number
  • Fair Market Value
  • Amount owed
  • Equity
  • Who gets it and who has it
  • Bank Accounts
  • Bank Accounts (cont)
  • Bank Accounts (cont) Names
  • Fair Market Value and Equity
  • Slide 36
  • Slide 37
  • Who gets it and who has it
  • Securities
  • WholeUniversal Life Insurance
  • Face Amount and Beneficiaries
  • WholeUniversal Life Insurance (cont)
  • Value of the Policy
  • WholeUniversal Life (cont)
  • Slide 45
  • Term Life Insurance
  • Retirementpension or profit sharing
  • Retirementpension or profit sharing (cont)
  • Retirementpension or profit sharing (cont)
  • Loans against Pension Plans
  • Debts owed to you
  • Debts owed to you (cont)
  • Sole proprietorships joint ventures partnerships
  • Claims or lawsuit against others
  • Claims or lawsuit against others (cont)
  • Cash on hand
  • Household and Personal Goods
  • Slide 58
  • Household and Personal Goods (cont)
  • Slide 60
  • Slide 61
  • Other Assets
  • Non-Marital property
  • Non-Marital property (cont)
  • Debts
  • Final Thought
Page 29: Dissolution Discovery By the Law offices of Piedimonte and Associates, P.C. Suite 101 221 W. Lexington Independence, MO 64050 (816)836-8900.

Amount owed

This is the payoff You may need to contact your bank or finance company where you pay your car payment to get the ldquopayoffrdquo figure

Equity

This is the difference between the Fair Market Value minus the Amount owed (FMV-Amount owed = Equity)

Who gets it and who has it

ndash To H Wbull who should get itbull put in H or W (husband or wife)

ndash Possrsquon H Wbull who has it

Bank Accounts

You are asked to list all your ndash Savingndash checkingndash money marketndash certificates of deposit

Bank Accounts (cont)bull You are asked to list

ndash the names on the accountndash the institution (The bank or credit union where the

account is kept)ndash the account numberndash balance in the account

Bank Accounts (cont) Namesbull If you have money in an account whether your

name is on the account or not and whether you can sign on the account you need to list the account

bull If you think your spouse has an account even if you donrsquot know all of the information list that account here with what information you do know

Fair Market Value and Equity

ndash Fair Market Value is the balance

Amount Owed

ndash Amount Owed could be any loan against the account This would be rare

Equityndash Equity is generally the balance Itrsquos the

same figure (Unless there is a loan against the account)

Who gets it and who has itndash To H W

bull who should get itbull put in H or W (husband or wife)

ndash Possrsquon H Wbull who has it

Securitiesbull List your stocks bonds and mutual funds here bull For fair market value put in the value on the

date you are completing the form and put the date next to the value As it will change this will help with when the stock or mutual fund was valued Sometimes you may not know the actual stocks but you will know the brokerage house and the account number Any information you have that would help locate or identify the account will help

WholeUniversal Life Insurancendash The name of the company that holds the policy and the policy

number are important This information is used to transfer the policy from one person to another Without the policy number you may not be able to have the policy put in your name alone if your spouse was also on the policy

ndash Having a copy of the policy is the best way to insure you are getting all of the correct information If you do not have a copy talk to your attorney about what you need to do to help complete this section of the marital property statement

Face Amount and Beneficiariesbull Put the face amount along with the other

information requested in the first column bull Beneficiaries of the policy should also be noted

in the first column It may be that your spouse is a beneficiary and that will have to be changed later

WholeUniversal Life Insurance (cont)

bull The Fair Market value is not the face Amount It is the cash valuemdashsometimes called the loan value

Value of the Policybull The Fair Market Value of whole life policies is

sometimes difficult to figure Most policies have a table in the policy itself that can be used to calculate value Your attorney can help you with this if you have a copy of the policy Otherwise you may have to write or call the company to determine the value

WholeUniversal Life (cont)bull It is equally important to determine if there is a loan

against the policy You would put the loan amount in the column for the Amount Owed and make a note to discuss that with your attorney

bull Again the difference between ldquofair market valuerdquo and ldquoloan amountrdquo is the ldquoequityrdquo

WholeUniversal Life (cont)

bull Who gets the policy Even if the insurance is on your spousersquo life you can be an owner of the policy and decide who will be the beneficiary

bull Possession of the policy is who has the physical policy

Term Life Insurancendash Most policies that are provided by your employer are term

policies That is to say you will not have the insurance once you stop working for your employer As such these policies do not have any ldquofair market valuerdquo Put in $0 for ldquofair market valuerdquo and $0 for ldquoequityrdquo Of course you still want to designate who gets the policy and who has the policies in the last 2 columns

ndash Sometimes however couples buy term insurance for a variety of reasons Again getting a copy of the policy and showing it to your attorney if you are in doubt will help you complete this section

Retirementpension or profit sharing

ndash Some pension plans will have values that you can determine from the reports that you get from the employer These accounts like 401Krsquos or thrift savings accounts will be relatively easy to determine the fair market value Simply put in the amount from the statement or report

Retirementpension or profit sharing (cont)

bull Other types of pension plans will not be as easy to determine the ldquofair market valuerdquo The pensions that report how much money you will receive ldquomonthlyrdquo at sometime in the future will need to be calculated for ldquofair market valuerdquo The ldquofair market valuerdquo is not just the monthly amount Your attorney will help you calculate the value and explain just what ldquopresent valuerdquo means to you Often these values are one of the largest assets in most marital estates

Retirementpension or profit sharing (cont)

bull Also remember you are listing your spouses retirement information Even if your spouse started work before you got married you may be entitled to list a portion of the pension as marital property Your attorney will help you determine how that is done

Loans against Pension Plans

ndash Sometimes loans are taken against the pensions or thrift plans That information should be noted in the column for Amount Owed

ndash If you donrsquot know what to put down put as much information as you do know and leave the values blank Your attorney will help you complete the rest of the information

Debts owed to youIf someone owes either you or your spouse money list it here Put in the name and address of the person and if the debt is not yet owed but will be owed in the future put in the date it will be do The amount owed will generally be put under ldquofair market valuerdquo However if the debt is uncollectible you might be

listing it as ldquofair market valuerdquo $0

Debts owed to you (cont)ndash Sometimes this will be investments where you

have sold property and someone owes you for the property and is paying it off on a monthly basis Your attorney will help you determine the value in those situations

ndash Again do you want the debt paid to you or do you want it paid to you spouse will be your decision by placing H or W in the column as to who should get the debt

Sole proprietorships joint ventures partnerships

ndash List the business name and whether it is a corporation and who else may be involved in the ownership of the business and their percent of ownership Your attorney will help you fill out the rest of that portion of the form if you are unsure what to do This is the most difficult asset to determine itrsquos ldquofair market valuerdquo In many cases the value is nothing but in other cases the value may be significant Your attorney may also discuss with you the possibility of having the business professionally appraised in some circumstances

Claims or lawsuit against others

Put in all the information called for in the first column Your attorney will assist you in valuation after discussing this item with you The value of a lawsuit is not what your asking to collect Additionally there are certain laws that impact how to figure ldquomartialrdquo values in the case of workers compensation claims or other types of claims

Claims or lawsuit against others (cont)

ndash Also be sure to note on the form if you owe any support to another person This will affect the value of the claim and should be discussed with your attorney It may be a lien on what ever proceeds you ultimately get in the suit

Cash on handndash While most people think of this as the money you

have in your billfold do not forget the change jar money in the back yard refrigerator or where ever cash money is being kept Even if you canrsquot find it right away because your spouse has taken it list it here but note who has it The coin collection could be listed here or under ldquoother assetsrdquo in ldquoMrdquo below A coin collection may be worth more than the value of the coins

Household and Personal Goods

ndash Start on the pages 6789 attached for listing your personal property You will then total and go back to page 3

Page 6

Page 3

Household and Personal Goods

ndash The property in your possession generally furniture and household items list individually You can list general items such as Pots and Pans or ldquosheets and towelsrdquo as one item and value the total If you have a particular item or items that you want to make sure you have list it out If it is not on this list you cannot be sure you will get it

Household and Personal Goods (cont)

bull Valuing personal property is sometimes a tricky business Think of ldquogarage sale valuerdquo on your furniture Even though you paid $1500 for the couch last week you would be lucky to get $150 for it in a garage sale Most folks have a tendency to over inflate the value of their furniture

Household and Personal Goods (cont)

ndash You want to list both what you have and also what your spouse has These values will go into the overall value of the property division and may help you get your fair share of value in the marital estate If you are in doubt put it down on the list

Household and Personal Goods (cont)

ndash Some folks have heard itrsquos a good idea to value the property your spouse has high and the property you have low Try not to go there The Court has seen parties that inflate values Remember the Court could give you the inflated item ndash saying in effect if you think itrsquos worth that much then you get it

Other Assets

ndash Anything else that you have if you donrsquot know where to list it put it here

ndash This is a good place to put your pets Also remember ldquoFidordquo may be worth a lot to you but he may not be worth anything to someone else

Non-Marital propertyndash Definition of Non-marital Property

bull Everything you had coming into the marriagebull Gifts you personally have received from others or even

your spousebull Money or property you have received from inheritance

You will want to discuss with your attorney what to do about money that you have deposited in joint accounts with your spouse or money you have used to purchase other items for both you and your spouse

bull Money received from someonersquos life insurancebull Items you have that have replaced property you might

consider non-marital property

Non-Marital property (cont)

ndash Non-marital property is not used to value the division of marital property so try to list everything that is non-marital both for yourself and for your spouse

DebtsPlease be as accurate as possible on the debts that you owe Fill out all information requestedndash It is very helpful to list account numbers for credit cardsndash List if you are both obligated or just one of you on the debtndash You should also discuss with your attorney what happens on

a particular debt if you or your spouse doesnrsquot pay what he or she is supposed to pay

Final Thoughtndash Now you have completed your marital property

statement Drop it off at the attorneys office If you have followed these instructions you will have very few questions asked of you If you have not completed the form fully the attorney or his staff will be in touch as to getting additional information

ndash Remember the more information you can supply at the beginning will save you money in attorneyrsquos fees later

  • Dissolution Discovery
  • Overview
  • What is Discovery
  • What happens if you do not follow the rules
  • Sanctions
  • Avoid Sanctions
  • Marital Property Statement
  • A few principles when you complete your marital property statement
  • Property is divided equitably
  • Dissipated assets
  • You need to decide who has the property and who will get the property
  • You will need to designate if the property is marital or non-marital
  • Marital vs Non-marital
  • Marital vs Non-marital (cont)
  • Property can be non-marital but then turned into marital property
  • Complete each section of the marital property statement
  • Now wersquoll start to complete the Marital Property Statement
  • Real Estate
  • The legal description
  • The Legal Description (cont)
  • Fair Market Value
  • Amount Owed
  • Equity
  • Who should have the property
  • Possession
  • Motor Vehicles
  • Vehicle Identification Number
  • Fair Market Value
  • Amount owed
  • Equity
  • Who gets it and who has it
  • Bank Accounts
  • Bank Accounts (cont)
  • Bank Accounts (cont) Names
  • Fair Market Value and Equity
  • Slide 36
  • Slide 37
  • Who gets it and who has it
  • Securities
  • WholeUniversal Life Insurance
  • Face Amount and Beneficiaries
  • WholeUniversal Life Insurance (cont)
  • Value of the Policy
  • WholeUniversal Life (cont)
  • Slide 45
  • Term Life Insurance
  • Retirementpension or profit sharing
  • Retirementpension or profit sharing (cont)
  • Retirementpension or profit sharing (cont)
  • Loans against Pension Plans
  • Debts owed to you
  • Debts owed to you (cont)
  • Sole proprietorships joint ventures partnerships
  • Claims or lawsuit against others
  • Claims or lawsuit against others (cont)
  • Cash on hand
  • Household and Personal Goods
  • Slide 58
  • Household and Personal Goods (cont)
  • Slide 60
  • Slide 61
  • Other Assets
  • Non-Marital property
  • Non-Marital property (cont)
  • Debts
  • Final Thought
Page 30: Dissolution Discovery By the Law offices of Piedimonte and Associates, P.C. Suite 101 221 W. Lexington Independence, MO 64050 (816)836-8900.

Equity

This is the difference between the Fair Market Value minus the Amount owed (FMV-Amount owed = Equity)

Who gets it and who has it

ndash To H Wbull who should get itbull put in H or W (husband or wife)

ndash Possrsquon H Wbull who has it

Bank Accounts

You are asked to list all your ndash Savingndash checkingndash money marketndash certificates of deposit

Bank Accounts (cont)bull You are asked to list

ndash the names on the accountndash the institution (The bank or credit union where the

account is kept)ndash the account numberndash balance in the account

Bank Accounts (cont) Namesbull If you have money in an account whether your

name is on the account or not and whether you can sign on the account you need to list the account

bull If you think your spouse has an account even if you donrsquot know all of the information list that account here with what information you do know

Fair Market Value and Equity

ndash Fair Market Value is the balance

Amount Owed

ndash Amount Owed could be any loan against the account This would be rare

Equityndash Equity is generally the balance Itrsquos the

same figure (Unless there is a loan against the account)

Who gets it and who has itndash To H W

bull who should get itbull put in H or W (husband or wife)

ndash Possrsquon H Wbull who has it

Securitiesbull List your stocks bonds and mutual funds here bull For fair market value put in the value on the

date you are completing the form and put the date next to the value As it will change this will help with when the stock or mutual fund was valued Sometimes you may not know the actual stocks but you will know the brokerage house and the account number Any information you have that would help locate or identify the account will help

WholeUniversal Life Insurancendash The name of the company that holds the policy and the policy

number are important This information is used to transfer the policy from one person to another Without the policy number you may not be able to have the policy put in your name alone if your spouse was also on the policy

ndash Having a copy of the policy is the best way to insure you are getting all of the correct information If you do not have a copy talk to your attorney about what you need to do to help complete this section of the marital property statement

Face Amount and Beneficiariesbull Put the face amount along with the other

information requested in the first column bull Beneficiaries of the policy should also be noted

in the first column It may be that your spouse is a beneficiary and that will have to be changed later

WholeUniversal Life Insurance (cont)

bull The Fair Market value is not the face Amount It is the cash valuemdashsometimes called the loan value

Value of the Policybull The Fair Market Value of whole life policies is

sometimes difficult to figure Most policies have a table in the policy itself that can be used to calculate value Your attorney can help you with this if you have a copy of the policy Otherwise you may have to write or call the company to determine the value

WholeUniversal Life (cont)bull It is equally important to determine if there is a loan

against the policy You would put the loan amount in the column for the Amount Owed and make a note to discuss that with your attorney

bull Again the difference between ldquofair market valuerdquo and ldquoloan amountrdquo is the ldquoequityrdquo

WholeUniversal Life (cont)

bull Who gets the policy Even if the insurance is on your spousersquo life you can be an owner of the policy and decide who will be the beneficiary

bull Possession of the policy is who has the physical policy

Term Life Insurancendash Most policies that are provided by your employer are term

policies That is to say you will not have the insurance once you stop working for your employer As such these policies do not have any ldquofair market valuerdquo Put in $0 for ldquofair market valuerdquo and $0 for ldquoequityrdquo Of course you still want to designate who gets the policy and who has the policies in the last 2 columns

ndash Sometimes however couples buy term insurance for a variety of reasons Again getting a copy of the policy and showing it to your attorney if you are in doubt will help you complete this section

Retirementpension or profit sharing

ndash Some pension plans will have values that you can determine from the reports that you get from the employer These accounts like 401Krsquos or thrift savings accounts will be relatively easy to determine the fair market value Simply put in the amount from the statement or report

Retirementpension or profit sharing (cont)

bull Other types of pension plans will not be as easy to determine the ldquofair market valuerdquo The pensions that report how much money you will receive ldquomonthlyrdquo at sometime in the future will need to be calculated for ldquofair market valuerdquo The ldquofair market valuerdquo is not just the monthly amount Your attorney will help you calculate the value and explain just what ldquopresent valuerdquo means to you Often these values are one of the largest assets in most marital estates

Retirementpension or profit sharing (cont)

bull Also remember you are listing your spouses retirement information Even if your spouse started work before you got married you may be entitled to list a portion of the pension as marital property Your attorney will help you determine how that is done

Loans against Pension Plans

ndash Sometimes loans are taken against the pensions or thrift plans That information should be noted in the column for Amount Owed

ndash If you donrsquot know what to put down put as much information as you do know and leave the values blank Your attorney will help you complete the rest of the information

Debts owed to youIf someone owes either you or your spouse money list it here Put in the name and address of the person and if the debt is not yet owed but will be owed in the future put in the date it will be do The amount owed will generally be put under ldquofair market valuerdquo However if the debt is uncollectible you might be

listing it as ldquofair market valuerdquo $0

Debts owed to you (cont)ndash Sometimes this will be investments where you

have sold property and someone owes you for the property and is paying it off on a monthly basis Your attorney will help you determine the value in those situations

ndash Again do you want the debt paid to you or do you want it paid to you spouse will be your decision by placing H or W in the column as to who should get the debt

Sole proprietorships joint ventures partnerships

ndash List the business name and whether it is a corporation and who else may be involved in the ownership of the business and their percent of ownership Your attorney will help you fill out the rest of that portion of the form if you are unsure what to do This is the most difficult asset to determine itrsquos ldquofair market valuerdquo In many cases the value is nothing but in other cases the value may be significant Your attorney may also discuss with you the possibility of having the business professionally appraised in some circumstances

Claims or lawsuit against others

Put in all the information called for in the first column Your attorney will assist you in valuation after discussing this item with you The value of a lawsuit is not what your asking to collect Additionally there are certain laws that impact how to figure ldquomartialrdquo values in the case of workers compensation claims or other types of claims

Claims or lawsuit against others (cont)

ndash Also be sure to note on the form if you owe any support to another person This will affect the value of the claim and should be discussed with your attorney It may be a lien on what ever proceeds you ultimately get in the suit

Cash on handndash While most people think of this as the money you

have in your billfold do not forget the change jar money in the back yard refrigerator or where ever cash money is being kept Even if you canrsquot find it right away because your spouse has taken it list it here but note who has it The coin collection could be listed here or under ldquoother assetsrdquo in ldquoMrdquo below A coin collection may be worth more than the value of the coins

Household and Personal Goods

ndash Start on the pages 6789 attached for listing your personal property You will then total and go back to page 3

Page 6

Page 3

Household and Personal Goods

ndash The property in your possession generally furniture and household items list individually You can list general items such as Pots and Pans or ldquosheets and towelsrdquo as one item and value the total If you have a particular item or items that you want to make sure you have list it out If it is not on this list you cannot be sure you will get it

Household and Personal Goods (cont)

bull Valuing personal property is sometimes a tricky business Think of ldquogarage sale valuerdquo on your furniture Even though you paid $1500 for the couch last week you would be lucky to get $150 for it in a garage sale Most folks have a tendency to over inflate the value of their furniture

Household and Personal Goods (cont)

ndash You want to list both what you have and also what your spouse has These values will go into the overall value of the property division and may help you get your fair share of value in the marital estate If you are in doubt put it down on the list

Household and Personal Goods (cont)

ndash Some folks have heard itrsquos a good idea to value the property your spouse has high and the property you have low Try not to go there The Court has seen parties that inflate values Remember the Court could give you the inflated item ndash saying in effect if you think itrsquos worth that much then you get it

Other Assets

ndash Anything else that you have if you donrsquot know where to list it put it here

ndash This is a good place to put your pets Also remember ldquoFidordquo may be worth a lot to you but he may not be worth anything to someone else

Non-Marital propertyndash Definition of Non-marital Property

bull Everything you had coming into the marriagebull Gifts you personally have received from others or even

your spousebull Money or property you have received from inheritance

You will want to discuss with your attorney what to do about money that you have deposited in joint accounts with your spouse or money you have used to purchase other items for both you and your spouse

bull Money received from someonersquos life insurancebull Items you have that have replaced property you might

consider non-marital property

Non-Marital property (cont)

ndash Non-marital property is not used to value the division of marital property so try to list everything that is non-marital both for yourself and for your spouse

DebtsPlease be as accurate as possible on the debts that you owe Fill out all information requestedndash It is very helpful to list account numbers for credit cardsndash List if you are both obligated or just one of you on the debtndash You should also discuss with your attorney what happens on

a particular debt if you or your spouse doesnrsquot pay what he or she is supposed to pay

Final Thoughtndash Now you have completed your marital property

statement Drop it off at the attorneys office If you have followed these instructions you will have very few questions asked of you If you have not completed the form fully the attorney or his staff will be in touch as to getting additional information

ndash Remember the more information you can supply at the beginning will save you money in attorneyrsquos fees later

  • Dissolution Discovery
  • Overview
  • What is Discovery
  • What happens if you do not follow the rules
  • Sanctions
  • Avoid Sanctions
  • Marital Property Statement
  • A few principles when you complete your marital property statement
  • Property is divided equitably
  • Dissipated assets
  • You need to decide who has the property and who will get the property
  • You will need to designate if the property is marital or non-marital
  • Marital vs Non-marital
  • Marital vs Non-marital (cont)
  • Property can be non-marital but then turned into marital property
  • Complete each section of the marital property statement
  • Now wersquoll start to complete the Marital Property Statement
  • Real Estate
  • The legal description
  • The Legal Description (cont)
  • Fair Market Value
  • Amount Owed
  • Equity
  • Who should have the property
  • Possession
  • Motor Vehicles
  • Vehicle Identification Number
  • Fair Market Value
  • Amount owed
  • Equity
  • Who gets it and who has it
  • Bank Accounts
  • Bank Accounts (cont)
  • Bank Accounts (cont) Names
  • Fair Market Value and Equity
  • Slide 36
  • Slide 37
  • Who gets it and who has it
  • Securities
  • WholeUniversal Life Insurance
  • Face Amount and Beneficiaries
  • WholeUniversal Life Insurance (cont)
  • Value of the Policy
  • WholeUniversal Life (cont)
  • Slide 45
  • Term Life Insurance
  • Retirementpension or profit sharing
  • Retirementpension or profit sharing (cont)
  • Retirementpension or profit sharing (cont)
  • Loans against Pension Plans
  • Debts owed to you
  • Debts owed to you (cont)
  • Sole proprietorships joint ventures partnerships
  • Claims or lawsuit against others
  • Claims or lawsuit against others (cont)
  • Cash on hand
  • Household and Personal Goods
  • Slide 58
  • Household and Personal Goods (cont)
  • Slide 60
  • Slide 61
  • Other Assets
  • Non-Marital property
  • Non-Marital property (cont)
  • Debts
  • Final Thought
Page 31: Dissolution Discovery By the Law offices of Piedimonte and Associates, P.C. Suite 101 221 W. Lexington Independence, MO 64050 (816)836-8900.

Who gets it and who has it

ndash To H Wbull who should get itbull put in H or W (husband or wife)

ndash Possrsquon H Wbull who has it

Bank Accounts

You are asked to list all your ndash Savingndash checkingndash money marketndash certificates of deposit

Bank Accounts (cont)bull You are asked to list

ndash the names on the accountndash the institution (The bank or credit union where the

account is kept)ndash the account numberndash balance in the account

Bank Accounts (cont) Namesbull If you have money in an account whether your

name is on the account or not and whether you can sign on the account you need to list the account

bull If you think your spouse has an account even if you donrsquot know all of the information list that account here with what information you do know

Fair Market Value and Equity

ndash Fair Market Value is the balance

Amount Owed

ndash Amount Owed could be any loan against the account This would be rare

Equityndash Equity is generally the balance Itrsquos the

same figure (Unless there is a loan against the account)

Who gets it and who has itndash To H W

bull who should get itbull put in H or W (husband or wife)

ndash Possrsquon H Wbull who has it

Securitiesbull List your stocks bonds and mutual funds here bull For fair market value put in the value on the

date you are completing the form and put the date next to the value As it will change this will help with when the stock or mutual fund was valued Sometimes you may not know the actual stocks but you will know the brokerage house and the account number Any information you have that would help locate or identify the account will help

WholeUniversal Life Insurancendash The name of the company that holds the policy and the policy

number are important This information is used to transfer the policy from one person to another Without the policy number you may not be able to have the policy put in your name alone if your spouse was also on the policy

ndash Having a copy of the policy is the best way to insure you are getting all of the correct information If you do not have a copy talk to your attorney about what you need to do to help complete this section of the marital property statement

Face Amount and Beneficiariesbull Put the face amount along with the other

information requested in the first column bull Beneficiaries of the policy should also be noted

in the first column It may be that your spouse is a beneficiary and that will have to be changed later

WholeUniversal Life Insurance (cont)

bull The Fair Market value is not the face Amount It is the cash valuemdashsometimes called the loan value

Value of the Policybull The Fair Market Value of whole life policies is

sometimes difficult to figure Most policies have a table in the policy itself that can be used to calculate value Your attorney can help you with this if you have a copy of the policy Otherwise you may have to write or call the company to determine the value

WholeUniversal Life (cont)bull It is equally important to determine if there is a loan

against the policy You would put the loan amount in the column for the Amount Owed and make a note to discuss that with your attorney

bull Again the difference between ldquofair market valuerdquo and ldquoloan amountrdquo is the ldquoequityrdquo

WholeUniversal Life (cont)

bull Who gets the policy Even if the insurance is on your spousersquo life you can be an owner of the policy and decide who will be the beneficiary

bull Possession of the policy is who has the physical policy

Term Life Insurancendash Most policies that are provided by your employer are term

policies That is to say you will not have the insurance once you stop working for your employer As such these policies do not have any ldquofair market valuerdquo Put in $0 for ldquofair market valuerdquo and $0 for ldquoequityrdquo Of course you still want to designate who gets the policy and who has the policies in the last 2 columns

ndash Sometimes however couples buy term insurance for a variety of reasons Again getting a copy of the policy and showing it to your attorney if you are in doubt will help you complete this section

Retirementpension or profit sharing

ndash Some pension plans will have values that you can determine from the reports that you get from the employer These accounts like 401Krsquos or thrift savings accounts will be relatively easy to determine the fair market value Simply put in the amount from the statement or report

Retirementpension or profit sharing (cont)

bull Other types of pension plans will not be as easy to determine the ldquofair market valuerdquo The pensions that report how much money you will receive ldquomonthlyrdquo at sometime in the future will need to be calculated for ldquofair market valuerdquo The ldquofair market valuerdquo is not just the monthly amount Your attorney will help you calculate the value and explain just what ldquopresent valuerdquo means to you Often these values are one of the largest assets in most marital estates

Retirementpension or profit sharing (cont)

bull Also remember you are listing your spouses retirement information Even if your spouse started work before you got married you may be entitled to list a portion of the pension as marital property Your attorney will help you determine how that is done

Loans against Pension Plans

ndash Sometimes loans are taken against the pensions or thrift plans That information should be noted in the column for Amount Owed

ndash If you donrsquot know what to put down put as much information as you do know and leave the values blank Your attorney will help you complete the rest of the information

Debts owed to youIf someone owes either you or your spouse money list it here Put in the name and address of the person and if the debt is not yet owed but will be owed in the future put in the date it will be do The amount owed will generally be put under ldquofair market valuerdquo However if the debt is uncollectible you might be

listing it as ldquofair market valuerdquo $0

Debts owed to you (cont)ndash Sometimes this will be investments where you

have sold property and someone owes you for the property and is paying it off on a monthly basis Your attorney will help you determine the value in those situations

ndash Again do you want the debt paid to you or do you want it paid to you spouse will be your decision by placing H or W in the column as to who should get the debt

Sole proprietorships joint ventures partnerships

ndash List the business name and whether it is a corporation and who else may be involved in the ownership of the business and their percent of ownership Your attorney will help you fill out the rest of that portion of the form if you are unsure what to do This is the most difficult asset to determine itrsquos ldquofair market valuerdquo In many cases the value is nothing but in other cases the value may be significant Your attorney may also discuss with you the possibility of having the business professionally appraised in some circumstances

Claims or lawsuit against others

Put in all the information called for in the first column Your attorney will assist you in valuation after discussing this item with you The value of a lawsuit is not what your asking to collect Additionally there are certain laws that impact how to figure ldquomartialrdquo values in the case of workers compensation claims or other types of claims

Claims or lawsuit against others (cont)

ndash Also be sure to note on the form if you owe any support to another person This will affect the value of the claim and should be discussed with your attorney It may be a lien on what ever proceeds you ultimately get in the suit

Cash on handndash While most people think of this as the money you

have in your billfold do not forget the change jar money in the back yard refrigerator or where ever cash money is being kept Even if you canrsquot find it right away because your spouse has taken it list it here but note who has it The coin collection could be listed here or under ldquoother assetsrdquo in ldquoMrdquo below A coin collection may be worth more than the value of the coins

Household and Personal Goods

ndash Start on the pages 6789 attached for listing your personal property You will then total and go back to page 3

Page 6

Page 3

Household and Personal Goods

ndash The property in your possession generally furniture and household items list individually You can list general items such as Pots and Pans or ldquosheets and towelsrdquo as one item and value the total If you have a particular item or items that you want to make sure you have list it out If it is not on this list you cannot be sure you will get it

Household and Personal Goods (cont)

bull Valuing personal property is sometimes a tricky business Think of ldquogarage sale valuerdquo on your furniture Even though you paid $1500 for the couch last week you would be lucky to get $150 for it in a garage sale Most folks have a tendency to over inflate the value of their furniture

Household and Personal Goods (cont)

ndash You want to list both what you have and also what your spouse has These values will go into the overall value of the property division and may help you get your fair share of value in the marital estate If you are in doubt put it down on the list

Household and Personal Goods (cont)

ndash Some folks have heard itrsquos a good idea to value the property your spouse has high and the property you have low Try not to go there The Court has seen parties that inflate values Remember the Court could give you the inflated item ndash saying in effect if you think itrsquos worth that much then you get it

Other Assets

ndash Anything else that you have if you donrsquot know where to list it put it here

ndash This is a good place to put your pets Also remember ldquoFidordquo may be worth a lot to you but he may not be worth anything to someone else

Non-Marital propertyndash Definition of Non-marital Property

bull Everything you had coming into the marriagebull Gifts you personally have received from others or even

your spousebull Money or property you have received from inheritance

You will want to discuss with your attorney what to do about money that you have deposited in joint accounts with your spouse or money you have used to purchase other items for both you and your spouse

bull Money received from someonersquos life insurancebull Items you have that have replaced property you might

consider non-marital property

Non-Marital property (cont)

ndash Non-marital property is not used to value the division of marital property so try to list everything that is non-marital both for yourself and for your spouse

DebtsPlease be as accurate as possible on the debts that you owe Fill out all information requestedndash It is very helpful to list account numbers for credit cardsndash List if you are both obligated or just one of you on the debtndash You should also discuss with your attorney what happens on

a particular debt if you or your spouse doesnrsquot pay what he or she is supposed to pay

Final Thoughtndash Now you have completed your marital property

statement Drop it off at the attorneys office If you have followed these instructions you will have very few questions asked of you If you have not completed the form fully the attorney or his staff will be in touch as to getting additional information

ndash Remember the more information you can supply at the beginning will save you money in attorneyrsquos fees later

  • Dissolution Discovery
  • Overview
  • What is Discovery
  • What happens if you do not follow the rules
  • Sanctions
  • Avoid Sanctions
  • Marital Property Statement
  • A few principles when you complete your marital property statement
  • Property is divided equitably
  • Dissipated assets
  • You need to decide who has the property and who will get the property
  • You will need to designate if the property is marital or non-marital
  • Marital vs Non-marital
  • Marital vs Non-marital (cont)
  • Property can be non-marital but then turned into marital property
  • Complete each section of the marital property statement
  • Now wersquoll start to complete the Marital Property Statement
  • Real Estate
  • The legal description
  • The Legal Description (cont)
  • Fair Market Value
  • Amount Owed
  • Equity
  • Who should have the property
  • Possession
  • Motor Vehicles
  • Vehicle Identification Number
  • Fair Market Value
  • Amount owed
  • Equity
  • Who gets it and who has it
  • Bank Accounts
  • Bank Accounts (cont)
  • Bank Accounts (cont) Names
  • Fair Market Value and Equity
  • Slide 36
  • Slide 37
  • Who gets it and who has it
  • Securities
  • WholeUniversal Life Insurance
  • Face Amount and Beneficiaries
  • WholeUniversal Life Insurance (cont)
  • Value of the Policy
  • WholeUniversal Life (cont)
  • Slide 45
  • Term Life Insurance
  • Retirementpension or profit sharing
  • Retirementpension or profit sharing (cont)
  • Retirementpension or profit sharing (cont)
  • Loans against Pension Plans
  • Debts owed to you
  • Debts owed to you (cont)
  • Sole proprietorships joint ventures partnerships
  • Claims or lawsuit against others
  • Claims or lawsuit against others (cont)
  • Cash on hand
  • Household and Personal Goods
  • Slide 58
  • Household and Personal Goods (cont)
  • Slide 60
  • Slide 61
  • Other Assets
  • Non-Marital property
  • Non-Marital property (cont)
  • Debts
  • Final Thought
Page 32: Dissolution Discovery By the Law offices of Piedimonte and Associates, P.C. Suite 101 221 W. Lexington Independence, MO 64050 (816)836-8900.

Bank Accounts

You are asked to list all your ndash Savingndash checkingndash money marketndash certificates of deposit

Bank Accounts (cont)bull You are asked to list

ndash the names on the accountndash the institution (The bank or credit union where the

account is kept)ndash the account numberndash balance in the account

Bank Accounts (cont) Namesbull If you have money in an account whether your

name is on the account or not and whether you can sign on the account you need to list the account

bull If you think your spouse has an account even if you donrsquot know all of the information list that account here with what information you do know

Fair Market Value and Equity

ndash Fair Market Value is the balance

Amount Owed

ndash Amount Owed could be any loan against the account This would be rare

Equityndash Equity is generally the balance Itrsquos the

same figure (Unless there is a loan against the account)

Who gets it and who has itndash To H W

bull who should get itbull put in H or W (husband or wife)

ndash Possrsquon H Wbull who has it

Securitiesbull List your stocks bonds and mutual funds here bull For fair market value put in the value on the

date you are completing the form and put the date next to the value As it will change this will help with when the stock or mutual fund was valued Sometimes you may not know the actual stocks but you will know the brokerage house and the account number Any information you have that would help locate or identify the account will help

WholeUniversal Life Insurancendash The name of the company that holds the policy and the policy

number are important This information is used to transfer the policy from one person to another Without the policy number you may not be able to have the policy put in your name alone if your spouse was also on the policy

ndash Having a copy of the policy is the best way to insure you are getting all of the correct information If you do not have a copy talk to your attorney about what you need to do to help complete this section of the marital property statement

Face Amount and Beneficiariesbull Put the face amount along with the other

information requested in the first column bull Beneficiaries of the policy should also be noted

in the first column It may be that your spouse is a beneficiary and that will have to be changed later

WholeUniversal Life Insurance (cont)

bull The Fair Market value is not the face Amount It is the cash valuemdashsometimes called the loan value

Value of the Policybull The Fair Market Value of whole life policies is

sometimes difficult to figure Most policies have a table in the policy itself that can be used to calculate value Your attorney can help you with this if you have a copy of the policy Otherwise you may have to write or call the company to determine the value

WholeUniversal Life (cont)bull It is equally important to determine if there is a loan

against the policy You would put the loan amount in the column for the Amount Owed and make a note to discuss that with your attorney

bull Again the difference between ldquofair market valuerdquo and ldquoloan amountrdquo is the ldquoequityrdquo

WholeUniversal Life (cont)

bull Who gets the policy Even if the insurance is on your spousersquo life you can be an owner of the policy and decide who will be the beneficiary

bull Possession of the policy is who has the physical policy

Term Life Insurancendash Most policies that are provided by your employer are term

policies That is to say you will not have the insurance once you stop working for your employer As such these policies do not have any ldquofair market valuerdquo Put in $0 for ldquofair market valuerdquo and $0 for ldquoequityrdquo Of course you still want to designate who gets the policy and who has the policies in the last 2 columns

ndash Sometimes however couples buy term insurance for a variety of reasons Again getting a copy of the policy and showing it to your attorney if you are in doubt will help you complete this section

Retirementpension or profit sharing

ndash Some pension plans will have values that you can determine from the reports that you get from the employer These accounts like 401Krsquos or thrift savings accounts will be relatively easy to determine the fair market value Simply put in the amount from the statement or report

Retirementpension or profit sharing (cont)

bull Other types of pension plans will not be as easy to determine the ldquofair market valuerdquo The pensions that report how much money you will receive ldquomonthlyrdquo at sometime in the future will need to be calculated for ldquofair market valuerdquo The ldquofair market valuerdquo is not just the monthly amount Your attorney will help you calculate the value and explain just what ldquopresent valuerdquo means to you Often these values are one of the largest assets in most marital estates

Retirementpension or profit sharing (cont)

bull Also remember you are listing your spouses retirement information Even if your spouse started work before you got married you may be entitled to list a portion of the pension as marital property Your attorney will help you determine how that is done

Loans against Pension Plans

ndash Sometimes loans are taken against the pensions or thrift plans That information should be noted in the column for Amount Owed

ndash If you donrsquot know what to put down put as much information as you do know and leave the values blank Your attorney will help you complete the rest of the information

Debts owed to youIf someone owes either you or your spouse money list it here Put in the name and address of the person and if the debt is not yet owed but will be owed in the future put in the date it will be do The amount owed will generally be put under ldquofair market valuerdquo However if the debt is uncollectible you might be

listing it as ldquofair market valuerdquo $0

Debts owed to you (cont)ndash Sometimes this will be investments where you

have sold property and someone owes you for the property and is paying it off on a monthly basis Your attorney will help you determine the value in those situations

ndash Again do you want the debt paid to you or do you want it paid to you spouse will be your decision by placing H or W in the column as to who should get the debt

Sole proprietorships joint ventures partnerships

ndash List the business name and whether it is a corporation and who else may be involved in the ownership of the business and their percent of ownership Your attorney will help you fill out the rest of that portion of the form if you are unsure what to do This is the most difficult asset to determine itrsquos ldquofair market valuerdquo In many cases the value is nothing but in other cases the value may be significant Your attorney may also discuss with you the possibility of having the business professionally appraised in some circumstances

Claims or lawsuit against others

Put in all the information called for in the first column Your attorney will assist you in valuation after discussing this item with you The value of a lawsuit is not what your asking to collect Additionally there are certain laws that impact how to figure ldquomartialrdquo values in the case of workers compensation claims or other types of claims

Claims or lawsuit against others (cont)

ndash Also be sure to note on the form if you owe any support to another person This will affect the value of the claim and should be discussed with your attorney It may be a lien on what ever proceeds you ultimately get in the suit

Cash on handndash While most people think of this as the money you

have in your billfold do not forget the change jar money in the back yard refrigerator or where ever cash money is being kept Even if you canrsquot find it right away because your spouse has taken it list it here but note who has it The coin collection could be listed here or under ldquoother assetsrdquo in ldquoMrdquo below A coin collection may be worth more than the value of the coins

Household and Personal Goods

ndash Start on the pages 6789 attached for listing your personal property You will then total and go back to page 3

Page 6

Page 3

Household and Personal Goods

ndash The property in your possession generally furniture and household items list individually You can list general items such as Pots and Pans or ldquosheets and towelsrdquo as one item and value the total If you have a particular item or items that you want to make sure you have list it out If it is not on this list you cannot be sure you will get it

Household and Personal Goods (cont)

bull Valuing personal property is sometimes a tricky business Think of ldquogarage sale valuerdquo on your furniture Even though you paid $1500 for the couch last week you would be lucky to get $150 for it in a garage sale Most folks have a tendency to over inflate the value of their furniture

Household and Personal Goods (cont)

ndash You want to list both what you have and also what your spouse has These values will go into the overall value of the property division and may help you get your fair share of value in the marital estate If you are in doubt put it down on the list

Household and Personal Goods (cont)

ndash Some folks have heard itrsquos a good idea to value the property your spouse has high and the property you have low Try not to go there The Court has seen parties that inflate values Remember the Court could give you the inflated item ndash saying in effect if you think itrsquos worth that much then you get it

Other Assets

ndash Anything else that you have if you donrsquot know where to list it put it here

ndash This is a good place to put your pets Also remember ldquoFidordquo may be worth a lot to you but he may not be worth anything to someone else

Non-Marital propertyndash Definition of Non-marital Property

bull Everything you had coming into the marriagebull Gifts you personally have received from others or even

your spousebull Money or property you have received from inheritance

You will want to discuss with your attorney what to do about money that you have deposited in joint accounts with your spouse or money you have used to purchase other items for both you and your spouse

bull Money received from someonersquos life insurancebull Items you have that have replaced property you might

consider non-marital property

Non-Marital property (cont)

ndash Non-marital property is not used to value the division of marital property so try to list everything that is non-marital both for yourself and for your spouse

DebtsPlease be as accurate as possible on the debts that you owe Fill out all information requestedndash It is very helpful to list account numbers for credit cardsndash List if you are both obligated or just one of you on the debtndash You should also discuss with your attorney what happens on

a particular debt if you or your spouse doesnrsquot pay what he or she is supposed to pay

Final Thoughtndash Now you have completed your marital property

statement Drop it off at the attorneys office If you have followed these instructions you will have very few questions asked of you If you have not completed the form fully the attorney or his staff will be in touch as to getting additional information

ndash Remember the more information you can supply at the beginning will save you money in attorneyrsquos fees later

  • Dissolution Discovery
  • Overview
  • What is Discovery
  • What happens if you do not follow the rules
  • Sanctions
  • Avoid Sanctions
  • Marital Property Statement
  • A few principles when you complete your marital property statement
  • Property is divided equitably
  • Dissipated assets
  • You need to decide who has the property and who will get the property
  • You will need to designate if the property is marital or non-marital
  • Marital vs Non-marital
  • Marital vs Non-marital (cont)
  • Property can be non-marital but then turned into marital property
  • Complete each section of the marital property statement
  • Now wersquoll start to complete the Marital Property Statement
  • Real Estate
  • The legal description
  • The Legal Description (cont)
  • Fair Market Value
  • Amount Owed
  • Equity
  • Who should have the property
  • Possession
  • Motor Vehicles
  • Vehicle Identification Number
  • Fair Market Value
  • Amount owed
  • Equity
  • Who gets it and who has it
  • Bank Accounts
  • Bank Accounts (cont)
  • Bank Accounts (cont) Names
  • Fair Market Value and Equity
  • Slide 36
  • Slide 37
  • Who gets it and who has it
  • Securities
  • WholeUniversal Life Insurance
  • Face Amount and Beneficiaries
  • WholeUniversal Life Insurance (cont)
  • Value of the Policy
  • WholeUniversal Life (cont)
  • Slide 45
  • Term Life Insurance
  • Retirementpension or profit sharing
  • Retirementpension or profit sharing (cont)
  • Retirementpension or profit sharing (cont)
  • Loans against Pension Plans
  • Debts owed to you
  • Debts owed to you (cont)
  • Sole proprietorships joint ventures partnerships
  • Claims or lawsuit against others
  • Claims or lawsuit against others (cont)
  • Cash on hand
  • Household and Personal Goods
  • Slide 58
  • Household and Personal Goods (cont)
  • Slide 60
  • Slide 61
  • Other Assets
  • Non-Marital property
  • Non-Marital property (cont)
  • Debts
  • Final Thought
Page 33: Dissolution Discovery By the Law offices of Piedimonte and Associates, P.C. Suite 101 221 W. Lexington Independence, MO 64050 (816)836-8900.

Bank Accounts (cont)bull You are asked to list

ndash the names on the accountndash the institution (The bank or credit union where the

account is kept)ndash the account numberndash balance in the account

Bank Accounts (cont) Namesbull If you have money in an account whether your

name is on the account or not and whether you can sign on the account you need to list the account

bull If you think your spouse has an account even if you donrsquot know all of the information list that account here with what information you do know

Fair Market Value and Equity

ndash Fair Market Value is the balance

Amount Owed

ndash Amount Owed could be any loan against the account This would be rare

Equityndash Equity is generally the balance Itrsquos the

same figure (Unless there is a loan against the account)

Who gets it and who has itndash To H W

bull who should get itbull put in H or W (husband or wife)

ndash Possrsquon H Wbull who has it

Securitiesbull List your stocks bonds and mutual funds here bull For fair market value put in the value on the

date you are completing the form and put the date next to the value As it will change this will help with when the stock or mutual fund was valued Sometimes you may not know the actual stocks but you will know the brokerage house and the account number Any information you have that would help locate or identify the account will help

WholeUniversal Life Insurancendash The name of the company that holds the policy and the policy

number are important This information is used to transfer the policy from one person to another Without the policy number you may not be able to have the policy put in your name alone if your spouse was also on the policy

ndash Having a copy of the policy is the best way to insure you are getting all of the correct information If you do not have a copy talk to your attorney about what you need to do to help complete this section of the marital property statement

Face Amount and Beneficiariesbull Put the face amount along with the other

information requested in the first column bull Beneficiaries of the policy should also be noted

in the first column It may be that your spouse is a beneficiary and that will have to be changed later

WholeUniversal Life Insurance (cont)

bull The Fair Market value is not the face Amount It is the cash valuemdashsometimes called the loan value

Value of the Policybull The Fair Market Value of whole life policies is

sometimes difficult to figure Most policies have a table in the policy itself that can be used to calculate value Your attorney can help you with this if you have a copy of the policy Otherwise you may have to write or call the company to determine the value

WholeUniversal Life (cont)bull It is equally important to determine if there is a loan

against the policy You would put the loan amount in the column for the Amount Owed and make a note to discuss that with your attorney

bull Again the difference between ldquofair market valuerdquo and ldquoloan amountrdquo is the ldquoequityrdquo

WholeUniversal Life (cont)

bull Who gets the policy Even if the insurance is on your spousersquo life you can be an owner of the policy and decide who will be the beneficiary

bull Possession of the policy is who has the physical policy

Term Life Insurancendash Most policies that are provided by your employer are term

policies That is to say you will not have the insurance once you stop working for your employer As such these policies do not have any ldquofair market valuerdquo Put in $0 for ldquofair market valuerdquo and $0 for ldquoequityrdquo Of course you still want to designate who gets the policy and who has the policies in the last 2 columns

ndash Sometimes however couples buy term insurance for a variety of reasons Again getting a copy of the policy and showing it to your attorney if you are in doubt will help you complete this section

Retirementpension or profit sharing

ndash Some pension plans will have values that you can determine from the reports that you get from the employer These accounts like 401Krsquos or thrift savings accounts will be relatively easy to determine the fair market value Simply put in the amount from the statement or report

Retirementpension or profit sharing (cont)

bull Other types of pension plans will not be as easy to determine the ldquofair market valuerdquo The pensions that report how much money you will receive ldquomonthlyrdquo at sometime in the future will need to be calculated for ldquofair market valuerdquo The ldquofair market valuerdquo is not just the monthly amount Your attorney will help you calculate the value and explain just what ldquopresent valuerdquo means to you Often these values are one of the largest assets in most marital estates

Retirementpension or profit sharing (cont)

bull Also remember you are listing your spouses retirement information Even if your spouse started work before you got married you may be entitled to list a portion of the pension as marital property Your attorney will help you determine how that is done

Loans against Pension Plans

ndash Sometimes loans are taken against the pensions or thrift plans That information should be noted in the column for Amount Owed

ndash If you donrsquot know what to put down put as much information as you do know and leave the values blank Your attorney will help you complete the rest of the information

Debts owed to youIf someone owes either you or your spouse money list it here Put in the name and address of the person and if the debt is not yet owed but will be owed in the future put in the date it will be do The amount owed will generally be put under ldquofair market valuerdquo However if the debt is uncollectible you might be

listing it as ldquofair market valuerdquo $0

Debts owed to you (cont)ndash Sometimes this will be investments where you

have sold property and someone owes you for the property and is paying it off on a monthly basis Your attorney will help you determine the value in those situations

ndash Again do you want the debt paid to you or do you want it paid to you spouse will be your decision by placing H or W in the column as to who should get the debt

Sole proprietorships joint ventures partnerships

ndash List the business name and whether it is a corporation and who else may be involved in the ownership of the business and their percent of ownership Your attorney will help you fill out the rest of that portion of the form if you are unsure what to do This is the most difficult asset to determine itrsquos ldquofair market valuerdquo In many cases the value is nothing but in other cases the value may be significant Your attorney may also discuss with you the possibility of having the business professionally appraised in some circumstances

Claims or lawsuit against others

Put in all the information called for in the first column Your attorney will assist you in valuation after discussing this item with you The value of a lawsuit is not what your asking to collect Additionally there are certain laws that impact how to figure ldquomartialrdquo values in the case of workers compensation claims or other types of claims

Claims or lawsuit against others (cont)

ndash Also be sure to note on the form if you owe any support to another person This will affect the value of the claim and should be discussed with your attorney It may be a lien on what ever proceeds you ultimately get in the suit

Cash on handndash While most people think of this as the money you

have in your billfold do not forget the change jar money in the back yard refrigerator or where ever cash money is being kept Even if you canrsquot find it right away because your spouse has taken it list it here but note who has it The coin collection could be listed here or under ldquoother assetsrdquo in ldquoMrdquo below A coin collection may be worth more than the value of the coins

Household and Personal Goods

ndash Start on the pages 6789 attached for listing your personal property You will then total and go back to page 3

Page 6

Page 3

Household and Personal Goods

ndash The property in your possession generally furniture and household items list individually You can list general items such as Pots and Pans or ldquosheets and towelsrdquo as one item and value the total If you have a particular item or items that you want to make sure you have list it out If it is not on this list you cannot be sure you will get it

Household and Personal Goods (cont)

bull Valuing personal property is sometimes a tricky business Think of ldquogarage sale valuerdquo on your furniture Even though you paid $1500 for the couch last week you would be lucky to get $150 for it in a garage sale Most folks have a tendency to over inflate the value of their furniture

Household and Personal Goods (cont)

ndash You want to list both what you have and also what your spouse has These values will go into the overall value of the property division and may help you get your fair share of value in the marital estate If you are in doubt put it down on the list

Household and Personal Goods (cont)

ndash Some folks have heard itrsquos a good idea to value the property your spouse has high and the property you have low Try not to go there The Court has seen parties that inflate values Remember the Court could give you the inflated item ndash saying in effect if you think itrsquos worth that much then you get it

Other Assets

ndash Anything else that you have if you donrsquot know where to list it put it here

ndash This is a good place to put your pets Also remember ldquoFidordquo may be worth a lot to you but he may not be worth anything to someone else

Non-Marital propertyndash Definition of Non-marital Property

bull Everything you had coming into the marriagebull Gifts you personally have received from others or even

your spousebull Money or property you have received from inheritance

You will want to discuss with your attorney what to do about money that you have deposited in joint accounts with your spouse or money you have used to purchase other items for both you and your spouse

bull Money received from someonersquos life insurancebull Items you have that have replaced property you might

consider non-marital property

Non-Marital property (cont)

ndash Non-marital property is not used to value the division of marital property so try to list everything that is non-marital both for yourself and for your spouse

DebtsPlease be as accurate as possible on the debts that you owe Fill out all information requestedndash It is very helpful to list account numbers for credit cardsndash List if you are both obligated or just one of you on the debtndash You should also discuss with your attorney what happens on

a particular debt if you or your spouse doesnrsquot pay what he or she is supposed to pay

Final Thoughtndash Now you have completed your marital property

statement Drop it off at the attorneys office If you have followed these instructions you will have very few questions asked of you If you have not completed the form fully the attorney or his staff will be in touch as to getting additional information

ndash Remember the more information you can supply at the beginning will save you money in attorneyrsquos fees later

  • Dissolution Discovery
  • Overview
  • What is Discovery
  • What happens if you do not follow the rules
  • Sanctions
  • Avoid Sanctions
  • Marital Property Statement
  • A few principles when you complete your marital property statement
  • Property is divided equitably
  • Dissipated assets
  • You need to decide who has the property and who will get the property
  • You will need to designate if the property is marital or non-marital
  • Marital vs Non-marital
  • Marital vs Non-marital (cont)
  • Property can be non-marital but then turned into marital property
  • Complete each section of the marital property statement
  • Now wersquoll start to complete the Marital Property Statement
  • Real Estate
  • The legal description
  • The Legal Description (cont)
  • Fair Market Value
  • Amount Owed
  • Equity
  • Who should have the property
  • Possession
  • Motor Vehicles
  • Vehicle Identification Number
  • Fair Market Value
  • Amount owed
  • Equity
  • Who gets it and who has it
  • Bank Accounts
  • Bank Accounts (cont)
  • Bank Accounts (cont) Names
  • Fair Market Value and Equity
  • Slide 36
  • Slide 37
  • Who gets it and who has it
  • Securities
  • WholeUniversal Life Insurance
  • Face Amount and Beneficiaries
  • WholeUniversal Life Insurance (cont)
  • Value of the Policy
  • WholeUniversal Life (cont)
  • Slide 45
  • Term Life Insurance
  • Retirementpension or profit sharing
  • Retirementpension or profit sharing (cont)
  • Retirementpension or profit sharing (cont)
  • Loans against Pension Plans
  • Debts owed to you
  • Debts owed to you (cont)
  • Sole proprietorships joint ventures partnerships
  • Claims or lawsuit against others
  • Claims or lawsuit against others (cont)
  • Cash on hand
  • Household and Personal Goods
  • Slide 58
  • Household and Personal Goods (cont)
  • Slide 60
  • Slide 61
  • Other Assets
  • Non-Marital property
  • Non-Marital property (cont)
  • Debts
  • Final Thought
Page 34: Dissolution Discovery By the Law offices of Piedimonte and Associates, P.C. Suite 101 221 W. Lexington Independence, MO 64050 (816)836-8900.

Bank Accounts (cont) Namesbull If you have money in an account whether your

name is on the account or not and whether you can sign on the account you need to list the account

bull If you think your spouse has an account even if you donrsquot know all of the information list that account here with what information you do know

Fair Market Value and Equity

ndash Fair Market Value is the balance

Amount Owed

ndash Amount Owed could be any loan against the account This would be rare

Equityndash Equity is generally the balance Itrsquos the

same figure (Unless there is a loan against the account)

Who gets it and who has itndash To H W

bull who should get itbull put in H or W (husband or wife)

ndash Possrsquon H Wbull who has it

Securitiesbull List your stocks bonds and mutual funds here bull For fair market value put in the value on the

date you are completing the form and put the date next to the value As it will change this will help with when the stock or mutual fund was valued Sometimes you may not know the actual stocks but you will know the brokerage house and the account number Any information you have that would help locate or identify the account will help

WholeUniversal Life Insurancendash The name of the company that holds the policy and the policy

number are important This information is used to transfer the policy from one person to another Without the policy number you may not be able to have the policy put in your name alone if your spouse was also on the policy

ndash Having a copy of the policy is the best way to insure you are getting all of the correct information If you do not have a copy talk to your attorney about what you need to do to help complete this section of the marital property statement

Face Amount and Beneficiariesbull Put the face amount along with the other

information requested in the first column bull Beneficiaries of the policy should also be noted

in the first column It may be that your spouse is a beneficiary and that will have to be changed later

WholeUniversal Life Insurance (cont)

bull The Fair Market value is not the face Amount It is the cash valuemdashsometimes called the loan value

Value of the Policybull The Fair Market Value of whole life policies is

sometimes difficult to figure Most policies have a table in the policy itself that can be used to calculate value Your attorney can help you with this if you have a copy of the policy Otherwise you may have to write or call the company to determine the value

WholeUniversal Life (cont)bull It is equally important to determine if there is a loan

against the policy You would put the loan amount in the column for the Amount Owed and make a note to discuss that with your attorney

bull Again the difference between ldquofair market valuerdquo and ldquoloan amountrdquo is the ldquoequityrdquo

WholeUniversal Life (cont)

bull Who gets the policy Even if the insurance is on your spousersquo life you can be an owner of the policy and decide who will be the beneficiary

bull Possession of the policy is who has the physical policy

Term Life Insurancendash Most policies that are provided by your employer are term

policies That is to say you will not have the insurance once you stop working for your employer As such these policies do not have any ldquofair market valuerdquo Put in $0 for ldquofair market valuerdquo and $0 for ldquoequityrdquo Of course you still want to designate who gets the policy and who has the policies in the last 2 columns

ndash Sometimes however couples buy term insurance for a variety of reasons Again getting a copy of the policy and showing it to your attorney if you are in doubt will help you complete this section

Retirementpension or profit sharing

ndash Some pension plans will have values that you can determine from the reports that you get from the employer These accounts like 401Krsquos or thrift savings accounts will be relatively easy to determine the fair market value Simply put in the amount from the statement or report

Retirementpension or profit sharing (cont)

bull Other types of pension plans will not be as easy to determine the ldquofair market valuerdquo The pensions that report how much money you will receive ldquomonthlyrdquo at sometime in the future will need to be calculated for ldquofair market valuerdquo The ldquofair market valuerdquo is not just the monthly amount Your attorney will help you calculate the value and explain just what ldquopresent valuerdquo means to you Often these values are one of the largest assets in most marital estates

Retirementpension or profit sharing (cont)

bull Also remember you are listing your spouses retirement information Even if your spouse started work before you got married you may be entitled to list a portion of the pension as marital property Your attorney will help you determine how that is done

Loans against Pension Plans

ndash Sometimes loans are taken against the pensions or thrift plans That information should be noted in the column for Amount Owed

ndash If you donrsquot know what to put down put as much information as you do know and leave the values blank Your attorney will help you complete the rest of the information

Debts owed to youIf someone owes either you or your spouse money list it here Put in the name and address of the person and if the debt is not yet owed but will be owed in the future put in the date it will be do The amount owed will generally be put under ldquofair market valuerdquo However if the debt is uncollectible you might be

listing it as ldquofair market valuerdquo $0

Debts owed to you (cont)ndash Sometimes this will be investments where you

have sold property and someone owes you for the property and is paying it off on a monthly basis Your attorney will help you determine the value in those situations

ndash Again do you want the debt paid to you or do you want it paid to you spouse will be your decision by placing H or W in the column as to who should get the debt

Sole proprietorships joint ventures partnerships

ndash List the business name and whether it is a corporation and who else may be involved in the ownership of the business and their percent of ownership Your attorney will help you fill out the rest of that portion of the form if you are unsure what to do This is the most difficult asset to determine itrsquos ldquofair market valuerdquo In many cases the value is nothing but in other cases the value may be significant Your attorney may also discuss with you the possibility of having the business professionally appraised in some circumstances

Claims or lawsuit against others

Put in all the information called for in the first column Your attorney will assist you in valuation after discussing this item with you The value of a lawsuit is not what your asking to collect Additionally there are certain laws that impact how to figure ldquomartialrdquo values in the case of workers compensation claims or other types of claims

Claims or lawsuit against others (cont)

ndash Also be sure to note on the form if you owe any support to another person This will affect the value of the claim and should be discussed with your attorney It may be a lien on what ever proceeds you ultimately get in the suit

Cash on handndash While most people think of this as the money you

have in your billfold do not forget the change jar money in the back yard refrigerator or where ever cash money is being kept Even if you canrsquot find it right away because your spouse has taken it list it here but note who has it The coin collection could be listed here or under ldquoother assetsrdquo in ldquoMrdquo below A coin collection may be worth more than the value of the coins

Household and Personal Goods

ndash Start on the pages 6789 attached for listing your personal property You will then total and go back to page 3

Page 6

Page 3

Household and Personal Goods

ndash The property in your possession generally furniture and household items list individually You can list general items such as Pots and Pans or ldquosheets and towelsrdquo as one item and value the total If you have a particular item or items that you want to make sure you have list it out If it is not on this list you cannot be sure you will get it

Household and Personal Goods (cont)

bull Valuing personal property is sometimes a tricky business Think of ldquogarage sale valuerdquo on your furniture Even though you paid $1500 for the couch last week you would be lucky to get $150 for it in a garage sale Most folks have a tendency to over inflate the value of their furniture

Household and Personal Goods (cont)

ndash You want to list both what you have and also what your spouse has These values will go into the overall value of the property division and may help you get your fair share of value in the marital estate If you are in doubt put it down on the list

Household and Personal Goods (cont)

ndash Some folks have heard itrsquos a good idea to value the property your spouse has high and the property you have low Try not to go there The Court has seen parties that inflate values Remember the Court could give you the inflated item ndash saying in effect if you think itrsquos worth that much then you get it

Other Assets

ndash Anything else that you have if you donrsquot know where to list it put it here

ndash This is a good place to put your pets Also remember ldquoFidordquo may be worth a lot to you but he may not be worth anything to someone else

Non-Marital propertyndash Definition of Non-marital Property

bull Everything you had coming into the marriagebull Gifts you personally have received from others or even

your spousebull Money or property you have received from inheritance

You will want to discuss with your attorney what to do about money that you have deposited in joint accounts with your spouse or money you have used to purchase other items for both you and your spouse

bull Money received from someonersquos life insurancebull Items you have that have replaced property you might

consider non-marital property

Non-Marital property (cont)

ndash Non-marital property is not used to value the division of marital property so try to list everything that is non-marital both for yourself and for your spouse

DebtsPlease be as accurate as possible on the debts that you owe Fill out all information requestedndash It is very helpful to list account numbers for credit cardsndash List if you are both obligated or just one of you on the debtndash You should also discuss with your attorney what happens on

a particular debt if you or your spouse doesnrsquot pay what he or she is supposed to pay

Final Thoughtndash Now you have completed your marital property

statement Drop it off at the attorneys office If you have followed these instructions you will have very few questions asked of you If you have not completed the form fully the attorney or his staff will be in touch as to getting additional information

ndash Remember the more information you can supply at the beginning will save you money in attorneyrsquos fees later

  • Dissolution Discovery
  • Overview
  • What is Discovery
  • What happens if you do not follow the rules
  • Sanctions
  • Avoid Sanctions
  • Marital Property Statement
  • A few principles when you complete your marital property statement
  • Property is divided equitably
  • Dissipated assets
  • You need to decide who has the property and who will get the property
  • You will need to designate if the property is marital or non-marital
  • Marital vs Non-marital
  • Marital vs Non-marital (cont)
  • Property can be non-marital but then turned into marital property
  • Complete each section of the marital property statement
  • Now wersquoll start to complete the Marital Property Statement
  • Real Estate
  • The legal description
  • The Legal Description (cont)
  • Fair Market Value
  • Amount Owed
  • Equity
  • Who should have the property
  • Possession
  • Motor Vehicles
  • Vehicle Identification Number
  • Fair Market Value
  • Amount owed
  • Equity
  • Who gets it and who has it
  • Bank Accounts
  • Bank Accounts (cont)
  • Bank Accounts (cont) Names
  • Fair Market Value and Equity
  • Slide 36
  • Slide 37
  • Who gets it and who has it
  • Securities
  • WholeUniversal Life Insurance
  • Face Amount and Beneficiaries
  • WholeUniversal Life Insurance (cont)
  • Value of the Policy
  • WholeUniversal Life (cont)
  • Slide 45
  • Term Life Insurance
  • Retirementpension or profit sharing
  • Retirementpension or profit sharing (cont)
  • Retirementpension or profit sharing (cont)
  • Loans against Pension Plans
  • Debts owed to you
  • Debts owed to you (cont)
  • Sole proprietorships joint ventures partnerships
  • Claims or lawsuit against others
  • Claims or lawsuit against others (cont)
  • Cash on hand
  • Household and Personal Goods
  • Slide 58
  • Household and Personal Goods (cont)
  • Slide 60
  • Slide 61
  • Other Assets
  • Non-Marital property
  • Non-Marital property (cont)
  • Debts
  • Final Thought
Page 35: Dissolution Discovery By the Law offices of Piedimonte and Associates, P.C. Suite 101 221 W. Lexington Independence, MO 64050 (816)836-8900.

Fair Market Value and Equity

ndash Fair Market Value is the balance

Amount Owed

ndash Amount Owed could be any loan against the account This would be rare

Equityndash Equity is generally the balance Itrsquos the

same figure (Unless there is a loan against the account)

Who gets it and who has itndash To H W

bull who should get itbull put in H or W (husband or wife)

ndash Possrsquon H Wbull who has it

Securitiesbull List your stocks bonds and mutual funds here bull For fair market value put in the value on the

date you are completing the form and put the date next to the value As it will change this will help with when the stock or mutual fund was valued Sometimes you may not know the actual stocks but you will know the brokerage house and the account number Any information you have that would help locate or identify the account will help

WholeUniversal Life Insurancendash The name of the company that holds the policy and the policy

number are important This information is used to transfer the policy from one person to another Without the policy number you may not be able to have the policy put in your name alone if your spouse was also on the policy

ndash Having a copy of the policy is the best way to insure you are getting all of the correct information If you do not have a copy talk to your attorney about what you need to do to help complete this section of the marital property statement

Face Amount and Beneficiariesbull Put the face amount along with the other

information requested in the first column bull Beneficiaries of the policy should also be noted

in the first column It may be that your spouse is a beneficiary and that will have to be changed later

WholeUniversal Life Insurance (cont)

bull The Fair Market value is not the face Amount It is the cash valuemdashsometimes called the loan value

Value of the Policybull The Fair Market Value of whole life policies is

sometimes difficult to figure Most policies have a table in the policy itself that can be used to calculate value Your attorney can help you with this if you have a copy of the policy Otherwise you may have to write or call the company to determine the value

WholeUniversal Life (cont)bull It is equally important to determine if there is a loan

against the policy You would put the loan amount in the column for the Amount Owed and make a note to discuss that with your attorney

bull Again the difference between ldquofair market valuerdquo and ldquoloan amountrdquo is the ldquoequityrdquo

WholeUniversal Life (cont)

bull Who gets the policy Even if the insurance is on your spousersquo life you can be an owner of the policy and decide who will be the beneficiary

bull Possession of the policy is who has the physical policy

Term Life Insurancendash Most policies that are provided by your employer are term

policies That is to say you will not have the insurance once you stop working for your employer As such these policies do not have any ldquofair market valuerdquo Put in $0 for ldquofair market valuerdquo and $0 for ldquoequityrdquo Of course you still want to designate who gets the policy and who has the policies in the last 2 columns

ndash Sometimes however couples buy term insurance for a variety of reasons Again getting a copy of the policy and showing it to your attorney if you are in doubt will help you complete this section

Retirementpension or profit sharing

ndash Some pension plans will have values that you can determine from the reports that you get from the employer These accounts like 401Krsquos or thrift savings accounts will be relatively easy to determine the fair market value Simply put in the amount from the statement or report

Retirementpension or profit sharing (cont)

bull Other types of pension plans will not be as easy to determine the ldquofair market valuerdquo The pensions that report how much money you will receive ldquomonthlyrdquo at sometime in the future will need to be calculated for ldquofair market valuerdquo The ldquofair market valuerdquo is not just the monthly amount Your attorney will help you calculate the value and explain just what ldquopresent valuerdquo means to you Often these values are one of the largest assets in most marital estates

Retirementpension or profit sharing (cont)

bull Also remember you are listing your spouses retirement information Even if your spouse started work before you got married you may be entitled to list a portion of the pension as marital property Your attorney will help you determine how that is done

Loans against Pension Plans

ndash Sometimes loans are taken against the pensions or thrift plans That information should be noted in the column for Amount Owed

ndash If you donrsquot know what to put down put as much information as you do know and leave the values blank Your attorney will help you complete the rest of the information

Debts owed to youIf someone owes either you or your spouse money list it here Put in the name and address of the person and if the debt is not yet owed but will be owed in the future put in the date it will be do The amount owed will generally be put under ldquofair market valuerdquo However if the debt is uncollectible you might be

listing it as ldquofair market valuerdquo $0

Debts owed to you (cont)ndash Sometimes this will be investments where you

have sold property and someone owes you for the property and is paying it off on a monthly basis Your attorney will help you determine the value in those situations

ndash Again do you want the debt paid to you or do you want it paid to you spouse will be your decision by placing H or W in the column as to who should get the debt

Sole proprietorships joint ventures partnerships

ndash List the business name and whether it is a corporation and who else may be involved in the ownership of the business and their percent of ownership Your attorney will help you fill out the rest of that portion of the form if you are unsure what to do This is the most difficult asset to determine itrsquos ldquofair market valuerdquo In many cases the value is nothing but in other cases the value may be significant Your attorney may also discuss with you the possibility of having the business professionally appraised in some circumstances

Claims or lawsuit against others

Put in all the information called for in the first column Your attorney will assist you in valuation after discussing this item with you The value of a lawsuit is not what your asking to collect Additionally there are certain laws that impact how to figure ldquomartialrdquo values in the case of workers compensation claims or other types of claims

Claims or lawsuit against others (cont)

ndash Also be sure to note on the form if you owe any support to another person This will affect the value of the claim and should be discussed with your attorney It may be a lien on what ever proceeds you ultimately get in the suit

Cash on handndash While most people think of this as the money you

have in your billfold do not forget the change jar money in the back yard refrigerator or where ever cash money is being kept Even if you canrsquot find it right away because your spouse has taken it list it here but note who has it The coin collection could be listed here or under ldquoother assetsrdquo in ldquoMrdquo below A coin collection may be worth more than the value of the coins

Household and Personal Goods

ndash Start on the pages 6789 attached for listing your personal property You will then total and go back to page 3

Page 6

Page 3

Household and Personal Goods

ndash The property in your possession generally furniture and household items list individually You can list general items such as Pots and Pans or ldquosheets and towelsrdquo as one item and value the total If you have a particular item or items that you want to make sure you have list it out If it is not on this list you cannot be sure you will get it

Household and Personal Goods (cont)

bull Valuing personal property is sometimes a tricky business Think of ldquogarage sale valuerdquo on your furniture Even though you paid $1500 for the couch last week you would be lucky to get $150 for it in a garage sale Most folks have a tendency to over inflate the value of their furniture

Household and Personal Goods (cont)

ndash You want to list both what you have and also what your spouse has These values will go into the overall value of the property division and may help you get your fair share of value in the marital estate If you are in doubt put it down on the list

Household and Personal Goods (cont)

ndash Some folks have heard itrsquos a good idea to value the property your spouse has high and the property you have low Try not to go there The Court has seen parties that inflate values Remember the Court could give you the inflated item ndash saying in effect if you think itrsquos worth that much then you get it

Other Assets

ndash Anything else that you have if you donrsquot know where to list it put it here

ndash This is a good place to put your pets Also remember ldquoFidordquo may be worth a lot to you but he may not be worth anything to someone else

Non-Marital propertyndash Definition of Non-marital Property

bull Everything you had coming into the marriagebull Gifts you personally have received from others or even

your spousebull Money or property you have received from inheritance

You will want to discuss with your attorney what to do about money that you have deposited in joint accounts with your spouse or money you have used to purchase other items for both you and your spouse

bull Money received from someonersquos life insurancebull Items you have that have replaced property you might

consider non-marital property

Non-Marital property (cont)

ndash Non-marital property is not used to value the division of marital property so try to list everything that is non-marital both for yourself and for your spouse

DebtsPlease be as accurate as possible on the debts that you owe Fill out all information requestedndash It is very helpful to list account numbers for credit cardsndash List if you are both obligated or just one of you on the debtndash You should also discuss with your attorney what happens on

a particular debt if you or your spouse doesnrsquot pay what he or she is supposed to pay

Final Thoughtndash Now you have completed your marital property

statement Drop it off at the attorneys office If you have followed these instructions you will have very few questions asked of you If you have not completed the form fully the attorney or his staff will be in touch as to getting additional information

ndash Remember the more information you can supply at the beginning will save you money in attorneyrsquos fees later

  • Dissolution Discovery
  • Overview
  • What is Discovery
  • What happens if you do not follow the rules
  • Sanctions
  • Avoid Sanctions
  • Marital Property Statement
  • A few principles when you complete your marital property statement
  • Property is divided equitably
  • Dissipated assets
  • You need to decide who has the property and who will get the property
  • You will need to designate if the property is marital or non-marital
  • Marital vs Non-marital
  • Marital vs Non-marital (cont)
  • Property can be non-marital but then turned into marital property
  • Complete each section of the marital property statement
  • Now wersquoll start to complete the Marital Property Statement
  • Real Estate
  • The legal description
  • The Legal Description (cont)
  • Fair Market Value
  • Amount Owed
  • Equity
  • Who should have the property
  • Possession
  • Motor Vehicles
  • Vehicle Identification Number
  • Fair Market Value
  • Amount owed
  • Equity
  • Who gets it and who has it
  • Bank Accounts
  • Bank Accounts (cont)
  • Bank Accounts (cont) Names
  • Fair Market Value and Equity
  • Slide 36
  • Slide 37
  • Who gets it and who has it
  • Securities
  • WholeUniversal Life Insurance
  • Face Amount and Beneficiaries
  • WholeUniversal Life Insurance (cont)
  • Value of the Policy
  • WholeUniversal Life (cont)
  • Slide 45
  • Term Life Insurance
  • Retirementpension or profit sharing
  • Retirementpension or profit sharing (cont)
  • Retirementpension or profit sharing (cont)
  • Loans against Pension Plans
  • Debts owed to you
  • Debts owed to you (cont)
  • Sole proprietorships joint ventures partnerships
  • Claims or lawsuit against others
  • Claims or lawsuit against others (cont)
  • Cash on hand
  • Household and Personal Goods
  • Slide 58
  • Household and Personal Goods (cont)
  • Slide 60
  • Slide 61
  • Other Assets
  • Non-Marital property
  • Non-Marital property (cont)
  • Debts
  • Final Thought
Page 36: Dissolution Discovery By the Law offices of Piedimonte and Associates, P.C. Suite 101 221 W. Lexington Independence, MO 64050 (816)836-8900.

Amount Owed

ndash Amount Owed could be any loan against the account This would be rare

Equityndash Equity is generally the balance Itrsquos the

same figure (Unless there is a loan against the account)

Who gets it and who has itndash To H W

bull who should get itbull put in H or W (husband or wife)

ndash Possrsquon H Wbull who has it

Securitiesbull List your stocks bonds and mutual funds here bull For fair market value put in the value on the

date you are completing the form and put the date next to the value As it will change this will help with when the stock or mutual fund was valued Sometimes you may not know the actual stocks but you will know the brokerage house and the account number Any information you have that would help locate or identify the account will help

WholeUniversal Life Insurancendash The name of the company that holds the policy and the policy

number are important This information is used to transfer the policy from one person to another Without the policy number you may not be able to have the policy put in your name alone if your spouse was also on the policy

ndash Having a copy of the policy is the best way to insure you are getting all of the correct information If you do not have a copy talk to your attorney about what you need to do to help complete this section of the marital property statement

Face Amount and Beneficiariesbull Put the face amount along with the other

information requested in the first column bull Beneficiaries of the policy should also be noted

in the first column It may be that your spouse is a beneficiary and that will have to be changed later

WholeUniversal Life Insurance (cont)

bull The Fair Market value is not the face Amount It is the cash valuemdashsometimes called the loan value

Value of the Policybull The Fair Market Value of whole life policies is

sometimes difficult to figure Most policies have a table in the policy itself that can be used to calculate value Your attorney can help you with this if you have a copy of the policy Otherwise you may have to write or call the company to determine the value

WholeUniversal Life (cont)bull It is equally important to determine if there is a loan

against the policy You would put the loan amount in the column for the Amount Owed and make a note to discuss that with your attorney

bull Again the difference between ldquofair market valuerdquo and ldquoloan amountrdquo is the ldquoequityrdquo

WholeUniversal Life (cont)

bull Who gets the policy Even if the insurance is on your spousersquo life you can be an owner of the policy and decide who will be the beneficiary

bull Possession of the policy is who has the physical policy

Term Life Insurancendash Most policies that are provided by your employer are term

policies That is to say you will not have the insurance once you stop working for your employer As such these policies do not have any ldquofair market valuerdquo Put in $0 for ldquofair market valuerdquo and $0 for ldquoequityrdquo Of course you still want to designate who gets the policy and who has the policies in the last 2 columns

ndash Sometimes however couples buy term insurance for a variety of reasons Again getting a copy of the policy and showing it to your attorney if you are in doubt will help you complete this section

Retirementpension or profit sharing

ndash Some pension plans will have values that you can determine from the reports that you get from the employer These accounts like 401Krsquos or thrift savings accounts will be relatively easy to determine the fair market value Simply put in the amount from the statement or report

Retirementpension or profit sharing (cont)

bull Other types of pension plans will not be as easy to determine the ldquofair market valuerdquo The pensions that report how much money you will receive ldquomonthlyrdquo at sometime in the future will need to be calculated for ldquofair market valuerdquo The ldquofair market valuerdquo is not just the monthly amount Your attorney will help you calculate the value and explain just what ldquopresent valuerdquo means to you Often these values are one of the largest assets in most marital estates

Retirementpension or profit sharing (cont)

bull Also remember you are listing your spouses retirement information Even if your spouse started work before you got married you may be entitled to list a portion of the pension as marital property Your attorney will help you determine how that is done

Loans against Pension Plans

ndash Sometimes loans are taken against the pensions or thrift plans That information should be noted in the column for Amount Owed

ndash If you donrsquot know what to put down put as much information as you do know and leave the values blank Your attorney will help you complete the rest of the information

Debts owed to youIf someone owes either you or your spouse money list it here Put in the name and address of the person and if the debt is not yet owed but will be owed in the future put in the date it will be do The amount owed will generally be put under ldquofair market valuerdquo However if the debt is uncollectible you might be

listing it as ldquofair market valuerdquo $0

Debts owed to you (cont)ndash Sometimes this will be investments where you

have sold property and someone owes you for the property and is paying it off on a monthly basis Your attorney will help you determine the value in those situations

ndash Again do you want the debt paid to you or do you want it paid to you spouse will be your decision by placing H or W in the column as to who should get the debt

Sole proprietorships joint ventures partnerships

ndash List the business name and whether it is a corporation and who else may be involved in the ownership of the business and their percent of ownership Your attorney will help you fill out the rest of that portion of the form if you are unsure what to do This is the most difficult asset to determine itrsquos ldquofair market valuerdquo In many cases the value is nothing but in other cases the value may be significant Your attorney may also discuss with you the possibility of having the business professionally appraised in some circumstances

Claims or lawsuit against others

Put in all the information called for in the first column Your attorney will assist you in valuation after discussing this item with you The value of a lawsuit is not what your asking to collect Additionally there are certain laws that impact how to figure ldquomartialrdquo values in the case of workers compensation claims or other types of claims

Claims or lawsuit against others (cont)

ndash Also be sure to note on the form if you owe any support to another person This will affect the value of the claim and should be discussed with your attorney It may be a lien on what ever proceeds you ultimately get in the suit

Cash on handndash While most people think of this as the money you

have in your billfold do not forget the change jar money in the back yard refrigerator or where ever cash money is being kept Even if you canrsquot find it right away because your spouse has taken it list it here but note who has it The coin collection could be listed here or under ldquoother assetsrdquo in ldquoMrdquo below A coin collection may be worth more than the value of the coins

Household and Personal Goods

ndash Start on the pages 6789 attached for listing your personal property You will then total and go back to page 3

Page 6

Page 3

Household and Personal Goods

ndash The property in your possession generally furniture and household items list individually You can list general items such as Pots and Pans or ldquosheets and towelsrdquo as one item and value the total If you have a particular item or items that you want to make sure you have list it out If it is not on this list you cannot be sure you will get it

Household and Personal Goods (cont)

bull Valuing personal property is sometimes a tricky business Think of ldquogarage sale valuerdquo on your furniture Even though you paid $1500 for the couch last week you would be lucky to get $150 for it in a garage sale Most folks have a tendency to over inflate the value of their furniture

Household and Personal Goods (cont)

ndash You want to list both what you have and also what your spouse has These values will go into the overall value of the property division and may help you get your fair share of value in the marital estate If you are in doubt put it down on the list

Household and Personal Goods (cont)

ndash Some folks have heard itrsquos a good idea to value the property your spouse has high and the property you have low Try not to go there The Court has seen parties that inflate values Remember the Court could give you the inflated item ndash saying in effect if you think itrsquos worth that much then you get it

Other Assets

ndash Anything else that you have if you donrsquot know where to list it put it here

ndash This is a good place to put your pets Also remember ldquoFidordquo may be worth a lot to you but he may not be worth anything to someone else

Non-Marital propertyndash Definition of Non-marital Property

bull Everything you had coming into the marriagebull Gifts you personally have received from others or even

your spousebull Money or property you have received from inheritance

You will want to discuss with your attorney what to do about money that you have deposited in joint accounts with your spouse or money you have used to purchase other items for both you and your spouse

bull Money received from someonersquos life insurancebull Items you have that have replaced property you might

consider non-marital property

Non-Marital property (cont)

ndash Non-marital property is not used to value the division of marital property so try to list everything that is non-marital both for yourself and for your spouse

DebtsPlease be as accurate as possible on the debts that you owe Fill out all information requestedndash It is very helpful to list account numbers for credit cardsndash List if you are both obligated or just one of you on the debtndash You should also discuss with your attorney what happens on

a particular debt if you or your spouse doesnrsquot pay what he or she is supposed to pay

Final Thoughtndash Now you have completed your marital property

statement Drop it off at the attorneys office If you have followed these instructions you will have very few questions asked of you If you have not completed the form fully the attorney or his staff will be in touch as to getting additional information

ndash Remember the more information you can supply at the beginning will save you money in attorneyrsquos fees later

  • Dissolution Discovery
  • Overview
  • What is Discovery
  • What happens if you do not follow the rules
  • Sanctions
  • Avoid Sanctions
  • Marital Property Statement
  • A few principles when you complete your marital property statement
  • Property is divided equitably
  • Dissipated assets
  • You need to decide who has the property and who will get the property
  • You will need to designate if the property is marital or non-marital
  • Marital vs Non-marital
  • Marital vs Non-marital (cont)
  • Property can be non-marital but then turned into marital property
  • Complete each section of the marital property statement
  • Now wersquoll start to complete the Marital Property Statement
  • Real Estate
  • The legal description
  • The Legal Description (cont)
  • Fair Market Value
  • Amount Owed
  • Equity
  • Who should have the property
  • Possession
  • Motor Vehicles
  • Vehicle Identification Number
  • Fair Market Value
  • Amount owed
  • Equity
  • Who gets it and who has it
  • Bank Accounts
  • Bank Accounts (cont)
  • Bank Accounts (cont) Names
  • Fair Market Value and Equity
  • Slide 36
  • Slide 37
  • Who gets it and who has it
  • Securities
  • WholeUniversal Life Insurance
  • Face Amount and Beneficiaries
  • WholeUniversal Life Insurance (cont)
  • Value of the Policy
  • WholeUniversal Life (cont)
  • Slide 45
  • Term Life Insurance
  • Retirementpension or profit sharing
  • Retirementpension or profit sharing (cont)
  • Retirementpension or profit sharing (cont)
  • Loans against Pension Plans
  • Debts owed to you
  • Debts owed to you (cont)
  • Sole proprietorships joint ventures partnerships
  • Claims or lawsuit against others
  • Claims or lawsuit against others (cont)
  • Cash on hand
  • Household and Personal Goods
  • Slide 58
  • Household and Personal Goods (cont)
  • Slide 60
  • Slide 61
  • Other Assets
  • Non-Marital property
  • Non-Marital property (cont)
  • Debts
  • Final Thought
Page 37: Dissolution Discovery By the Law offices of Piedimonte and Associates, P.C. Suite 101 221 W. Lexington Independence, MO 64050 (816)836-8900.

Equityndash Equity is generally the balance Itrsquos the

same figure (Unless there is a loan against the account)

Who gets it and who has itndash To H W

bull who should get itbull put in H or W (husband or wife)

ndash Possrsquon H Wbull who has it

Securitiesbull List your stocks bonds and mutual funds here bull For fair market value put in the value on the

date you are completing the form and put the date next to the value As it will change this will help with when the stock or mutual fund was valued Sometimes you may not know the actual stocks but you will know the brokerage house and the account number Any information you have that would help locate or identify the account will help

WholeUniversal Life Insurancendash The name of the company that holds the policy and the policy

number are important This information is used to transfer the policy from one person to another Without the policy number you may not be able to have the policy put in your name alone if your spouse was also on the policy

ndash Having a copy of the policy is the best way to insure you are getting all of the correct information If you do not have a copy talk to your attorney about what you need to do to help complete this section of the marital property statement

Face Amount and Beneficiariesbull Put the face amount along with the other

information requested in the first column bull Beneficiaries of the policy should also be noted

in the first column It may be that your spouse is a beneficiary and that will have to be changed later

WholeUniversal Life Insurance (cont)

bull The Fair Market value is not the face Amount It is the cash valuemdashsometimes called the loan value

Value of the Policybull The Fair Market Value of whole life policies is

sometimes difficult to figure Most policies have a table in the policy itself that can be used to calculate value Your attorney can help you with this if you have a copy of the policy Otherwise you may have to write or call the company to determine the value

WholeUniversal Life (cont)bull It is equally important to determine if there is a loan

against the policy You would put the loan amount in the column for the Amount Owed and make a note to discuss that with your attorney

bull Again the difference between ldquofair market valuerdquo and ldquoloan amountrdquo is the ldquoequityrdquo

WholeUniversal Life (cont)

bull Who gets the policy Even if the insurance is on your spousersquo life you can be an owner of the policy and decide who will be the beneficiary

bull Possession of the policy is who has the physical policy

Term Life Insurancendash Most policies that are provided by your employer are term

policies That is to say you will not have the insurance once you stop working for your employer As such these policies do not have any ldquofair market valuerdquo Put in $0 for ldquofair market valuerdquo and $0 for ldquoequityrdquo Of course you still want to designate who gets the policy and who has the policies in the last 2 columns

ndash Sometimes however couples buy term insurance for a variety of reasons Again getting a copy of the policy and showing it to your attorney if you are in doubt will help you complete this section

Retirementpension or profit sharing

ndash Some pension plans will have values that you can determine from the reports that you get from the employer These accounts like 401Krsquos or thrift savings accounts will be relatively easy to determine the fair market value Simply put in the amount from the statement or report

Retirementpension or profit sharing (cont)

bull Other types of pension plans will not be as easy to determine the ldquofair market valuerdquo The pensions that report how much money you will receive ldquomonthlyrdquo at sometime in the future will need to be calculated for ldquofair market valuerdquo The ldquofair market valuerdquo is not just the monthly amount Your attorney will help you calculate the value and explain just what ldquopresent valuerdquo means to you Often these values are one of the largest assets in most marital estates

Retirementpension or profit sharing (cont)

bull Also remember you are listing your spouses retirement information Even if your spouse started work before you got married you may be entitled to list a portion of the pension as marital property Your attorney will help you determine how that is done

Loans against Pension Plans

ndash Sometimes loans are taken against the pensions or thrift plans That information should be noted in the column for Amount Owed

ndash If you donrsquot know what to put down put as much information as you do know and leave the values blank Your attorney will help you complete the rest of the information

Debts owed to youIf someone owes either you or your spouse money list it here Put in the name and address of the person and if the debt is not yet owed but will be owed in the future put in the date it will be do The amount owed will generally be put under ldquofair market valuerdquo However if the debt is uncollectible you might be

listing it as ldquofair market valuerdquo $0

Debts owed to you (cont)ndash Sometimes this will be investments where you

have sold property and someone owes you for the property and is paying it off on a monthly basis Your attorney will help you determine the value in those situations

ndash Again do you want the debt paid to you or do you want it paid to you spouse will be your decision by placing H or W in the column as to who should get the debt

Sole proprietorships joint ventures partnerships

ndash List the business name and whether it is a corporation and who else may be involved in the ownership of the business and their percent of ownership Your attorney will help you fill out the rest of that portion of the form if you are unsure what to do This is the most difficult asset to determine itrsquos ldquofair market valuerdquo In many cases the value is nothing but in other cases the value may be significant Your attorney may also discuss with you the possibility of having the business professionally appraised in some circumstances

Claims or lawsuit against others

Put in all the information called for in the first column Your attorney will assist you in valuation after discussing this item with you The value of a lawsuit is not what your asking to collect Additionally there are certain laws that impact how to figure ldquomartialrdquo values in the case of workers compensation claims or other types of claims

Claims or lawsuit against others (cont)

ndash Also be sure to note on the form if you owe any support to another person This will affect the value of the claim and should be discussed with your attorney It may be a lien on what ever proceeds you ultimately get in the suit

Cash on handndash While most people think of this as the money you

have in your billfold do not forget the change jar money in the back yard refrigerator or where ever cash money is being kept Even if you canrsquot find it right away because your spouse has taken it list it here but note who has it The coin collection could be listed here or under ldquoother assetsrdquo in ldquoMrdquo below A coin collection may be worth more than the value of the coins

Household and Personal Goods

ndash Start on the pages 6789 attached for listing your personal property You will then total and go back to page 3

Page 6

Page 3

Household and Personal Goods

ndash The property in your possession generally furniture and household items list individually You can list general items such as Pots and Pans or ldquosheets and towelsrdquo as one item and value the total If you have a particular item or items that you want to make sure you have list it out If it is not on this list you cannot be sure you will get it

Household and Personal Goods (cont)

bull Valuing personal property is sometimes a tricky business Think of ldquogarage sale valuerdquo on your furniture Even though you paid $1500 for the couch last week you would be lucky to get $150 for it in a garage sale Most folks have a tendency to over inflate the value of their furniture

Household and Personal Goods (cont)

ndash You want to list both what you have and also what your spouse has These values will go into the overall value of the property division and may help you get your fair share of value in the marital estate If you are in doubt put it down on the list

Household and Personal Goods (cont)

ndash Some folks have heard itrsquos a good idea to value the property your spouse has high and the property you have low Try not to go there The Court has seen parties that inflate values Remember the Court could give you the inflated item ndash saying in effect if you think itrsquos worth that much then you get it

Other Assets

ndash Anything else that you have if you donrsquot know where to list it put it here

ndash This is a good place to put your pets Also remember ldquoFidordquo may be worth a lot to you but he may not be worth anything to someone else

Non-Marital propertyndash Definition of Non-marital Property

bull Everything you had coming into the marriagebull Gifts you personally have received from others or even

your spousebull Money or property you have received from inheritance

You will want to discuss with your attorney what to do about money that you have deposited in joint accounts with your spouse or money you have used to purchase other items for both you and your spouse

bull Money received from someonersquos life insurancebull Items you have that have replaced property you might

consider non-marital property

Non-Marital property (cont)

ndash Non-marital property is not used to value the division of marital property so try to list everything that is non-marital both for yourself and for your spouse

DebtsPlease be as accurate as possible on the debts that you owe Fill out all information requestedndash It is very helpful to list account numbers for credit cardsndash List if you are both obligated or just one of you on the debtndash You should also discuss with your attorney what happens on

a particular debt if you or your spouse doesnrsquot pay what he or she is supposed to pay

Final Thoughtndash Now you have completed your marital property

statement Drop it off at the attorneys office If you have followed these instructions you will have very few questions asked of you If you have not completed the form fully the attorney or his staff will be in touch as to getting additional information

ndash Remember the more information you can supply at the beginning will save you money in attorneyrsquos fees later

  • Dissolution Discovery
  • Overview
  • What is Discovery
  • What happens if you do not follow the rules
  • Sanctions
  • Avoid Sanctions
  • Marital Property Statement
  • A few principles when you complete your marital property statement
  • Property is divided equitably
  • Dissipated assets
  • You need to decide who has the property and who will get the property
  • You will need to designate if the property is marital or non-marital
  • Marital vs Non-marital
  • Marital vs Non-marital (cont)
  • Property can be non-marital but then turned into marital property
  • Complete each section of the marital property statement
  • Now wersquoll start to complete the Marital Property Statement
  • Real Estate
  • The legal description
  • The Legal Description (cont)
  • Fair Market Value
  • Amount Owed
  • Equity
  • Who should have the property
  • Possession
  • Motor Vehicles
  • Vehicle Identification Number
  • Fair Market Value
  • Amount owed
  • Equity
  • Who gets it and who has it
  • Bank Accounts
  • Bank Accounts (cont)
  • Bank Accounts (cont) Names
  • Fair Market Value and Equity
  • Slide 36
  • Slide 37
  • Who gets it and who has it
  • Securities
  • WholeUniversal Life Insurance
  • Face Amount and Beneficiaries
  • WholeUniversal Life Insurance (cont)
  • Value of the Policy
  • WholeUniversal Life (cont)
  • Slide 45
  • Term Life Insurance
  • Retirementpension or profit sharing
  • Retirementpension or profit sharing (cont)
  • Retirementpension or profit sharing (cont)
  • Loans against Pension Plans
  • Debts owed to you
  • Debts owed to you (cont)
  • Sole proprietorships joint ventures partnerships
  • Claims or lawsuit against others
  • Claims or lawsuit against others (cont)
  • Cash on hand
  • Household and Personal Goods
  • Slide 58
  • Household and Personal Goods (cont)
  • Slide 60
  • Slide 61
  • Other Assets
  • Non-Marital property
  • Non-Marital property (cont)
  • Debts
  • Final Thought
Page 38: Dissolution Discovery By the Law offices of Piedimonte and Associates, P.C. Suite 101 221 W. Lexington Independence, MO 64050 (816)836-8900.

Who gets it and who has itndash To H W

bull who should get itbull put in H or W (husband or wife)

ndash Possrsquon H Wbull who has it

Securitiesbull List your stocks bonds and mutual funds here bull For fair market value put in the value on the

date you are completing the form and put the date next to the value As it will change this will help with when the stock or mutual fund was valued Sometimes you may not know the actual stocks but you will know the brokerage house and the account number Any information you have that would help locate or identify the account will help

WholeUniversal Life Insurancendash The name of the company that holds the policy and the policy

number are important This information is used to transfer the policy from one person to another Without the policy number you may not be able to have the policy put in your name alone if your spouse was also on the policy

ndash Having a copy of the policy is the best way to insure you are getting all of the correct information If you do not have a copy talk to your attorney about what you need to do to help complete this section of the marital property statement

Face Amount and Beneficiariesbull Put the face amount along with the other

information requested in the first column bull Beneficiaries of the policy should also be noted

in the first column It may be that your spouse is a beneficiary and that will have to be changed later

WholeUniversal Life Insurance (cont)

bull The Fair Market value is not the face Amount It is the cash valuemdashsometimes called the loan value

Value of the Policybull The Fair Market Value of whole life policies is

sometimes difficult to figure Most policies have a table in the policy itself that can be used to calculate value Your attorney can help you with this if you have a copy of the policy Otherwise you may have to write or call the company to determine the value

WholeUniversal Life (cont)bull It is equally important to determine if there is a loan

against the policy You would put the loan amount in the column for the Amount Owed and make a note to discuss that with your attorney

bull Again the difference between ldquofair market valuerdquo and ldquoloan amountrdquo is the ldquoequityrdquo

WholeUniversal Life (cont)

bull Who gets the policy Even if the insurance is on your spousersquo life you can be an owner of the policy and decide who will be the beneficiary

bull Possession of the policy is who has the physical policy

Term Life Insurancendash Most policies that are provided by your employer are term

policies That is to say you will not have the insurance once you stop working for your employer As such these policies do not have any ldquofair market valuerdquo Put in $0 for ldquofair market valuerdquo and $0 for ldquoequityrdquo Of course you still want to designate who gets the policy and who has the policies in the last 2 columns

ndash Sometimes however couples buy term insurance for a variety of reasons Again getting a copy of the policy and showing it to your attorney if you are in doubt will help you complete this section

Retirementpension or profit sharing

ndash Some pension plans will have values that you can determine from the reports that you get from the employer These accounts like 401Krsquos or thrift savings accounts will be relatively easy to determine the fair market value Simply put in the amount from the statement or report

Retirementpension or profit sharing (cont)

bull Other types of pension plans will not be as easy to determine the ldquofair market valuerdquo The pensions that report how much money you will receive ldquomonthlyrdquo at sometime in the future will need to be calculated for ldquofair market valuerdquo The ldquofair market valuerdquo is not just the monthly amount Your attorney will help you calculate the value and explain just what ldquopresent valuerdquo means to you Often these values are one of the largest assets in most marital estates

Retirementpension or profit sharing (cont)

bull Also remember you are listing your spouses retirement information Even if your spouse started work before you got married you may be entitled to list a portion of the pension as marital property Your attorney will help you determine how that is done

Loans against Pension Plans

ndash Sometimes loans are taken against the pensions or thrift plans That information should be noted in the column for Amount Owed

ndash If you donrsquot know what to put down put as much information as you do know and leave the values blank Your attorney will help you complete the rest of the information

Debts owed to youIf someone owes either you or your spouse money list it here Put in the name and address of the person and if the debt is not yet owed but will be owed in the future put in the date it will be do The amount owed will generally be put under ldquofair market valuerdquo However if the debt is uncollectible you might be

listing it as ldquofair market valuerdquo $0

Debts owed to you (cont)ndash Sometimes this will be investments where you

have sold property and someone owes you for the property and is paying it off on a monthly basis Your attorney will help you determine the value in those situations

ndash Again do you want the debt paid to you or do you want it paid to you spouse will be your decision by placing H or W in the column as to who should get the debt

Sole proprietorships joint ventures partnerships

ndash List the business name and whether it is a corporation and who else may be involved in the ownership of the business and their percent of ownership Your attorney will help you fill out the rest of that portion of the form if you are unsure what to do This is the most difficult asset to determine itrsquos ldquofair market valuerdquo In many cases the value is nothing but in other cases the value may be significant Your attorney may also discuss with you the possibility of having the business professionally appraised in some circumstances

Claims or lawsuit against others

Put in all the information called for in the first column Your attorney will assist you in valuation after discussing this item with you The value of a lawsuit is not what your asking to collect Additionally there are certain laws that impact how to figure ldquomartialrdquo values in the case of workers compensation claims or other types of claims

Claims or lawsuit against others (cont)

ndash Also be sure to note on the form if you owe any support to another person This will affect the value of the claim and should be discussed with your attorney It may be a lien on what ever proceeds you ultimately get in the suit

Cash on handndash While most people think of this as the money you

have in your billfold do not forget the change jar money in the back yard refrigerator or where ever cash money is being kept Even if you canrsquot find it right away because your spouse has taken it list it here but note who has it The coin collection could be listed here or under ldquoother assetsrdquo in ldquoMrdquo below A coin collection may be worth more than the value of the coins

Household and Personal Goods

ndash Start on the pages 6789 attached for listing your personal property You will then total and go back to page 3

Page 6

Page 3

Household and Personal Goods

ndash The property in your possession generally furniture and household items list individually You can list general items such as Pots and Pans or ldquosheets and towelsrdquo as one item and value the total If you have a particular item or items that you want to make sure you have list it out If it is not on this list you cannot be sure you will get it

Household and Personal Goods (cont)

bull Valuing personal property is sometimes a tricky business Think of ldquogarage sale valuerdquo on your furniture Even though you paid $1500 for the couch last week you would be lucky to get $150 for it in a garage sale Most folks have a tendency to over inflate the value of their furniture

Household and Personal Goods (cont)

ndash You want to list both what you have and also what your spouse has These values will go into the overall value of the property division and may help you get your fair share of value in the marital estate If you are in doubt put it down on the list

Household and Personal Goods (cont)

ndash Some folks have heard itrsquos a good idea to value the property your spouse has high and the property you have low Try not to go there The Court has seen parties that inflate values Remember the Court could give you the inflated item ndash saying in effect if you think itrsquos worth that much then you get it

Other Assets

ndash Anything else that you have if you donrsquot know where to list it put it here

ndash This is a good place to put your pets Also remember ldquoFidordquo may be worth a lot to you but he may not be worth anything to someone else

Non-Marital propertyndash Definition of Non-marital Property

bull Everything you had coming into the marriagebull Gifts you personally have received from others or even

your spousebull Money or property you have received from inheritance

You will want to discuss with your attorney what to do about money that you have deposited in joint accounts with your spouse or money you have used to purchase other items for both you and your spouse

bull Money received from someonersquos life insurancebull Items you have that have replaced property you might

consider non-marital property

Non-Marital property (cont)

ndash Non-marital property is not used to value the division of marital property so try to list everything that is non-marital both for yourself and for your spouse

DebtsPlease be as accurate as possible on the debts that you owe Fill out all information requestedndash It is very helpful to list account numbers for credit cardsndash List if you are both obligated or just one of you on the debtndash You should also discuss with your attorney what happens on

a particular debt if you or your spouse doesnrsquot pay what he or she is supposed to pay

Final Thoughtndash Now you have completed your marital property

statement Drop it off at the attorneys office If you have followed these instructions you will have very few questions asked of you If you have not completed the form fully the attorney or his staff will be in touch as to getting additional information

ndash Remember the more information you can supply at the beginning will save you money in attorneyrsquos fees later

  • Dissolution Discovery
  • Overview
  • What is Discovery
  • What happens if you do not follow the rules
  • Sanctions
  • Avoid Sanctions
  • Marital Property Statement
  • A few principles when you complete your marital property statement
  • Property is divided equitably
  • Dissipated assets
  • You need to decide who has the property and who will get the property
  • You will need to designate if the property is marital or non-marital
  • Marital vs Non-marital
  • Marital vs Non-marital (cont)
  • Property can be non-marital but then turned into marital property
  • Complete each section of the marital property statement
  • Now wersquoll start to complete the Marital Property Statement
  • Real Estate
  • The legal description
  • The Legal Description (cont)
  • Fair Market Value
  • Amount Owed
  • Equity
  • Who should have the property
  • Possession
  • Motor Vehicles
  • Vehicle Identification Number
  • Fair Market Value
  • Amount owed
  • Equity
  • Who gets it and who has it
  • Bank Accounts
  • Bank Accounts (cont)
  • Bank Accounts (cont) Names
  • Fair Market Value and Equity
  • Slide 36
  • Slide 37
  • Who gets it and who has it
  • Securities
  • WholeUniversal Life Insurance
  • Face Amount and Beneficiaries
  • WholeUniversal Life Insurance (cont)
  • Value of the Policy
  • WholeUniversal Life (cont)
  • Slide 45
  • Term Life Insurance
  • Retirementpension or profit sharing
  • Retirementpension or profit sharing (cont)
  • Retirementpension or profit sharing (cont)
  • Loans against Pension Plans
  • Debts owed to you
  • Debts owed to you (cont)
  • Sole proprietorships joint ventures partnerships
  • Claims or lawsuit against others
  • Claims or lawsuit against others (cont)
  • Cash on hand
  • Household and Personal Goods
  • Slide 58
  • Household and Personal Goods (cont)
  • Slide 60
  • Slide 61
  • Other Assets
  • Non-Marital property
  • Non-Marital property (cont)
  • Debts
  • Final Thought
Page 39: Dissolution Discovery By the Law offices of Piedimonte and Associates, P.C. Suite 101 221 W. Lexington Independence, MO 64050 (816)836-8900.

Securitiesbull List your stocks bonds and mutual funds here bull For fair market value put in the value on the

date you are completing the form and put the date next to the value As it will change this will help with when the stock or mutual fund was valued Sometimes you may not know the actual stocks but you will know the brokerage house and the account number Any information you have that would help locate or identify the account will help

WholeUniversal Life Insurancendash The name of the company that holds the policy and the policy

number are important This information is used to transfer the policy from one person to another Without the policy number you may not be able to have the policy put in your name alone if your spouse was also on the policy

ndash Having a copy of the policy is the best way to insure you are getting all of the correct information If you do not have a copy talk to your attorney about what you need to do to help complete this section of the marital property statement

Face Amount and Beneficiariesbull Put the face amount along with the other

information requested in the first column bull Beneficiaries of the policy should also be noted

in the first column It may be that your spouse is a beneficiary and that will have to be changed later

WholeUniversal Life Insurance (cont)

bull The Fair Market value is not the face Amount It is the cash valuemdashsometimes called the loan value

Value of the Policybull The Fair Market Value of whole life policies is

sometimes difficult to figure Most policies have a table in the policy itself that can be used to calculate value Your attorney can help you with this if you have a copy of the policy Otherwise you may have to write or call the company to determine the value

WholeUniversal Life (cont)bull It is equally important to determine if there is a loan

against the policy You would put the loan amount in the column for the Amount Owed and make a note to discuss that with your attorney

bull Again the difference between ldquofair market valuerdquo and ldquoloan amountrdquo is the ldquoequityrdquo

WholeUniversal Life (cont)

bull Who gets the policy Even if the insurance is on your spousersquo life you can be an owner of the policy and decide who will be the beneficiary

bull Possession of the policy is who has the physical policy

Term Life Insurancendash Most policies that are provided by your employer are term

policies That is to say you will not have the insurance once you stop working for your employer As such these policies do not have any ldquofair market valuerdquo Put in $0 for ldquofair market valuerdquo and $0 for ldquoequityrdquo Of course you still want to designate who gets the policy and who has the policies in the last 2 columns

ndash Sometimes however couples buy term insurance for a variety of reasons Again getting a copy of the policy and showing it to your attorney if you are in doubt will help you complete this section

Retirementpension or profit sharing

ndash Some pension plans will have values that you can determine from the reports that you get from the employer These accounts like 401Krsquos or thrift savings accounts will be relatively easy to determine the fair market value Simply put in the amount from the statement or report

Retirementpension or profit sharing (cont)

bull Other types of pension plans will not be as easy to determine the ldquofair market valuerdquo The pensions that report how much money you will receive ldquomonthlyrdquo at sometime in the future will need to be calculated for ldquofair market valuerdquo The ldquofair market valuerdquo is not just the monthly amount Your attorney will help you calculate the value and explain just what ldquopresent valuerdquo means to you Often these values are one of the largest assets in most marital estates

Retirementpension or profit sharing (cont)

bull Also remember you are listing your spouses retirement information Even if your spouse started work before you got married you may be entitled to list a portion of the pension as marital property Your attorney will help you determine how that is done

Loans against Pension Plans

ndash Sometimes loans are taken against the pensions or thrift plans That information should be noted in the column for Amount Owed

ndash If you donrsquot know what to put down put as much information as you do know and leave the values blank Your attorney will help you complete the rest of the information

Debts owed to youIf someone owes either you or your spouse money list it here Put in the name and address of the person and if the debt is not yet owed but will be owed in the future put in the date it will be do The amount owed will generally be put under ldquofair market valuerdquo However if the debt is uncollectible you might be

listing it as ldquofair market valuerdquo $0

Debts owed to you (cont)ndash Sometimes this will be investments where you

have sold property and someone owes you for the property and is paying it off on a monthly basis Your attorney will help you determine the value in those situations

ndash Again do you want the debt paid to you or do you want it paid to you spouse will be your decision by placing H or W in the column as to who should get the debt

Sole proprietorships joint ventures partnerships

ndash List the business name and whether it is a corporation and who else may be involved in the ownership of the business and their percent of ownership Your attorney will help you fill out the rest of that portion of the form if you are unsure what to do This is the most difficult asset to determine itrsquos ldquofair market valuerdquo In many cases the value is nothing but in other cases the value may be significant Your attorney may also discuss with you the possibility of having the business professionally appraised in some circumstances

Claims or lawsuit against others

Put in all the information called for in the first column Your attorney will assist you in valuation after discussing this item with you The value of a lawsuit is not what your asking to collect Additionally there are certain laws that impact how to figure ldquomartialrdquo values in the case of workers compensation claims or other types of claims

Claims or lawsuit against others (cont)

ndash Also be sure to note on the form if you owe any support to another person This will affect the value of the claim and should be discussed with your attorney It may be a lien on what ever proceeds you ultimately get in the suit

Cash on handndash While most people think of this as the money you

have in your billfold do not forget the change jar money in the back yard refrigerator or where ever cash money is being kept Even if you canrsquot find it right away because your spouse has taken it list it here but note who has it The coin collection could be listed here or under ldquoother assetsrdquo in ldquoMrdquo below A coin collection may be worth more than the value of the coins

Household and Personal Goods

ndash Start on the pages 6789 attached for listing your personal property You will then total and go back to page 3

Page 6

Page 3

Household and Personal Goods

ndash The property in your possession generally furniture and household items list individually You can list general items such as Pots and Pans or ldquosheets and towelsrdquo as one item and value the total If you have a particular item or items that you want to make sure you have list it out If it is not on this list you cannot be sure you will get it

Household and Personal Goods (cont)

bull Valuing personal property is sometimes a tricky business Think of ldquogarage sale valuerdquo on your furniture Even though you paid $1500 for the couch last week you would be lucky to get $150 for it in a garage sale Most folks have a tendency to over inflate the value of their furniture

Household and Personal Goods (cont)

ndash You want to list both what you have and also what your spouse has These values will go into the overall value of the property division and may help you get your fair share of value in the marital estate If you are in doubt put it down on the list

Household and Personal Goods (cont)

ndash Some folks have heard itrsquos a good idea to value the property your spouse has high and the property you have low Try not to go there The Court has seen parties that inflate values Remember the Court could give you the inflated item ndash saying in effect if you think itrsquos worth that much then you get it

Other Assets

ndash Anything else that you have if you donrsquot know where to list it put it here

ndash This is a good place to put your pets Also remember ldquoFidordquo may be worth a lot to you but he may not be worth anything to someone else

Non-Marital propertyndash Definition of Non-marital Property

bull Everything you had coming into the marriagebull Gifts you personally have received from others or even

your spousebull Money or property you have received from inheritance

You will want to discuss with your attorney what to do about money that you have deposited in joint accounts with your spouse or money you have used to purchase other items for both you and your spouse

bull Money received from someonersquos life insurancebull Items you have that have replaced property you might

consider non-marital property

Non-Marital property (cont)

ndash Non-marital property is not used to value the division of marital property so try to list everything that is non-marital both for yourself and for your spouse

DebtsPlease be as accurate as possible on the debts that you owe Fill out all information requestedndash It is very helpful to list account numbers for credit cardsndash List if you are both obligated or just one of you on the debtndash You should also discuss with your attorney what happens on

a particular debt if you or your spouse doesnrsquot pay what he or she is supposed to pay

Final Thoughtndash Now you have completed your marital property

statement Drop it off at the attorneys office If you have followed these instructions you will have very few questions asked of you If you have not completed the form fully the attorney or his staff will be in touch as to getting additional information

ndash Remember the more information you can supply at the beginning will save you money in attorneyrsquos fees later

  • Dissolution Discovery
  • Overview
  • What is Discovery
  • What happens if you do not follow the rules
  • Sanctions
  • Avoid Sanctions
  • Marital Property Statement
  • A few principles when you complete your marital property statement
  • Property is divided equitably
  • Dissipated assets
  • You need to decide who has the property and who will get the property
  • You will need to designate if the property is marital or non-marital
  • Marital vs Non-marital
  • Marital vs Non-marital (cont)
  • Property can be non-marital but then turned into marital property
  • Complete each section of the marital property statement
  • Now wersquoll start to complete the Marital Property Statement
  • Real Estate
  • The legal description
  • The Legal Description (cont)
  • Fair Market Value
  • Amount Owed
  • Equity
  • Who should have the property
  • Possession
  • Motor Vehicles
  • Vehicle Identification Number
  • Fair Market Value
  • Amount owed
  • Equity
  • Who gets it and who has it
  • Bank Accounts
  • Bank Accounts (cont)
  • Bank Accounts (cont) Names
  • Fair Market Value and Equity
  • Slide 36
  • Slide 37
  • Who gets it and who has it
  • Securities
  • WholeUniversal Life Insurance
  • Face Amount and Beneficiaries
  • WholeUniversal Life Insurance (cont)
  • Value of the Policy
  • WholeUniversal Life (cont)
  • Slide 45
  • Term Life Insurance
  • Retirementpension or profit sharing
  • Retirementpension or profit sharing (cont)
  • Retirementpension or profit sharing (cont)
  • Loans against Pension Plans
  • Debts owed to you
  • Debts owed to you (cont)
  • Sole proprietorships joint ventures partnerships
  • Claims or lawsuit against others
  • Claims or lawsuit against others (cont)
  • Cash on hand
  • Household and Personal Goods
  • Slide 58
  • Household and Personal Goods (cont)
  • Slide 60
  • Slide 61
  • Other Assets
  • Non-Marital property
  • Non-Marital property (cont)
  • Debts
  • Final Thought
Page 40: Dissolution Discovery By the Law offices of Piedimonte and Associates, P.C. Suite 101 221 W. Lexington Independence, MO 64050 (816)836-8900.

WholeUniversal Life Insurancendash The name of the company that holds the policy and the policy

number are important This information is used to transfer the policy from one person to another Without the policy number you may not be able to have the policy put in your name alone if your spouse was also on the policy

ndash Having a copy of the policy is the best way to insure you are getting all of the correct information If you do not have a copy talk to your attorney about what you need to do to help complete this section of the marital property statement

Face Amount and Beneficiariesbull Put the face amount along with the other

information requested in the first column bull Beneficiaries of the policy should also be noted

in the first column It may be that your spouse is a beneficiary and that will have to be changed later

WholeUniversal Life Insurance (cont)

bull The Fair Market value is not the face Amount It is the cash valuemdashsometimes called the loan value

Value of the Policybull The Fair Market Value of whole life policies is

sometimes difficult to figure Most policies have a table in the policy itself that can be used to calculate value Your attorney can help you with this if you have a copy of the policy Otherwise you may have to write or call the company to determine the value

WholeUniversal Life (cont)bull It is equally important to determine if there is a loan

against the policy You would put the loan amount in the column for the Amount Owed and make a note to discuss that with your attorney

bull Again the difference between ldquofair market valuerdquo and ldquoloan amountrdquo is the ldquoequityrdquo

WholeUniversal Life (cont)

bull Who gets the policy Even if the insurance is on your spousersquo life you can be an owner of the policy and decide who will be the beneficiary

bull Possession of the policy is who has the physical policy

Term Life Insurancendash Most policies that are provided by your employer are term

policies That is to say you will not have the insurance once you stop working for your employer As such these policies do not have any ldquofair market valuerdquo Put in $0 for ldquofair market valuerdquo and $0 for ldquoequityrdquo Of course you still want to designate who gets the policy and who has the policies in the last 2 columns

ndash Sometimes however couples buy term insurance for a variety of reasons Again getting a copy of the policy and showing it to your attorney if you are in doubt will help you complete this section

Retirementpension or profit sharing

ndash Some pension plans will have values that you can determine from the reports that you get from the employer These accounts like 401Krsquos or thrift savings accounts will be relatively easy to determine the fair market value Simply put in the amount from the statement or report

Retirementpension or profit sharing (cont)

bull Other types of pension plans will not be as easy to determine the ldquofair market valuerdquo The pensions that report how much money you will receive ldquomonthlyrdquo at sometime in the future will need to be calculated for ldquofair market valuerdquo The ldquofair market valuerdquo is not just the monthly amount Your attorney will help you calculate the value and explain just what ldquopresent valuerdquo means to you Often these values are one of the largest assets in most marital estates

Retirementpension or profit sharing (cont)

bull Also remember you are listing your spouses retirement information Even if your spouse started work before you got married you may be entitled to list a portion of the pension as marital property Your attorney will help you determine how that is done

Loans against Pension Plans

ndash Sometimes loans are taken against the pensions or thrift plans That information should be noted in the column for Amount Owed

ndash If you donrsquot know what to put down put as much information as you do know and leave the values blank Your attorney will help you complete the rest of the information

Debts owed to youIf someone owes either you or your spouse money list it here Put in the name and address of the person and if the debt is not yet owed but will be owed in the future put in the date it will be do The amount owed will generally be put under ldquofair market valuerdquo However if the debt is uncollectible you might be

listing it as ldquofair market valuerdquo $0

Debts owed to you (cont)ndash Sometimes this will be investments where you

have sold property and someone owes you for the property and is paying it off on a monthly basis Your attorney will help you determine the value in those situations

ndash Again do you want the debt paid to you or do you want it paid to you spouse will be your decision by placing H or W in the column as to who should get the debt

Sole proprietorships joint ventures partnerships

ndash List the business name and whether it is a corporation and who else may be involved in the ownership of the business and their percent of ownership Your attorney will help you fill out the rest of that portion of the form if you are unsure what to do This is the most difficult asset to determine itrsquos ldquofair market valuerdquo In many cases the value is nothing but in other cases the value may be significant Your attorney may also discuss with you the possibility of having the business professionally appraised in some circumstances

Claims or lawsuit against others

Put in all the information called for in the first column Your attorney will assist you in valuation after discussing this item with you The value of a lawsuit is not what your asking to collect Additionally there are certain laws that impact how to figure ldquomartialrdquo values in the case of workers compensation claims or other types of claims

Claims or lawsuit against others (cont)

ndash Also be sure to note on the form if you owe any support to another person This will affect the value of the claim and should be discussed with your attorney It may be a lien on what ever proceeds you ultimately get in the suit

Cash on handndash While most people think of this as the money you

have in your billfold do not forget the change jar money in the back yard refrigerator or where ever cash money is being kept Even if you canrsquot find it right away because your spouse has taken it list it here but note who has it The coin collection could be listed here or under ldquoother assetsrdquo in ldquoMrdquo below A coin collection may be worth more than the value of the coins

Household and Personal Goods

ndash Start on the pages 6789 attached for listing your personal property You will then total and go back to page 3

Page 6

Page 3

Household and Personal Goods

ndash The property in your possession generally furniture and household items list individually You can list general items such as Pots and Pans or ldquosheets and towelsrdquo as one item and value the total If you have a particular item or items that you want to make sure you have list it out If it is not on this list you cannot be sure you will get it

Household and Personal Goods (cont)

bull Valuing personal property is sometimes a tricky business Think of ldquogarage sale valuerdquo on your furniture Even though you paid $1500 for the couch last week you would be lucky to get $150 for it in a garage sale Most folks have a tendency to over inflate the value of their furniture

Household and Personal Goods (cont)

ndash You want to list both what you have and also what your spouse has These values will go into the overall value of the property division and may help you get your fair share of value in the marital estate If you are in doubt put it down on the list

Household and Personal Goods (cont)

ndash Some folks have heard itrsquos a good idea to value the property your spouse has high and the property you have low Try not to go there The Court has seen parties that inflate values Remember the Court could give you the inflated item ndash saying in effect if you think itrsquos worth that much then you get it

Other Assets

ndash Anything else that you have if you donrsquot know where to list it put it here

ndash This is a good place to put your pets Also remember ldquoFidordquo may be worth a lot to you but he may not be worth anything to someone else

Non-Marital propertyndash Definition of Non-marital Property

bull Everything you had coming into the marriagebull Gifts you personally have received from others or even

your spousebull Money or property you have received from inheritance

You will want to discuss with your attorney what to do about money that you have deposited in joint accounts with your spouse or money you have used to purchase other items for both you and your spouse

bull Money received from someonersquos life insurancebull Items you have that have replaced property you might

consider non-marital property

Non-Marital property (cont)

ndash Non-marital property is not used to value the division of marital property so try to list everything that is non-marital both for yourself and for your spouse

DebtsPlease be as accurate as possible on the debts that you owe Fill out all information requestedndash It is very helpful to list account numbers for credit cardsndash List if you are both obligated or just one of you on the debtndash You should also discuss with your attorney what happens on

a particular debt if you or your spouse doesnrsquot pay what he or she is supposed to pay

Final Thoughtndash Now you have completed your marital property

statement Drop it off at the attorneys office If you have followed these instructions you will have very few questions asked of you If you have not completed the form fully the attorney or his staff will be in touch as to getting additional information

ndash Remember the more information you can supply at the beginning will save you money in attorneyrsquos fees later

  • Dissolution Discovery
  • Overview
  • What is Discovery
  • What happens if you do not follow the rules
  • Sanctions
  • Avoid Sanctions
  • Marital Property Statement
  • A few principles when you complete your marital property statement
  • Property is divided equitably
  • Dissipated assets
  • You need to decide who has the property and who will get the property
  • You will need to designate if the property is marital or non-marital
  • Marital vs Non-marital
  • Marital vs Non-marital (cont)
  • Property can be non-marital but then turned into marital property
  • Complete each section of the marital property statement
  • Now wersquoll start to complete the Marital Property Statement
  • Real Estate
  • The legal description
  • The Legal Description (cont)
  • Fair Market Value
  • Amount Owed
  • Equity
  • Who should have the property
  • Possession
  • Motor Vehicles
  • Vehicle Identification Number
  • Fair Market Value
  • Amount owed
  • Equity
  • Who gets it and who has it
  • Bank Accounts
  • Bank Accounts (cont)
  • Bank Accounts (cont) Names
  • Fair Market Value and Equity
  • Slide 36
  • Slide 37
  • Who gets it and who has it
  • Securities
  • WholeUniversal Life Insurance
  • Face Amount and Beneficiaries
  • WholeUniversal Life Insurance (cont)
  • Value of the Policy
  • WholeUniversal Life (cont)
  • Slide 45
  • Term Life Insurance
  • Retirementpension or profit sharing
  • Retirementpension or profit sharing (cont)
  • Retirementpension or profit sharing (cont)
  • Loans against Pension Plans
  • Debts owed to you
  • Debts owed to you (cont)
  • Sole proprietorships joint ventures partnerships
  • Claims or lawsuit against others
  • Claims or lawsuit against others (cont)
  • Cash on hand
  • Household and Personal Goods
  • Slide 58
  • Household and Personal Goods (cont)
  • Slide 60
  • Slide 61
  • Other Assets
  • Non-Marital property
  • Non-Marital property (cont)
  • Debts
  • Final Thought
Page 41: Dissolution Discovery By the Law offices of Piedimonte and Associates, P.C. Suite 101 221 W. Lexington Independence, MO 64050 (816)836-8900.

Face Amount and Beneficiariesbull Put the face amount along with the other

information requested in the first column bull Beneficiaries of the policy should also be noted

in the first column It may be that your spouse is a beneficiary and that will have to be changed later

WholeUniversal Life Insurance (cont)

bull The Fair Market value is not the face Amount It is the cash valuemdashsometimes called the loan value

Value of the Policybull The Fair Market Value of whole life policies is

sometimes difficult to figure Most policies have a table in the policy itself that can be used to calculate value Your attorney can help you with this if you have a copy of the policy Otherwise you may have to write or call the company to determine the value

WholeUniversal Life (cont)bull It is equally important to determine if there is a loan

against the policy You would put the loan amount in the column for the Amount Owed and make a note to discuss that with your attorney

bull Again the difference between ldquofair market valuerdquo and ldquoloan amountrdquo is the ldquoequityrdquo

WholeUniversal Life (cont)

bull Who gets the policy Even if the insurance is on your spousersquo life you can be an owner of the policy and decide who will be the beneficiary

bull Possession of the policy is who has the physical policy

Term Life Insurancendash Most policies that are provided by your employer are term

policies That is to say you will not have the insurance once you stop working for your employer As such these policies do not have any ldquofair market valuerdquo Put in $0 for ldquofair market valuerdquo and $0 for ldquoequityrdquo Of course you still want to designate who gets the policy and who has the policies in the last 2 columns

ndash Sometimes however couples buy term insurance for a variety of reasons Again getting a copy of the policy and showing it to your attorney if you are in doubt will help you complete this section

Retirementpension or profit sharing

ndash Some pension plans will have values that you can determine from the reports that you get from the employer These accounts like 401Krsquos or thrift savings accounts will be relatively easy to determine the fair market value Simply put in the amount from the statement or report

Retirementpension or profit sharing (cont)

bull Other types of pension plans will not be as easy to determine the ldquofair market valuerdquo The pensions that report how much money you will receive ldquomonthlyrdquo at sometime in the future will need to be calculated for ldquofair market valuerdquo The ldquofair market valuerdquo is not just the monthly amount Your attorney will help you calculate the value and explain just what ldquopresent valuerdquo means to you Often these values are one of the largest assets in most marital estates

Retirementpension or profit sharing (cont)

bull Also remember you are listing your spouses retirement information Even if your spouse started work before you got married you may be entitled to list a portion of the pension as marital property Your attorney will help you determine how that is done

Loans against Pension Plans

ndash Sometimes loans are taken against the pensions or thrift plans That information should be noted in the column for Amount Owed

ndash If you donrsquot know what to put down put as much information as you do know and leave the values blank Your attorney will help you complete the rest of the information

Debts owed to youIf someone owes either you or your spouse money list it here Put in the name and address of the person and if the debt is not yet owed but will be owed in the future put in the date it will be do The amount owed will generally be put under ldquofair market valuerdquo However if the debt is uncollectible you might be

listing it as ldquofair market valuerdquo $0

Debts owed to you (cont)ndash Sometimes this will be investments where you

have sold property and someone owes you for the property and is paying it off on a monthly basis Your attorney will help you determine the value in those situations

ndash Again do you want the debt paid to you or do you want it paid to you spouse will be your decision by placing H or W in the column as to who should get the debt

Sole proprietorships joint ventures partnerships

ndash List the business name and whether it is a corporation and who else may be involved in the ownership of the business and their percent of ownership Your attorney will help you fill out the rest of that portion of the form if you are unsure what to do This is the most difficult asset to determine itrsquos ldquofair market valuerdquo In many cases the value is nothing but in other cases the value may be significant Your attorney may also discuss with you the possibility of having the business professionally appraised in some circumstances

Claims or lawsuit against others

Put in all the information called for in the first column Your attorney will assist you in valuation after discussing this item with you The value of a lawsuit is not what your asking to collect Additionally there are certain laws that impact how to figure ldquomartialrdquo values in the case of workers compensation claims or other types of claims

Claims or lawsuit against others (cont)

ndash Also be sure to note on the form if you owe any support to another person This will affect the value of the claim and should be discussed with your attorney It may be a lien on what ever proceeds you ultimately get in the suit

Cash on handndash While most people think of this as the money you

have in your billfold do not forget the change jar money in the back yard refrigerator or where ever cash money is being kept Even if you canrsquot find it right away because your spouse has taken it list it here but note who has it The coin collection could be listed here or under ldquoother assetsrdquo in ldquoMrdquo below A coin collection may be worth more than the value of the coins

Household and Personal Goods

ndash Start on the pages 6789 attached for listing your personal property You will then total and go back to page 3

Page 6

Page 3

Household and Personal Goods

ndash The property in your possession generally furniture and household items list individually You can list general items such as Pots and Pans or ldquosheets and towelsrdquo as one item and value the total If you have a particular item or items that you want to make sure you have list it out If it is not on this list you cannot be sure you will get it

Household and Personal Goods (cont)

bull Valuing personal property is sometimes a tricky business Think of ldquogarage sale valuerdquo on your furniture Even though you paid $1500 for the couch last week you would be lucky to get $150 for it in a garage sale Most folks have a tendency to over inflate the value of their furniture

Household and Personal Goods (cont)

ndash You want to list both what you have and also what your spouse has These values will go into the overall value of the property division and may help you get your fair share of value in the marital estate If you are in doubt put it down on the list

Household and Personal Goods (cont)

ndash Some folks have heard itrsquos a good idea to value the property your spouse has high and the property you have low Try not to go there The Court has seen parties that inflate values Remember the Court could give you the inflated item ndash saying in effect if you think itrsquos worth that much then you get it

Other Assets

ndash Anything else that you have if you donrsquot know where to list it put it here

ndash This is a good place to put your pets Also remember ldquoFidordquo may be worth a lot to you but he may not be worth anything to someone else

Non-Marital propertyndash Definition of Non-marital Property

bull Everything you had coming into the marriagebull Gifts you personally have received from others or even

your spousebull Money or property you have received from inheritance

You will want to discuss with your attorney what to do about money that you have deposited in joint accounts with your spouse or money you have used to purchase other items for both you and your spouse

bull Money received from someonersquos life insurancebull Items you have that have replaced property you might

consider non-marital property

Non-Marital property (cont)

ndash Non-marital property is not used to value the division of marital property so try to list everything that is non-marital both for yourself and for your spouse

DebtsPlease be as accurate as possible on the debts that you owe Fill out all information requestedndash It is very helpful to list account numbers for credit cardsndash List if you are both obligated or just one of you on the debtndash You should also discuss with your attorney what happens on

a particular debt if you or your spouse doesnrsquot pay what he or she is supposed to pay

Final Thoughtndash Now you have completed your marital property

statement Drop it off at the attorneys office If you have followed these instructions you will have very few questions asked of you If you have not completed the form fully the attorney or his staff will be in touch as to getting additional information

ndash Remember the more information you can supply at the beginning will save you money in attorneyrsquos fees later

  • Dissolution Discovery
  • Overview
  • What is Discovery
  • What happens if you do not follow the rules
  • Sanctions
  • Avoid Sanctions
  • Marital Property Statement
  • A few principles when you complete your marital property statement
  • Property is divided equitably
  • Dissipated assets
  • You need to decide who has the property and who will get the property
  • You will need to designate if the property is marital or non-marital
  • Marital vs Non-marital
  • Marital vs Non-marital (cont)
  • Property can be non-marital but then turned into marital property
  • Complete each section of the marital property statement
  • Now wersquoll start to complete the Marital Property Statement
  • Real Estate
  • The legal description
  • The Legal Description (cont)
  • Fair Market Value
  • Amount Owed
  • Equity
  • Who should have the property
  • Possession
  • Motor Vehicles
  • Vehicle Identification Number
  • Fair Market Value
  • Amount owed
  • Equity
  • Who gets it and who has it
  • Bank Accounts
  • Bank Accounts (cont)
  • Bank Accounts (cont) Names
  • Fair Market Value and Equity
  • Slide 36
  • Slide 37
  • Who gets it and who has it
  • Securities
  • WholeUniversal Life Insurance
  • Face Amount and Beneficiaries
  • WholeUniversal Life Insurance (cont)
  • Value of the Policy
  • WholeUniversal Life (cont)
  • Slide 45
  • Term Life Insurance
  • Retirementpension or profit sharing
  • Retirementpension or profit sharing (cont)
  • Retirementpension or profit sharing (cont)
  • Loans against Pension Plans
  • Debts owed to you
  • Debts owed to you (cont)
  • Sole proprietorships joint ventures partnerships
  • Claims or lawsuit against others
  • Claims or lawsuit against others (cont)
  • Cash on hand
  • Household and Personal Goods
  • Slide 58
  • Household and Personal Goods (cont)
  • Slide 60
  • Slide 61
  • Other Assets
  • Non-Marital property
  • Non-Marital property (cont)
  • Debts
  • Final Thought
Page 42: Dissolution Discovery By the Law offices of Piedimonte and Associates, P.C. Suite 101 221 W. Lexington Independence, MO 64050 (816)836-8900.

WholeUniversal Life Insurance (cont)

bull The Fair Market value is not the face Amount It is the cash valuemdashsometimes called the loan value

Value of the Policybull The Fair Market Value of whole life policies is

sometimes difficult to figure Most policies have a table in the policy itself that can be used to calculate value Your attorney can help you with this if you have a copy of the policy Otherwise you may have to write or call the company to determine the value

WholeUniversal Life (cont)bull It is equally important to determine if there is a loan

against the policy You would put the loan amount in the column for the Amount Owed and make a note to discuss that with your attorney

bull Again the difference between ldquofair market valuerdquo and ldquoloan amountrdquo is the ldquoequityrdquo

WholeUniversal Life (cont)

bull Who gets the policy Even if the insurance is on your spousersquo life you can be an owner of the policy and decide who will be the beneficiary

bull Possession of the policy is who has the physical policy

Term Life Insurancendash Most policies that are provided by your employer are term

policies That is to say you will not have the insurance once you stop working for your employer As such these policies do not have any ldquofair market valuerdquo Put in $0 for ldquofair market valuerdquo and $0 for ldquoequityrdquo Of course you still want to designate who gets the policy and who has the policies in the last 2 columns

ndash Sometimes however couples buy term insurance for a variety of reasons Again getting a copy of the policy and showing it to your attorney if you are in doubt will help you complete this section

Retirementpension or profit sharing

ndash Some pension plans will have values that you can determine from the reports that you get from the employer These accounts like 401Krsquos or thrift savings accounts will be relatively easy to determine the fair market value Simply put in the amount from the statement or report

Retirementpension or profit sharing (cont)

bull Other types of pension plans will not be as easy to determine the ldquofair market valuerdquo The pensions that report how much money you will receive ldquomonthlyrdquo at sometime in the future will need to be calculated for ldquofair market valuerdquo The ldquofair market valuerdquo is not just the monthly amount Your attorney will help you calculate the value and explain just what ldquopresent valuerdquo means to you Often these values are one of the largest assets in most marital estates

Retirementpension or profit sharing (cont)

bull Also remember you are listing your spouses retirement information Even if your spouse started work before you got married you may be entitled to list a portion of the pension as marital property Your attorney will help you determine how that is done

Loans against Pension Plans

ndash Sometimes loans are taken against the pensions or thrift plans That information should be noted in the column for Amount Owed

ndash If you donrsquot know what to put down put as much information as you do know and leave the values blank Your attorney will help you complete the rest of the information

Debts owed to youIf someone owes either you or your spouse money list it here Put in the name and address of the person and if the debt is not yet owed but will be owed in the future put in the date it will be do The amount owed will generally be put under ldquofair market valuerdquo However if the debt is uncollectible you might be

listing it as ldquofair market valuerdquo $0

Debts owed to you (cont)ndash Sometimes this will be investments where you

have sold property and someone owes you for the property and is paying it off on a monthly basis Your attorney will help you determine the value in those situations

ndash Again do you want the debt paid to you or do you want it paid to you spouse will be your decision by placing H or W in the column as to who should get the debt

Sole proprietorships joint ventures partnerships

ndash List the business name and whether it is a corporation and who else may be involved in the ownership of the business and their percent of ownership Your attorney will help you fill out the rest of that portion of the form if you are unsure what to do This is the most difficult asset to determine itrsquos ldquofair market valuerdquo In many cases the value is nothing but in other cases the value may be significant Your attorney may also discuss with you the possibility of having the business professionally appraised in some circumstances

Claims or lawsuit against others

Put in all the information called for in the first column Your attorney will assist you in valuation after discussing this item with you The value of a lawsuit is not what your asking to collect Additionally there are certain laws that impact how to figure ldquomartialrdquo values in the case of workers compensation claims or other types of claims

Claims or lawsuit against others (cont)

ndash Also be sure to note on the form if you owe any support to another person This will affect the value of the claim and should be discussed with your attorney It may be a lien on what ever proceeds you ultimately get in the suit

Cash on handndash While most people think of this as the money you

have in your billfold do not forget the change jar money in the back yard refrigerator or where ever cash money is being kept Even if you canrsquot find it right away because your spouse has taken it list it here but note who has it The coin collection could be listed here or under ldquoother assetsrdquo in ldquoMrdquo below A coin collection may be worth more than the value of the coins

Household and Personal Goods

ndash Start on the pages 6789 attached for listing your personal property You will then total and go back to page 3

Page 6

Page 3

Household and Personal Goods

ndash The property in your possession generally furniture and household items list individually You can list general items such as Pots and Pans or ldquosheets and towelsrdquo as one item and value the total If you have a particular item or items that you want to make sure you have list it out If it is not on this list you cannot be sure you will get it

Household and Personal Goods (cont)

bull Valuing personal property is sometimes a tricky business Think of ldquogarage sale valuerdquo on your furniture Even though you paid $1500 for the couch last week you would be lucky to get $150 for it in a garage sale Most folks have a tendency to over inflate the value of their furniture

Household and Personal Goods (cont)

ndash You want to list both what you have and also what your spouse has These values will go into the overall value of the property division and may help you get your fair share of value in the marital estate If you are in doubt put it down on the list

Household and Personal Goods (cont)

ndash Some folks have heard itrsquos a good idea to value the property your spouse has high and the property you have low Try not to go there The Court has seen parties that inflate values Remember the Court could give you the inflated item ndash saying in effect if you think itrsquos worth that much then you get it

Other Assets

ndash Anything else that you have if you donrsquot know where to list it put it here

ndash This is a good place to put your pets Also remember ldquoFidordquo may be worth a lot to you but he may not be worth anything to someone else

Non-Marital propertyndash Definition of Non-marital Property

bull Everything you had coming into the marriagebull Gifts you personally have received from others or even

your spousebull Money or property you have received from inheritance

You will want to discuss with your attorney what to do about money that you have deposited in joint accounts with your spouse or money you have used to purchase other items for both you and your spouse

bull Money received from someonersquos life insurancebull Items you have that have replaced property you might

consider non-marital property

Non-Marital property (cont)

ndash Non-marital property is not used to value the division of marital property so try to list everything that is non-marital both for yourself and for your spouse

DebtsPlease be as accurate as possible on the debts that you owe Fill out all information requestedndash It is very helpful to list account numbers for credit cardsndash List if you are both obligated or just one of you on the debtndash You should also discuss with your attorney what happens on

a particular debt if you or your spouse doesnrsquot pay what he or she is supposed to pay

Final Thoughtndash Now you have completed your marital property

statement Drop it off at the attorneys office If you have followed these instructions you will have very few questions asked of you If you have not completed the form fully the attorney or his staff will be in touch as to getting additional information

ndash Remember the more information you can supply at the beginning will save you money in attorneyrsquos fees later

  • Dissolution Discovery
  • Overview
  • What is Discovery
  • What happens if you do not follow the rules
  • Sanctions
  • Avoid Sanctions
  • Marital Property Statement
  • A few principles when you complete your marital property statement
  • Property is divided equitably
  • Dissipated assets
  • You need to decide who has the property and who will get the property
  • You will need to designate if the property is marital or non-marital
  • Marital vs Non-marital
  • Marital vs Non-marital (cont)
  • Property can be non-marital but then turned into marital property
  • Complete each section of the marital property statement
  • Now wersquoll start to complete the Marital Property Statement
  • Real Estate
  • The legal description
  • The Legal Description (cont)
  • Fair Market Value
  • Amount Owed
  • Equity
  • Who should have the property
  • Possession
  • Motor Vehicles
  • Vehicle Identification Number
  • Fair Market Value
  • Amount owed
  • Equity
  • Who gets it and who has it
  • Bank Accounts
  • Bank Accounts (cont)
  • Bank Accounts (cont) Names
  • Fair Market Value and Equity
  • Slide 36
  • Slide 37
  • Who gets it and who has it
  • Securities
  • WholeUniversal Life Insurance
  • Face Amount and Beneficiaries
  • WholeUniversal Life Insurance (cont)
  • Value of the Policy
  • WholeUniversal Life (cont)
  • Slide 45
  • Term Life Insurance
  • Retirementpension or profit sharing
  • Retirementpension or profit sharing (cont)
  • Retirementpension or profit sharing (cont)
  • Loans against Pension Plans
  • Debts owed to you
  • Debts owed to you (cont)
  • Sole proprietorships joint ventures partnerships
  • Claims or lawsuit against others
  • Claims or lawsuit against others (cont)
  • Cash on hand
  • Household and Personal Goods
  • Slide 58
  • Household and Personal Goods (cont)
  • Slide 60
  • Slide 61
  • Other Assets
  • Non-Marital property
  • Non-Marital property (cont)
  • Debts
  • Final Thought
Page 43: Dissolution Discovery By the Law offices of Piedimonte and Associates, P.C. Suite 101 221 W. Lexington Independence, MO 64050 (816)836-8900.

Value of the Policybull The Fair Market Value of whole life policies is

sometimes difficult to figure Most policies have a table in the policy itself that can be used to calculate value Your attorney can help you with this if you have a copy of the policy Otherwise you may have to write or call the company to determine the value

WholeUniversal Life (cont)bull It is equally important to determine if there is a loan

against the policy You would put the loan amount in the column for the Amount Owed and make a note to discuss that with your attorney

bull Again the difference between ldquofair market valuerdquo and ldquoloan amountrdquo is the ldquoequityrdquo

WholeUniversal Life (cont)

bull Who gets the policy Even if the insurance is on your spousersquo life you can be an owner of the policy and decide who will be the beneficiary

bull Possession of the policy is who has the physical policy

Term Life Insurancendash Most policies that are provided by your employer are term

policies That is to say you will not have the insurance once you stop working for your employer As such these policies do not have any ldquofair market valuerdquo Put in $0 for ldquofair market valuerdquo and $0 for ldquoequityrdquo Of course you still want to designate who gets the policy and who has the policies in the last 2 columns

ndash Sometimes however couples buy term insurance for a variety of reasons Again getting a copy of the policy and showing it to your attorney if you are in doubt will help you complete this section

Retirementpension or profit sharing

ndash Some pension plans will have values that you can determine from the reports that you get from the employer These accounts like 401Krsquos or thrift savings accounts will be relatively easy to determine the fair market value Simply put in the amount from the statement or report

Retirementpension or profit sharing (cont)

bull Other types of pension plans will not be as easy to determine the ldquofair market valuerdquo The pensions that report how much money you will receive ldquomonthlyrdquo at sometime in the future will need to be calculated for ldquofair market valuerdquo The ldquofair market valuerdquo is not just the monthly amount Your attorney will help you calculate the value and explain just what ldquopresent valuerdquo means to you Often these values are one of the largest assets in most marital estates

Retirementpension or profit sharing (cont)

bull Also remember you are listing your spouses retirement information Even if your spouse started work before you got married you may be entitled to list a portion of the pension as marital property Your attorney will help you determine how that is done

Loans against Pension Plans

ndash Sometimes loans are taken against the pensions or thrift plans That information should be noted in the column for Amount Owed

ndash If you donrsquot know what to put down put as much information as you do know and leave the values blank Your attorney will help you complete the rest of the information

Debts owed to youIf someone owes either you or your spouse money list it here Put in the name and address of the person and if the debt is not yet owed but will be owed in the future put in the date it will be do The amount owed will generally be put under ldquofair market valuerdquo However if the debt is uncollectible you might be

listing it as ldquofair market valuerdquo $0

Debts owed to you (cont)ndash Sometimes this will be investments where you

have sold property and someone owes you for the property and is paying it off on a monthly basis Your attorney will help you determine the value in those situations

ndash Again do you want the debt paid to you or do you want it paid to you spouse will be your decision by placing H or W in the column as to who should get the debt

Sole proprietorships joint ventures partnerships

ndash List the business name and whether it is a corporation and who else may be involved in the ownership of the business and their percent of ownership Your attorney will help you fill out the rest of that portion of the form if you are unsure what to do This is the most difficult asset to determine itrsquos ldquofair market valuerdquo In many cases the value is nothing but in other cases the value may be significant Your attorney may also discuss with you the possibility of having the business professionally appraised in some circumstances

Claims or lawsuit against others

Put in all the information called for in the first column Your attorney will assist you in valuation after discussing this item with you The value of a lawsuit is not what your asking to collect Additionally there are certain laws that impact how to figure ldquomartialrdquo values in the case of workers compensation claims or other types of claims

Claims or lawsuit against others (cont)

ndash Also be sure to note on the form if you owe any support to another person This will affect the value of the claim and should be discussed with your attorney It may be a lien on what ever proceeds you ultimately get in the suit

Cash on handndash While most people think of this as the money you

have in your billfold do not forget the change jar money in the back yard refrigerator or where ever cash money is being kept Even if you canrsquot find it right away because your spouse has taken it list it here but note who has it The coin collection could be listed here or under ldquoother assetsrdquo in ldquoMrdquo below A coin collection may be worth more than the value of the coins

Household and Personal Goods

ndash Start on the pages 6789 attached for listing your personal property You will then total and go back to page 3

Page 6

Page 3

Household and Personal Goods

ndash The property in your possession generally furniture and household items list individually You can list general items such as Pots and Pans or ldquosheets and towelsrdquo as one item and value the total If you have a particular item or items that you want to make sure you have list it out If it is not on this list you cannot be sure you will get it

Household and Personal Goods (cont)

bull Valuing personal property is sometimes a tricky business Think of ldquogarage sale valuerdquo on your furniture Even though you paid $1500 for the couch last week you would be lucky to get $150 for it in a garage sale Most folks have a tendency to over inflate the value of their furniture

Household and Personal Goods (cont)

ndash You want to list both what you have and also what your spouse has These values will go into the overall value of the property division and may help you get your fair share of value in the marital estate If you are in doubt put it down on the list

Household and Personal Goods (cont)

ndash Some folks have heard itrsquos a good idea to value the property your spouse has high and the property you have low Try not to go there The Court has seen parties that inflate values Remember the Court could give you the inflated item ndash saying in effect if you think itrsquos worth that much then you get it

Other Assets

ndash Anything else that you have if you donrsquot know where to list it put it here

ndash This is a good place to put your pets Also remember ldquoFidordquo may be worth a lot to you but he may not be worth anything to someone else

Non-Marital propertyndash Definition of Non-marital Property

bull Everything you had coming into the marriagebull Gifts you personally have received from others or even

your spousebull Money or property you have received from inheritance

You will want to discuss with your attorney what to do about money that you have deposited in joint accounts with your spouse or money you have used to purchase other items for both you and your spouse

bull Money received from someonersquos life insurancebull Items you have that have replaced property you might

consider non-marital property

Non-Marital property (cont)

ndash Non-marital property is not used to value the division of marital property so try to list everything that is non-marital both for yourself and for your spouse

DebtsPlease be as accurate as possible on the debts that you owe Fill out all information requestedndash It is very helpful to list account numbers for credit cardsndash List if you are both obligated or just one of you on the debtndash You should also discuss with your attorney what happens on

a particular debt if you or your spouse doesnrsquot pay what he or she is supposed to pay

Final Thoughtndash Now you have completed your marital property

statement Drop it off at the attorneys office If you have followed these instructions you will have very few questions asked of you If you have not completed the form fully the attorney or his staff will be in touch as to getting additional information

ndash Remember the more information you can supply at the beginning will save you money in attorneyrsquos fees later

  • Dissolution Discovery
  • Overview
  • What is Discovery
  • What happens if you do not follow the rules
  • Sanctions
  • Avoid Sanctions
  • Marital Property Statement
  • A few principles when you complete your marital property statement
  • Property is divided equitably
  • Dissipated assets
  • You need to decide who has the property and who will get the property
  • You will need to designate if the property is marital or non-marital
  • Marital vs Non-marital
  • Marital vs Non-marital (cont)
  • Property can be non-marital but then turned into marital property
  • Complete each section of the marital property statement
  • Now wersquoll start to complete the Marital Property Statement
  • Real Estate
  • The legal description
  • The Legal Description (cont)
  • Fair Market Value
  • Amount Owed
  • Equity
  • Who should have the property
  • Possession
  • Motor Vehicles
  • Vehicle Identification Number
  • Fair Market Value
  • Amount owed
  • Equity
  • Who gets it and who has it
  • Bank Accounts
  • Bank Accounts (cont)
  • Bank Accounts (cont) Names
  • Fair Market Value and Equity
  • Slide 36
  • Slide 37
  • Who gets it and who has it
  • Securities
  • WholeUniversal Life Insurance
  • Face Amount and Beneficiaries
  • WholeUniversal Life Insurance (cont)
  • Value of the Policy
  • WholeUniversal Life (cont)
  • Slide 45
  • Term Life Insurance
  • Retirementpension or profit sharing
  • Retirementpension or profit sharing (cont)
  • Retirementpension or profit sharing (cont)
  • Loans against Pension Plans
  • Debts owed to you
  • Debts owed to you (cont)
  • Sole proprietorships joint ventures partnerships
  • Claims or lawsuit against others
  • Claims or lawsuit against others (cont)
  • Cash on hand
  • Household and Personal Goods
  • Slide 58
  • Household and Personal Goods (cont)
  • Slide 60
  • Slide 61
  • Other Assets
  • Non-Marital property
  • Non-Marital property (cont)
  • Debts
  • Final Thought
Page 44: Dissolution Discovery By the Law offices of Piedimonte and Associates, P.C. Suite 101 221 W. Lexington Independence, MO 64050 (816)836-8900.

WholeUniversal Life (cont)bull It is equally important to determine if there is a loan

against the policy You would put the loan amount in the column for the Amount Owed and make a note to discuss that with your attorney

bull Again the difference between ldquofair market valuerdquo and ldquoloan amountrdquo is the ldquoequityrdquo

WholeUniversal Life (cont)

bull Who gets the policy Even if the insurance is on your spousersquo life you can be an owner of the policy and decide who will be the beneficiary

bull Possession of the policy is who has the physical policy

Term Life Insurancendash Most policies that are provided by your employer are term

policies That is to say you will not have the insurance once you stop working for your employer As such these policies do not have any ldquofair market valuerdquo Put in $0 for ldquofair market valuerdquo and $0 for ldquoequityrdquo Of course you still want to designate who gets the policy and who has the policies in the last 2 columns

ndash Sometimes however couples buy term insurance for a variety of reasons Again getting a copy of the policy and showing it to your attorney if you are in doubt will help you complete this section

Retirementpension or profit sharing

ndash Some pension plans will have values that you can determine from the reports that you get from the employer These accounts like 401Krsquos or thrift savings accounts will be relatively easy to determine the fair market value Simply put in the amount from the statement or report

Retirementpension or profit sharing (cont)

bull Other types of pension plans will not be as easy to determine the ldquofair market valuerdquo The pensions that report how much money you will receive ldquomonthlyrdquo at sometime in the future will need to be calculated for ldquofair market valuerdquo The ldquofair market valuerdquo is not just the monthly amount Your attorney will help you calculate the value and explain just what ldquopresent valuerdquo means to you Often these values are one of the largest assets in most marital estates

Retirementpension or profit sharing (cont)

bull Also remember you are listing your spouses retirement information Even if your spouse started work before you got married you may be entitled to list a portion of the pension as marital property Your attorney will help you determine how that is done

Loans against Pension Plans

ndash Sometimes loans are taken against the pensions or thrift plans That information should be noted in the column for Amount Owed

ndash If you donrsquot know what to put down put as much information as you do know and leave the values blank Your attorney will help you complete the rest of the information

Debts owed to youIf someone owes either you or your spouse money list it here Put in the name and address of the person and if the debt is not yet owed but will be owed in the future put in the date it will be do The amount owed will generally be put under ldquofair market valuerdquo However if the debt is uncollectible you might be

listing it as ldquofair market valuerdquo $0

Debts owed to you (cont)ndash Sometimes this will be investments where you

have sold property and someone owes you for the property and is paying it off on a monthly basis Your attorney will help you determine the value in those situations

ndash Again do you want the debt paid to you or do you want it paid to you spouse will be your decision by placing H or W in the column as to who should get the debt

Sole proprietorships joint ventures partnerships

ndash List the business name and whether it is a corporation and who else may be involved in the ownership of the business and their percent of ownership Your attorney will help you fill out the rest of that portion of the form if you are unsure what to do This is the most difficult asset to determine itrsquos ldquofair market valuerdquo In many cases the value is nothing but in other cases the value may be significant Your attorney may also discuss with you the possibility of having the business professionally appraised in some circumstances

Claims or lawsuit against others

Put in all the information called for in the first column Your attorney will assist you in valuation after discussing this item with you The value of a lawsuit is not what your asking to collect Additionally there are certain laws that impact how to figure ldquomartialrdquo values in the case of workers compensation claims or other types of claims

Claims or lawsuit against others (cont)

ndash Also be sure to note on the form if you owe any support to another person This will affect the value of the claim and should be discussed with your attorney It may be a lien on what ever proceeds you ultimately get in the suit

Cash on handndash While most people think of this as the money you

have in your billfold do not forget the change jar money in the back yard refrigerator or where ever cash money is being kept Even if you canrsquot find it right away because your spouse has taken it list it here but note who has it The coin collection could be listed here or under ldquoother assetsrdquo in ldquoMrdquo below A coin collection may be worth more than the value of the coins

Household and Personal Goods

ndash Start on the pages 6789 attached for listing your personal property You will then total and go back to page 3

Page 6

Page 3

Household and Personal Goods

ndash The property in your possession generally furniture and household items list individually You can list general items such as Pots and Pans or ldquosheets and towelsrdquo as one item and value the total If you have a particular item or items that you want to make sure you have list it out If it is not on this list you cannot be sure you will get it

Household and Personal Goods (cont)

bull Valuing personal property is sometimes a tricky business Think of ldquogarage sale valuerdquo on your furniture Even though you paid $1500 for the couch last week you would be lucky to get $150 for it in a garage sale Most folks have a tendency to over inflate the value of their furniture

Household and Personal Goods (cont)

ndash You want to list both what you have and also what your spouse has These values will go into the overall value of the property division and may help you get your fair share of value in the marital estate If you are in doubt put it down on the list

Household and Personal Goods (cont)

ndash Some folks have heard itrsquos a good idea to value the property your spouse has high and the property you have low Try not to go there The Court has seen parties that inflate values Remember the Court could give you the inflated item ndash saying in effect if you think itrsquos worth that much then you get it

Other Assets

ndash Anything else that you have if you donrsquot know where to list it put it here

ndash This is a good place to put your pets Also remember ldquoFidordquo may be worth a lot to you but he may not be worth anything to someone else

Non-Marital propertyndash Definition of Non-marital Property

bull Everything you had coming into the marriagebull Gifts you personally have received from others or even

your spousebull Money or property you have received from inheritance

You will want to discuss with your attorney what to do about money that you have deposited in joint accounts with your spouse or money you have used to purchase other items for both you and your spouse

bull Money received from someonersquos life insurancebull Items you have that have replaced property you might

consider non-marital property

Non-Marital property (cont)

ndash Non-marital property is not used to value the division of marital property so try to list everything that is non-marital both for yourself and for your spouse

DebtsPlease be as accurate as possible on the debts that you owe Fill out all information requestedndash It is very helpful to list account numbers for credit cardsndash List if you are both obligated or just one of you on the debtndash You should also discuss with your attorney what happens on

a particular debt if you or your spouse doesnrsquot pay what he or she is supposed to pay

Final Thoughtndash Now you have completed your marital property

statement Drop it off at the attorneys office If you have followed these instructions you will have very few questions asked of you If you have not completed the form fully the attorney or his staff will be in touch as to getting additional information

ndash Remember the more information you can supply at the beginning will save you money in attorneyrsquos fees later

  • Dissolution Discovery
  • Overview
  • What is Discovery
  • What happens if you do not follow the rules
  • Sanctions
  • Avoid Sanctions
  • Marital Property Statement
  • A few principles when you complete your marital property statement
  • Property is divided equitably
  • Dissipated assets
  • You need to decide who has the property and who will get the property
  • You will need to designate if the property is marital or non-marital
  • Marital vs Non-marital
  • Marital vs Non-marital (cont)
  • Property can be non-marital but then turned into marital property
  • Complete each section of the marital property statement
  • Now wersquoll start to complete the Marital Property Statement
  • Real Estate
  • The legal description
  • The Legal Description (cont)
  • Fair Market Value
  • Amount Owed
  • Equity
  • Who should have the property
  • Possession
  • Motor Vehicles
  • Vehicle Identification Number
  • Fair Market Value
  • Amount owed
  • Equity
  • Who gets it and who has it
  • Bank Accounts
  • Bank Accounts (cont)
  • Bank Accounts (cont) Names
  • Fair Market Value and Equity
  • Slide 36
  • Slide 37
  • Who gets it and who has it
  • Securities
  • WholeUniversal Life Insurance
  • Face Amount and Beneficiaries
  • WholeUniversal Life Insurance (cont)
  • Value of the Policy
  • WholeUniversal Life (cont)
  • Slide 45
  • Term Life Insurance
  • Retirementpension or profit sharing
  • Retirementpension or profit sharing (cont)
  • Retirementpension or profit sharing (cont)
  • Loans against Pension Plans
  • Debts owed to you
  • Debts owed to you (cont)
  • Sole proprietorships joint ventures partnerships
  • Claims or lawsuit against others
  • Claims or lawsuit against others (cont)
  • Cash on hand
  • Household and Personal Goods
  • Slide 58
  • Household and Personal Goods (cont)
  • Slide 60
  • Slide 61
  • Other Assets
  • Non-Marital property
  • Non-Marital property (cont)
  • Debts
  • Final Thought
Page 45: Dissolution Discovery By the Law offices of Piedimonte and Associates, P.C. Suite 101 221 W. Lexington Independence, MO 64050 (816)836-8900.

WholeUniversal Life (cont)

bull Who gets the policy Even if the insurance is on your spousersquo life you can be an owner of the policy and decide who will be the beneficiary

bull Possession of the policy is who has the physical policy

Term Life Insurancendash Most policies that are provided by your employer are term

policies That is to say you will not have the insurance once you stop working for your employer As such these policies do not have any ldquofair market valuerdquo Put in $0 for ldquofair market valuerdquo and $0 for ldquoequityrdquo Of course you still want to designate who gets the policy and who has the policies in the last 2 columns

ndash Sometimes however couples buy term insurance for a variety of reasons Again getting a copy of the policy and showing it to your attorney if you are in doubt will help you complete this section

Retirementpension or profit sharing

ndash Some pension plans will have values that you can determine from the reports that you get from the employer These accounts like 401Krsquos or thrift savings accounts will be relatively easy to determine the fair market value Simply put in the amount from the statement or report

Retirementpension or profit sharing (cont)

bull Other types of pension plans will not be as easy to determine the ldquofair market valuerdquo The pensions that report how much money you will receive ldquomonthlyrdquo at sometime in the future will need to be calculated for ldquofair market valuerdquo The ldquofair market valuerdquo is not just the monthly amount Your attorney will help you calculate the value and explain just what ldquopresent valuerdquo means to you Often these values are one of the largest assets in most marital estates

Retirementpension or profit sharing (cont)

bull Also remember you are listing your spouses retirement information Even if your spouse started work before you got married you may be entitled to list a portion of the pension as marital property Your attorney will help you determine how that is done

Loans against Pension Plans

ndash Sometimes loans are taken against the pensions or thrift plans That information should be noted in the column for Amount Owed

ndash If you donrsquot know what to put down put as much information as you do know and leave the values blank Your attorney will help you complete the rest of the information

Debts owed to youIf someone owes either you or your spouse money list it here Put in the name and address of the person and if the debt is not yet owed but will be owed in the future put in the date it will be do The amount owed will generally be put under ldquofair market valuerdquo However if the debt is uncollectible you might be

listing it as ldquofair market valuerdquo $0

Debts owed to you (cont)ndash Sometimes this will be investments where you

have sold property and someone owes you for the property and is paying it off on a monthly basis Your attorney will help you determine the value in those situations

ndash Again do you want the debt paid to you or do you want it paid to you spouse will be your decision by placing H or W in the column as to who should get the debt

Sole proprietorships joint ventures partnerships

ndash List the business name and whether it is a corporation and who else may be involved in the ownership of the business and their percent of ownership Your attorney will help you fill out the rest of that portion of the form if you are unsure what to do This is the most difficult asset to determine itrsquos ldquofair market valuerdquo In many cases the value is nothing but in other cases the value may be significant Your attorney may also discuss with you the possibility of having the business professionally appraised in some circumstances

Claims or lawsuit against others

Put in all the information called for in the first column Your attorney will assist you in valuation after discussing this item with you The value of a lawsuit is not what your asking to collect Additionally there are certain laws that impact how to figure ldquomartialrdquo values in the case of workers compensation claims or other types of claims

Claims or lawsuit against others (cont)

ndash Also be sure to note on the form if you owe any support to another person This will affect the value of the claim and should be discussed with your attorney It may be a lien on what ever proceeds you ultimately get in the suit

Cash on handndash While most people think of this as the money you

have in your billfold do not forget the change jar money in the back yard refrigerator or where ever cash money is being kept Even if you canrsquot find it right away because your spouse has taken it list it here but note who has it The coin collection could be listed here or under ldquoother assetsrdquo in ldquoMrdquo below A coin collection may be worth more than the value of the coins

Household and Personal Goods

ndash Start on the pages 6789 attached for listing your personal property You will then total and go back to page 3

Page 6

Page 3

Household and Personal Goods

ndash The property in your possession generally furniture and household items list individually You can list general items such as Pots and Pans or ldquosheets and towelsrdquo as one item and value the total If you have a particular item or items that you want to make sure you have list it out If it is not on this list you cannot be sure you will get it

Household and Personal Goods (cont)

bull Valuing personal property is sometimes a tricky business Think of ldquogarage sale valuerdquo on your furniture Even though you paid $1500 for the couch last week you would be lucky to get $150 for it in a garage sale Most folks have a tendency to over inflate the value of their furniture

Household and Personal Goods (cont)

ndash You want to list both what you have and also what your spouse has These values will go into the overall value of the property division and may help you get your fair share of value in the marital estate If you are in doubt put it down on the list

Household and Personal Goods (cont)

ndash Some folks have heard itrsquos a good idea to value the property your spouse has high and the property you have low Try not to go there The Court has seen parties that inflate values Remember the Court could give you the inflated item ndash saying in effect if you think itrsquos worth that much then you get it

Other Assets

ndash Anything else that you have if you donrsquot know where to list it put it here

ndash This is a good place to put your pets Also remember ldquoFidordquo may be worth a lot to you but he may not be worth anything to someone else

Non-Marital propertyndash Definition of Non-marital Property

bull Everything you had coming into the marriagebull Gifts you personally have received from others or even

your spousebull Money or property you have received from inheritance

You will want to discuss with your attorney what to do about money that you have deposited in joint accounts with your spouse or money you have used to purchase other items for both you and your spouse

bull Money received from someonersquos life insurancebull Items you have that have replaced property you might

consider non-marital property

Non-Marital property (cont)

ndash Non-marital property is not used to value the division of marital property so try to list everything that is non-marital both for yourself and for your spouse

DebtsPlease be as accurate as possible on the debts that you owe Fill out all information requestedndash It is very helpful to list account numbers for credit cardsndash List if you are both obligated or just one of you on the debtndash You should also discuss with your attorney what happens on

a particular debt if you or your spouse doesnrsquot pay what he or she is supposed to pay

Final Thoughtndash Now you have completed your marital property

statement Drop it off at the attorneys office If you have followed these instructions you will have very few questions asked of you If you have not completed the form fully the attorney or his staff will be in touch as to getting additional information

ndash Remember the more information you can supply at the beginning will save you money in attorneyrsquos fees later

  • Dissolution Discovery
  • Overview
  • What is Discovery
  • What happens if you do not follow the rules
  • Sanctions
  • Avoid Sanctions
  • Marital Property Statement
  • A few principles when you complete your marital property statement
  • Property is divided equitably
  • Dissipated assets
  • You need to decide who has the property and who will get the property
  • You will need to designate if the property is marital or non-marital
  • Marital vs Non-marital
  • Marital vs Non-marital (cont)
  • Property can be non-marital but then turned into marital property
  • Complete each section of the marital property statement
  • Now wersquoll start to complete the Marital Property Statement
  • Real Estate
  • The legal description
  • The Legal Description (cont)
  • Fair Market Value
  • Amount Owed
  • Equity
  • Who should have the property
  • Possession
  • Motor Vehicles
  • Vehicle Identification Number
  • Fair Market Value
  • Amount owed
  • Equity
  • Who gets it and who has it
  • Bank Accounts
  • Bank Accounts (cont)
  • Bank Accounts (cont) Names
  • Fair Market Value and Equity
  • Slide 36
  • Slide 37
  • Who gets it and who has it
  • Securities
  • WholeUniversal Life Insurance
  • Face Amount and Beneficiaries
  • WholeUniversal Life Insurance (cont)
  • Value of the Policy
  • WholeUniversal Life (cont)
  • Slide 45
  • Term Life Insurance
  • Retirementpension or profit sharing
  • Retirementpension or profit sharing (cont)
  • Retirementpension or profit sharing (cont)
  • Loans against Pension Plans
  • Debts owed to you
  • Debts owed to you (cont)
  • Sole proprietorships joint ventures partnerships
  • Claims or lawsuit against others
  • Claims or lawsuit against others (cont)
  • Cash on hand
  • Household and Personal Goods
  • Slide 58
  • Household and Personal Goods (cont)
  • Slide 60
  • Slide 61
  • Other Assets
  • Non-Marital property
  • Non-Marital property (cont)
  • Debts
  • Final Thought
Page 46: Dissolution Discovery By the Law offices of Piedimonte and Associates, P.C. Suite 101 221 W. Lexington Independence, MO 64050 (816)836-8900.

Term Life Insurancendash Most policies that are provided by your employer are term

policies That is to say you will not have the insurance once you stop working for your employer As such these policies do not have any ldquofair market valuerdquo Put in $0 for ldquofair market valuerdquo and $0 for ldquoequityrdquo Of course you still want to designate who gets the policy and who has the policies in the last 2 columns

ndash Sometimes however couples buy term insurance for a variety of reasons Again getting a copy of the policy and showing it to your attorney if you are in doubt will help you complete this section

Retirementpension or profit sharing

ndash Some pension plans will have values that you can determine from the reports that you get from the employer These accounts like 401Krsquos or thrift savings accounts will be relatively easy to determine the fair market value Simply put in the amount from the statement or report

Retirementpension or profit sharing (cont)

bull Other types of pension plans will not be as easy to determine the ldquofair market valuerdquo The pensions that report how much money you will receive ldquomonthlyrdquo at sometime in the future will need to be calculated for ldquofair market valuerdquo The ldquofair market valuerdquo is not just the monthly amount Your attorney will help you calculate the value and explain just what ldquopresent valuerdquo means to you Often these values are one of the largest assets in most marital estates

Retirementpension or profit sharing (cont)

bull Also remember you are listing your spouses retirement information Even if your spouse started work before you got married you may be entitled to list a portion of the pension as marital property Your attorney will help you determine how that is done

Loans against Pension Plans

ndash Sometimes loans are taken against the pensions or thrift plans That information should be noted in the column for Amount Owed

ndash If you donrsquot know what to put down put as much information as you do know and leave the values blank Your attorney will help you complete the rest of the information

Debts owed to youIf someone owes either you or your spouse money list it here Put in the name and address of the person and if the debt is not yet owed but will be owed in the future put in the date it will be do The amount owed will generally be put under ldquofair market valuerdquo However if the debt is uncollectible you might be

listing it as ldquofair market valuerdquo $0

Debts owed to you (cont)ndash Sometimes this will be investments where you

have sold property and someone owes you for the property and is paying it off on a monthly basis Your attorney will help you determine the value in those situations

ndash Again do you want the debt paid to you or do you want it paid to you spouse will be your decision by placing H or W in the column as to who should get the debt

Sole proprietorships joint ventures partnerships

ndash List the business name and whether it is a corporation and who else may be involved in the ownership of the business and their percent of ownership Your attorney will help you fill out the rest of that portion of the form if you are unsure what to do This is the most difficult asset to determine itrsquos ldquofair market valuerdquo In many cases the value is nothing but in other cases the value may be significant Your attorney may also discuss with you the possibility of having the business professionally appraised in some circumstances

Claims or lawsuit against others

Put in all the information called for in the first column Your attorney will assist you in valuation after discussing this item with you The value of a lawsuit is not what your asking to collect Additionally there are certain laws that impact how to figure ldquomartialrdquo values in the case of workers compensation claims or other types of claims

Claims or lawsuit against others (cont)

ndash Also be sure to note on the form if you owe any support to another person This will affect the value of the claim and should be discussed with your attorney It may be a lien on what ever proceeds you ultimately get in the suit

Cash on handndash While most people think of this as the money you

have in your billfold do not forget the change jar money in the back yard refrigerator or where ever cash money is being kept Even if you canrsquot find it right away because your spouse has taken it list it here but note who has it The coin collection could be listed here or under ldquoother assetsrdquo in ldquoMrdquo below A coin collection may be worth more than the value of the coins

Household and Personal Goods

ndash Start on the pages 6789 attached for listing your personal property You will then total and go back to page 3

Page 6

Page 3

Household and Personal Goods

ndash The property in your possession generally furniture and household items list individually You can list general items such as Pots and Pans or ldquosheets and towelsrdquo as one item and value the total If you have a particular item or items that you want to make sure you have list it out If it is not on this list you cannot be sure you will get it

Household and Personal Goods (cont)

bull Valuing personal property is sometimes a tricky business Think of ldquogarage sale valuerdquo on your furniture Even though you paid $1500 for the couch last week you would be lucky to get $150 for it in a garage sale Most folks have a tendency to over inflate the value of their furniture

Household and Personal Goods (cont)

ndash You want to list both what you have and also what your spouse has These values will go into the overall value of the property division and may help you get your fair share of value in the marital estate If you are in doubt put it down on the list

Household and Personal Goods (cont)

ndash Some folks have heard itrsquos a good idea to value the property your spouse has high and the property you have low Try not to go there The Court has seen parties that inflate values Remember the Court could give you the inflated item ndash saying in effect if you think itrsquos worth that much then you get it

Other Assets

ndash Anything else that you have if you donrsquot know where to list it put it here

ndash This is a good place to put your pets Also remember ldquoFidordquo may be worth a lot to you but he may not be worth anything to someone else

Non-Marital propertyndash Definition of Non-marital Property

bull Everything you had coming into the marriagebull Gifts you personally have received from others or even

your spousebull Money or property you have received from inheritance

You will want to discuss with your attorney what to do about money that you have deposited in joint accounts with your spouse or money you have used to purchase other items for both you and your spouse

bull Money received from someonersquos life insurancebull Items you have that have replaced property you might

consider non-marital property

Non-Marital property (cont)

ndash Non-marital property is not used to value the division of marital property so try to list everything that is non-marital both for yourself and for your spouse

DebtsPlease be as accurate as possible on the debts that you owe Fill out all information requestedndash It is very helpful to list account numbers for credit cardsndash List if you are both obligated or just one of you on the debtndash You should also discuss with your attorney what happens on

a particular debt if you or your spouse doesnrsquot pay what he or she is supposed to pay

Final Thoughtndash Now you have completed your marital property

statement Drop it off at the attorneys office If you have followed these instructions you will have very few questions asked of you If you have not completed the form fully the attorney or his staff will be in touch as to getting additional information

ndash Remember the more information you can supply at the beginning will save you money in attorneyrsquos fees later

  • Dissolution Discovery
  • Overview
  • What is Discovery
  • What happens if you do not follow the rules
  • Sanctions
  • Avoid Sanctions
  • Marital Property Statement
  • A few principles when you complete your marital property statement
  • Property is divided equitably
  • Dissipated assets
  • You need to decide who has the property and who will get the property
  • You will need to designate if the property is marital or non-marital
  • Marital vs Non-marital
  • Marital vs Non-marital (cont)
  • Property can be non-marital but then turned into marital property
  • Complete each section of the marital property statement
  • Now wersquoll start to complete the Marital Property Statement
  • Real Estate
  • The legal description
  • The Legal Description (cont)
  • Fair Market Value
  • Amount Owed
  • Equity
  • Who should have the property
  • Possession
  • Motor Vehicles
  • Vehicle Identification Number
  • Fair Market Value
  • Amount owed
  • Equity
  • Who gets it and who has it
  • Bank Accounts
  • Bank Accounts (cont)
  • Bank Accounts (cont) Names
  • Fair Market Value and Equity
  • Slide 36
  • Slide 37
  • Who gets it and who has it
  • Securities
  • WholeUniversal Life Insurance
  • Face Amount and Beneficiaries
  • WholeUniversal Life Insurance (cont)
  • Value of the Policy
  • WholeUniversal Life (cont)
  • Slide 45
  • Term Life Insurance
  • Retirementpension or profit sharing
  • Retirementpension or profit sharing (cont)
  • Retirementpension or profit sharing (cont)
  • Loans against Pension Plans
  • Debts owed to you
  • Debts owed to you (cont)
  • Sole proprietorships joint ventures partnerships
  • Claims or lawsuit against others
  • Claims or lawsuit against others (cont)
  • Cash on hand
  • Household and Personal Goods
  • Slide 58
  • Household and Personal Goods (cont)
  • Slide 60
  • Slide 61
  • Other Assets
  • Non-Marital property
  • Non-Marital property (cont)
  • Debts
  • Final Thought
Page 47: Dissolution Discovery By the Law offices of Piedimonte and Associates, P.C. Suite 101 221 W. Lexington Independence, MO 64050 (816)836-8900.

Retirementpension or profit sharing

ndash Some pension plans will have values that you can determine from the reports that you get from the employer These accounts like 401Krsquos or thrift savings accounts will be relatively easy to determine the fair market value Simply put in the amount from the statement or report

Retirementpension or profit sharing (cont)

bull Other types of pension plans will not be as easy to determine the ldquofair market valuerdquo The pensions that report how much money you will receive ldquomonthlyrdquo at sometime in the future will need to be calculated for ldquofair market valuerdquo The ldquofair market valuerdquo is not just the monthly amount Your attorney will help you calculate the value and explain just what ldquopresent valuerdquo means to you Often these values are one of the largest assets in most marital estates

Retirementpension or profit sharing (cont)

bull Also remember you are listing your spouses retirement information Even if your spouse started work before you got married you may be entitled to list a portion of the pension as marital property Your attorney will help you determine how that is done

Loans against Pension Plans

ndash Sometimes loans are taken against the pensions or thrift plans That information should be noted in the column for Amount Owed

ndash If you donrsquot know what to put down put as much information as you do know and leave the values blank Your attorney will help you complete the rest of the information

Debts owed to youIf someone owes either you or your spouse money list it here Put in the name and address of the person and if the debt is not yet owed but will be owed in the future put in the date it will be do The amount owed will generally be put under ldquofair market valuerdquo However if the debt is uncollectible you might be

listing it as ldquofair market valuerdquo $0

Debts owed to you (cont)ndash Sometimes this will be investments where you

have sold property and someone owes you for the property and is paying it off on a monthly basis Your attorney will help you determine the value in those situations

ndash Again do you want the debt paid to you or do you want it paid to you spouse will be your decision by placing H or W in the column as to who should get the debt

Sole proprietorships joint ventures partnerships

ndash List the business name and whether it is a corporation and who else may be involved in the ownership of the business and their percent of ownership Your attorney will help you fill out the rest of that portion of the form if you are unsure what to do This is the most difficult asset to determine itrsquos ldquofair market valuerdquo In many cases the value is nothing but in other cases the value may be significant Your attorney may also discuss with you the possibility of having the business professionally appraised in some circumstances

Claims or lawsuit against others

Put in all the information called for in the first column Your attorney will assist you in valuation after discussing this item with you The value of a lawsuit is not what your asking to collect Additionally there are certain laws that impact how to figure ldquomartialrdquo values in the case of workers compensation claims or other types of claims

Claims or lawsuit against others (cont)

ndash Also be sure to note on the form if you owe any support to another person This will affect the value of the claim and should be discussed with your attorney It may be a lien on what ever proceeds you ultimately get in the suit

Cash on handndash While most people think of this as the money you

have in your billfold do not forget the change jar money in the back yard refrigerator or where ever cash money is being kept Even if you canrsquot find it right away because your spouse has taken it list it here but note who has it The coin collection could be listed here or under ldquoother assetsrdquo in ldquoMrdquo below A coin collection may be worth more than the value of the coins

Household and Personal Goods

ndash Start on the pages 6789 attached for listing your personal property You will then total and go back to page 3

Page 6

Page 3

Household and Personal Goods

ndash The property in your possession generally furniture and household items list individually You can list general items such as Pots and Pans or ldquosheets and towelsrdquo as one item and value the total If you have a particular item or items that you want to make sure you have list it out If it is not on this list you cannot be sure you will get it

Household and Personal Goods (cont)

bull Valuing personal property is sometimes a tricky business Think of ldquogarage sale valuerdquo on your furniture Even though you paid $1500 for the couch last week you would be lucky to get $150 for it in a garage sale Most folks have a tendency to over inflate the value of their furniture

Household and Personal Goods (cont)

ndash You want to list both what you have and also what your spouse has These values will go into the overall value of the property division and may help you get your fair share of value in the marital estate If you are in doubt put it down on the list

Household and Personal Goods (cont)

ndash Some folks have heard itrsquos a good idea to value the property your spouse has high and the property you have low Try not to go there The Court has seen parties that inflate values Remember the Court could give you the inflated item ndash saying in effect if you think itrsquos worth that much then you get it

Other Assets

ndash Anything else that you have if you donrsquot know where to list it put it here

ndash This is a good place to put your pets Also remember ldquoFidordquo may be worth a lot to you but he may not be worth anything to someone else

Non-Marital propertyndash Definition of Non-marital Property

bull Everything you had coming into the marriagebull Gifts you personally have received from others or even

your spousebull Money or property you have received from inheritance

You will want to discuss with your attorney what to do about money that you have deposited in joint accounts with your spouse or money you have used to purchase other items for both you and your spouse

bull Money received from someonersquos life insurancebull Items you have that have replaced property you might

consider non-marital property

Non-Marital property (cont)

ndash Non-marital property is not used to value the division of marital property so try to list everything that is non-marital both for yourself and for your spouse

DebtsPlease be as accurate as possible on the debts that you owe Fill out all information requestedndash It is very helpful to list account numbers for credit cardsndash List if you are both obligated or just one of you on the debtndash You should also discuss with your attorney what happens on

a particular debt if you or your spouse doesnrsquot pay what he or she is supposed to pay

Final Thoughtndash Now you have completed your marital property

statement Drop it off at the attorneys office If you have followed these instructions you will have very few questions asked of you If you have not completed the form fully the attorney or his staff will be in touch as to getting additional information

ndash Remember the more information you can supply at the beginning will save you money in attorneyrsquos fees later

  • Dissolution Discovery
  • Overview
  • What is Discovery
  • What happens if you do not follow the rules
  • Sanctions
  • Avoid Sanctions
  • Marital Property Statement
  • A few principles when you complete your marital property statement
  • Property is divided equitably
  • Dissipated assets
  • You need to decide who has the property and who will get the property
  • You will need to designate if the property is marital or non-marital
  • Marital vs Non-marital
  • Marital vs Non-marital (cont)
  • Property can be non-marital but then turned into marital property
  • Complete each section of the marital property statement
  • Now wersquoll start to complete the Marital Property Statement
  • Real Estate
  • The legal description
  • The Legal Description (cont)
  • Fair Market Value
  • Amount Owed
  • Equity
  • Who should have the property
  • Possession
  • Motor Vehicles
  • Vehicle Identification Number
  • Fair Market Value
  • Amount owed
  • Equity
  • Who gets it and who has it
  • Bank Accounts
  • Bank Accounts (cont)
  • Bank Accounts (cont) Names
  • Fair Market Value and Equity
  • Slide 36
  • Slide 37
  • Who gets it and who has it
  • Securities
  • WholeUniversal Life Insurance
  • Face Amount and Beneficiaries
  • WholeUniversal Life Insurance (cont)
  • Value of the Policy
  • WholeUniversal Life (cont)
  • Slide 45
  • Term Life Insurance
  • Retirementpension or profit sharing
  • Retirementpension or profit sharing (cont)
  • Retirementpension or profit sharing (cont)
  • Loans against Pension Plans
  • Debts owed to you
  • Debts owed to you (cont)
  • Sole proprietorships joint ventures partnerships
  • Claims or lawsuit against others
  • Claims or lawsuit against others (cont)
  • Cash on hand
  • Household and Personal Goods
  • Slide 58
  • Household and Personal Goods (cont)
  • Slide 60
  • Slide 61
  • Other Assets
  • Non-Marital property
  • Non-Marital property (cont)
  • Debts
  • Final Thought
Page 48: Dissolution Discovery By the Law offices of Piedimonte and Associates, P.C. Suite 101 221 W. Lexington Independence, MO 64050 (816)836-8900.

Retirementpension or profit sharing (cont)

bull Other types of pension plans will not be as easy to determine the ldquofair market valuerdquo The pensions that report how much money you will receive ldquomonthlyrdquo at sometime in the future will need to be calculated for ldquofair market valuerdquo The ldquofair market valuerdquo is not just the monthly amount Your attorney will help you calculate the value and explain just what ldquopresent valuerdquo means to you Often these values are one of the largest assets in most marital estates

Retirementpension or profit sharing (cont)

bull Also remember you are listing your spouses retirement information Even if your spouse started work before you got married you may be entitled to list a portion of the pension as marital property Your attorney will help you determine how that is done

Loans against Pension Plans

ndash Sometimes loans are taken against the pensions or thrift plans That information should be noted in the column for Amount Owed

ndash If you donrsquot know what to put down put as much information as you do know and leave the values blank Your attorney will help you complete the rest of the information

Debts owed to youIf someone owes either you or your spouse money list it here Put in the name and address of the person and if the debt is not yet owed but will be owed in the future put in the date it will be do The amount owed will generally be put under ldquofair market valuerdquo However if the debt is uncollectible you might be

listing it as ldquofair market valuerdquo $0

Debts owed to you (cont)ndash Sometimes this will be investments where you

have sold property and someone owes you for the property and is paying it off on a monthly basis Your attorney will help you determine the value in those situations

ndash Again do you want the debt paid to you or do you want it paid to you spouse will be your decision by placing H or W in the column as to who should get the debt

Sole proprietorships joint ventures partnerships

ndash List the business name and whether it is a corporation and who else may be involved in the ownership of the business and their percent of ownership Your attorney will help you fill out the rest of that portion of the form if you are unsure what to do This is the most difficult asset to determine itrsquos ldquofair market valuerdquo In many cases the value is nothing but in other cases the value may be significant Your attorney may also discuss with you the possibility of having the business professionally appraised in some circumstances

Claims or lawsuit against others

Put in all the information called for in the first column Your attorney will assist you in valuation after discussing this item with you The value of a lawsuit is not what your asking to collect Additionally there are certain laws that impact how to figure ldquomartialrdquo values in the case of workers compensation claims or other types of claims

Claims or lawsuit against others (cont)

ndash Also be sure to note on the form if you owe any support to another person This will affect the value of the claim and should be discussed with your attorney It may be a lien on what ever proceeds you ultimately get in the suit

Cash on handndash While most people think of this as the money you

have in your billfold do not forget the change jar money in the back yard refrigerator or where ever cash money is being kept Even if you canrsquot find it right away because your spouse has taken it list it here but note who has it The coin collection could be listed here or under ldquoother assetsrdquo in ldquoMrdquo below A coin collection may be worth more than the value of the coins

Household and Personal Goods

ndash Start on the pages 6789 attached for listing your personal property You will then total and go back to page 3

Page 6

Page 3

Household and Personal Goods

ndash The property in your possession generally furniture and household items list individually You can list general items such as Pots and Pans or ldquosheets and towelsrdquo as one item and value the total If you have a particular item or items that you want to make sure you have list it out If it is not on this list you cannot be sure you will get it

Household and Personal Goods (cont)

bull Valuing personal property is sometimes a tricky business Think of ldquogarage sale valuerdquo on your furniture Even though you paid $1500 for the couch last week you would be lucky to get $150 for it in a garage sale Most folks have a tendency to over inflate the value of their furniture

Household and Personal Goods (cont)

ndash You want to list both what you have and also what your spouse has These values will go into the overall value of the property division and may help you get your fair share of value in the marital estate If you are in doubt put it down on the list

Household and Personal Goods (cont)

ndash Some folks have heard itrsquos a good idea to value the property your spouse has high and the property you have low Try not to go there The Court has seen parties that inflate values Remember the Court could give you the inflated item ndash saying in effect if you think itrsquos worth that much then you get it

Other Assets

ndash Anything else that you have if you donrsquot know where to list it put it here

ndash This is a good place to put your pets Also remember ldquoFidordquo may be worth a lot to you but he may not be worth anything to someone else

Non-Marital propertyndash Definition of Non-marital Property

bull Everything you had coming into the marriagebull Gifts you personally have received from others or even

your spousebull Money or property you have received from inheritance

You will want to discuss with your attorney what to do about money that you have deposited in joint accounts with your spouse or money you have used to purchase other items for both you and your spouse

bull Money received from someonersquos life insurancebull Items you have that have replaced property you might

consider non-marital property

Non-Marital property (cont)

ndash Non-marital property is not used to value the division of marital property so try to list everything that is non-marital both for yourself and for your spouse

DebtsPlease be as accurate as possible on the debts that you owe Fill out all information requestedndash It is very helpful to list account numbers for credit cardsndash List if you are both obligated or just one of you on the debtndash You should also discuss with your attorney what happens on

a particular debt if you or your spouse doesnrsquot pay what he or she is supposed to pay

Final Thoughtndash Now you have completed your marital property

statement Drop it off at the attorneys office If you have followed these instructions you will have very few questions asked of you If you have not completed the form fully the attorney or his staff will be in touch as to getting additional information

ndash Remember the more information you can supply at the beginning will save you money in attorneyrsquos fees later

  • Dissolution Discovery
  • Overview
  • What is Discovery
  • What happens if you do not follow the rules
  • Sanctions
  • Avoid Sanctions
  • Marital Property Statement
  • A few principles when you complete your marital property statement
  • Property is divided equitably
  • Dissipated assets
  • You need to decide who has the property and who will get the property
  • You will need to designate if the property is marital or non-marital
  • Marital vs Non-marital
  • Marital vs Non-marital (cont)
  • Property can be non-marital but then turned into marital property
  • Complete each section of the marital property statement
  • Now wersquoll start to complete the Marital Property Statement
  • Real Estate
  • The legal description
  • The Legal Description (cont)
  • Fair Market Value
  • Amount Owed
  • Equity
  • Who should have the property
  • Possession
  • Motor Vehicles
  • Vehicle Identification Number
  • Fair Market Value
  • Amount owed
  • Equity
  • Who gets it and who has it
  • Bank Accounts
  • Bank Accounts (cont)
  • Bank Accounts (cont) Names
  • Fair Market Value and Equity
  • Slide 36
  • Slide 37
  • Who gets it and who has it
  • Securities
  • WholeUniversal Life Insurance
  • Face Amount and Beneficiaries
  • WholeUniversal Life Insurance (cont)
  • Value of the Policy
  • WholeUniversal Life (cont)
  • Slide 45
  • Term Life Insurance
  • Retirementpension or profit sharing
  • Retirementpension or profit sharing (cont)
  • Retirementpension or profit sharing (cont)
  • Loans against Pension Plans
  • Debts owed to you
  • Debts owed to you (cont)
  • Sole proprietorships joint ventures partnerships
  • Claims or lawsuit against others
  • Claims or lawsuit against others (cont)
  • Cash on hand
  • Household and Personal Goods
  • Slide 58
  • Household and Personal Goods (cont)
  • Slide 60
  • Slide 61
  • Other Assets
  • Non-Marital property
  • Non-Marital property (cont)
  • Debts
  • Final Thought
Page 49: Dissolution Discovery By the Law offices of Piedimonte and Associates, P.C. Suite 101 221 W. Lexington Independence, MO 64050 (816)836-8900.

Retirementpension or profit sharing (cont)

bull Also remember you are listing your spouses retirement information Even if your spouse started work before you got married you may be entitled to list a portion of the pension as marital property Your attorney will help you determine how that is done

Loans against Pension Plans

ndash Sometimes loans are taken against the pensions or thrift plans That information should be noted in the column for Amount Owed

ndash If you donrsquot know what to put down put as much information as you do know and leave the values blank Your attorney will help you complete the rest of the information

Debts owed to youIf someone owes either you or your spouse money list it here Put in the name and address of the person and if the debt is not yet owed but will be owed in the future put in the date it will be do The amount owed will generally be put under ldquofair market valuerdquo However if the debt is uncollectible you might be

listing it as ldquofair market valuerdquo $0

Debts owed to you (cont)ndash Sometimes this will be investments where you

have sold property and someone owes you for the property and is paying it off on a monthly basis Your attorney will help you determine the value in those situations

ndash Again do you want the debt paid to you or do you want it paid to you spouse will be your decision by placing H or W in the column as to who should get the debt

Sole proprietorships joint ventures partnerships

ndash List the business name and whether it is a corporation and who else may be involved in the ownership of the business and their percent of ownership Your attorney will help you fill out the rest of that portion of the form if you are unsure what to do This is the most difficult asset to determine itrsquos ldquofair market valuerdquo In many cases the value is nothing but in other cases the value may be significant Your attorney may also discuss with you the possibility of having the business professionally appraised in some circumstances

Claims or lawsuit against others

Put in all the information called for in the first column Your attorney will assist you in valuation after discussing this item with you The value of a lawsuit is not what your asking to collect Additionally there are certain laws that impact how to figure ldquomartialrdquo values in the case of workers compensation claims or other types of claims

Claims or lawsuit against others (cont)

ndash Also be sure to note on the form if you owe any support to another person This will affect the value of the claim and should be discussed with your attorney It may be a lien on what ever proceeds you ultimately get in the suit

Cash on handndash While most people think of this as the money you

have in your billfold do not forget the change jar money in the back yard refrigerator or where ever cash money is being kept Even if you canrsquot find it right away because your spouse has taken it list it here but note who has it The coin collection could be listed here or under ldquoother assetsrdquo in ldquoMrdquo below A coin collection may be worth more than the value of the coins

Household and Personal Goods

ndash Start on the pages 6789 attached for listing your personal property You will then total and go back to page 3

Page 6

Page 3

Household and Personal Goods

ndash The property in your possession generally furniture and household items list individually You can list general items such as Pots and Pans or ldquosheets and towelsrdquo as one item and value the total If you have a particular item or items that you want to make sure you have list it out If it is not on this list you cannot be sure you will get it

Household and Personal Goods (cont)

bull Valuing personal property is sometimes a tricky business Think of ldquogarage sale valuerdquo on your furniture Even though you paid $1500 for the couch last week you would be lucky to get $150 for it in a garage sale Most folks have a tendency to over inflate the value of their furniture

Household and Personal Goods (cont)

ndash You want to list both what you have and also what your spouse has These values will go into the overall value of the property division and may help you get your fair share of value in the marital estate If you are in doubt put it down on the list

Household and Personal Goods (cont)

ndash Some folks have heard itrsquos a good idea to value the property your spouse has high and the property you have low Try not to go there The Court has seen parties that inflate values Remember the Court could give you the inflated item ndash saying in effect if you think itrsquos worth that much then you get it

Other Assets

ndash Anything else that you have if you donrsquot know where to list it put it here

ndash This is a good place to put your pets Also remember ldquoFidordquo may be worth a lot to you but he may not be worth anything to someone else

Non-Marital propertyndash Definition of Non-marital Property

bull Everything you had coming into the marriagebull Gifts you personally have received from others or even

your spousebull Money or property you have received from inheritance

You will want to discuss with your attorney what to do about money that you have deposited in joint accounts with your spouse or money you have used to purchase other items for both you and your spouse

bull Money received from someonersquos life insurancebull Items you have that have replaced property you might

consider non-marital property

Non-Marital property (cont)

ndash Non-marital property is not used to value the division of marital property so try to list everything that is non-marital both for yourself and for your spouse

DebtsPlease be as accurate as possible on the debts that you owe Fill out all information requestedndash It is very helpful to list account numbers for credit cardsndash List if you are both obligated or just one of you on the debtndash You should also discuss with your attorney what happens on

a particular debt if you or your spouse doesnrsquot pay what he or she is supposed to pay

Final Thoughtndash Now you have completed your marital property

statement Drop it off at the attorneys office If you have followed these instructions you will have very few questions asked of you If you have not completed the form fully the attorney or his staff will be in touch as to getting additional information

ndash Remember the more information you can supply at the beginning will save you money in attorneyrsquos fees later

  • Dissolution Discovery
  • Overview
  • What is Discovery
  • What happens if you do not follow the rules
  • Sanctions
  • Avoid Sanctions
  • Marital Property Statement
  • A few principles when you complete your marital property statement
  • Property is divided equitably
  • Dissipated assets
  • You need to decide who has the property and who will get the property
  • You will need to designate if the property is marital or non-marital
  • Marital vs Non-marital
  • Marital vs Non-marital (cont)
  • Property can be non-marital but then turned into marital property
  • Complete each section of the marital property statement
  • Now wersquoll start to complete the Marital Property Statement
  • Real Estate
  • The legal description
  • The Legal Description (cont)
  • Fair Market Value
  • Amount Owed
  • Equity
  • Who should have the property
  • Possession
  • Motor Vehicles
  • Vehicle Identification Number
  • Fair Market Value
  • Amount owed
  • Equity
  • Who gets it and who has it
  • Bank Accounts
  • Bank Accounts (cont)
  • Bank Accounts (cont) Names
  • Fair Market Value and Equity
  • Slide 36
  • Slide 37
  • Who gets it and who has it
  • Securities
  • WholeUniversal Life Insurance
  • Face Amount and Beneficiaries
  • WholeUniversal Life Insurance (cont)
  • Value of the Policy
  • WholeUniversal Life (cont)
  • Slide 45
  • Term Life Insurance
  • Retirementpension or profit sharing
  • Retirementpension or profit sharing (cont)
  • Retirementpension or profit sharing (cont)
  • Loans against Pension Plans
  • Debts owed to you
  • Debts owed to you (cont)
  • Sole proprietorships joint ventures partnerships
  • Claims or lawsuit against others
  • Claims or lawsuit against others (cont)
  • Cash on hand
  • Household and Personal Goods
  • Slide 58
  • Household and Personal Goods (cont)
  • Slide 60
  • Slide 61
  • Other Assets
  • Non-Marital property
  • Non-Marital property (cont)
  • Debts
  • Final Thought
Page 50: Dissolution Discovery By the Law offices of Piedimonte and Associates, P.C. Suite 101 221 W. Lexington Independence, MO 64050 (816)836-8900.

Loans against Pension Plans

ndash Sometimes loans are taken against the pensions or thrift plans That information should be noted in the column for Amount Owed

ndash If you donrsquot know what to put down put as much information as you do know and leave the values blank Your attorney will help you complete the rest of the information

Debts owed to youIf someone owes either you or your spouse money list it here Put in the name and address of the person and if the debt is not yet owed but will be owed in the future put in the date it will be do The amount owed will generally be put under ldquofair market valuerdquo However if the debt is uncollectible you might be

listing it as ldquofair market valuerdquo $0

Debts owed to you (cont)ndash Sometimes this will be investments where you

have sold property and someone owes you for the property and is paying it off on a monthly basis Your attorney will help you determine the value in those situations

ndash Again do you want the debt paid to you or do you want it paid to you spouse will be your decision by placing H or W in the column as to who should get the debt

Sole proprietorships joint ventures partnerships

ndash List the business name and whether it is a corporation and who else may be involved in the ownership of the business and their percent of ownership Your attorney will help you fill out the rest of that portion of the form if you are unsure what to do This is the most difficult asset to determine itrsquos ldquofair market valuerdquo In many cases the value is nothing but in other cases the value may be significant Your attorney may also discuss with you the possibility of having the business professionally appraised in some circumstances

Claims or lawsuit against others

Put in all the information called for in the first column Your attorney will assist you in valuation after discussing this item with you The value of a lawsuit is not what your asking to collect Additionally there are certain laws that impact how to figure ldquomartialrdquo values in the case of workers compensation claims or other types of claims

Claims or lawsuit against others (cont)

ndash Also be sure to note on the form if you owe any support to another person This will affect the value of the claim and should be discussed with your attorney It may be a lien on what ever proceeds you ultimately get in the suit

Cash on handndash While most people think of this as the money you

have in your billfold do not forget the change jar money in the back yard refrigerator or where ever cash money is being kept Even if you canrsquot find it right away because your spouse has taken it list it here but note who has it The coin collection could be listed here or under ldquoother assetsrdquo in ldquoMrdquo below A coin collection may be worth more than the value of the coins

Household and Personal Goods

ndash Start on the pages 6789 attached for listing your personal property You will then total and go back to page 3

Page 6

Page 3

Household and Personal Goods

ndash The property in your possession generally furniture and household items list individually You can list general items such as Pots and Pans or ldquosheets and towelsrdquo as one item and value the total If you have a particular item or items that you want to make sure you have list it out If it is not on this list you cannot be sure you will get it

Household and Personal Goods (cont)

bull Valuing personal property is sometimes a tricky business Think of ldquogarage sale valuerdquo on your furniture Even though you paid $1500 for the couch last week you would be lucky to get $150 for it in a garage sale Most folks have a tendency to over inflate the value of their furniture

Household and Personal Goods (cont)

ndash You want to list both what you have and also what your spouse has These values will go into the overall value of the property division and may help you get your fair share of value in the marital estate If you are in doubt put it down on the list

Household and Personal Goods (cont)

ndash Some folks have heard itrsquos a good idea to value the property your spouse has high and the property you have low Try not to go there The Court has seen parties that inflate values Remember the Court could give you the inflated item ndash saying in effect if you think itrsquos worth that much then you get it

Other Assets

ndash Anything else that you have if you donrsquot know where to list it put it here

ndash This is a good place to put your pets Also remember ldquoFidordquo may be worth a lot to you but he may not be worth anything to someone else

Non-Marital propertyndash Definition of Non-marital Property

bull Everything you had coming into the marriagebull Gifts you personally have received from others or even

your spousebull Money or property you have received from inheritance

You will want to discuss with your attorney what to do about money that you have deposited in joint accounts with your spouse or money you have used to purchase other items for both you and your spouse

bull Money received from someonersquos life insurancebull Items you have that have replaced property you might

consider non-marital property

Non-Marital property (cont)

ndash Non-marital property is not used to value the division of marital property so try to list everything that is non-marital both for yourself and for your spouse

DebtsPlease be as accurate as possible on the debts that you owe Fill out all information requestedndash It is very helpful to list account numbers for credit cardsndash List if you are both obligated or just one of you on the debtndash You should also discuss with your attorney what happens on

a particular debt if you or your spouse doesnrsquot pay what he or she is supposed to pay

Final Thoughtndash Now you have completed your marital property

statement Drop it off at the attorneys office If you have followed these instructions you will have very few questions asked of you If you have not completed the form fully the attorney or his staff will be in touch as to getting additional information

ndash Remember the more information you can supply at the beginning will save you money in attorneyrsquos fees later

  • Dissolution Discovery
  • Overview
  • What is Discovery
  • What happens if you do not follow the rules
  • Sanctions
  • Avoid Sanctions
  • Marital Property Statement
  • A few principles when you complete your marital property statement
  • Property is divided equitably
  • Dissipated assets
  • You need to decide who has the property and who will get the property
  • You will need to designate if the property is marital or non-marital
  • Marital vs Non-marital
  • Marital vs Non-marital (cont)
  • Property can be non-marital but then turned into marital property
  • Complete each section of the marital property statement
  • Now wersquoll start to complete the Marital Property Statement
  • Real Estate
  • The legal description
  • The Legal Description (cont)
  • Fair Market Value
  • Amount Owed
  • Equity
  • Who should have the property
  • Possession
  • Motor Vehicles
  • Vehicle Identification Number
  • Fair Market Value
  • Amount owed
  • Equity
  • Who gets it and who has it
  • Bank Accounts
  • Bank Accounts (cont)
  • Bank Accounts (cont) Names
  • Fair Market Value and Equity
  • Slide 36
  • Slide 37
  • Who gets it and who has it
  • Securities
  • WholeUniversal Life Insurance
  • Face Amount and Beneficiaries
  • WholeUniversal Life Insurance (cont)
  • Value of the Policy
  • WholeUniversal Life (cont)
  • Slide 45
  • Term Life Insurance
  • Retirementpension or profit sharing
  • Retirementpension or profit sharing (cont)
  • Retirementpension or profit sharing (cont)
  • Loans against Pension Plans
  • Debts owed to you
  • Debts owed to you (cont)
  • Sole proprietorships joint ventures partnerships
  • Claims or lawsuit against others
  • Claims or lawsuit against others (cont)
  • Cash on hand
  • Household and Personal Goods
  • Slide 58
  • Household and Personal Goods (cont)
  • Slide 60
  • Slide 61
  • Other Assets
  • Non-Marital property
  • Non-Marital property (cont)
  • Debts
  • Final Thought
Page 51: Dissolution Discovery By the Law offices of Piedimonte and Associates, P.C. Suite 101 221 W. Lexington Independence, MO 64050 (816)836-8900.

Debts owed to youIf someone owes either you or your spouse money list it here Put in the name and address of the person and if the debt is not yet owed but will be owed in the future put in the date it will be do The amount owed will generally be put under ldquofair market valuerdquo However if the debt is uncollectible you might be

listing it as ldquofair market valuerdquo $0

Debts owed to you (cont)ndash Sometimes this will be investments where you

have sold property and someone owes you for the property and is paying it off on a monthly basis Your attorney will help you determine the value in those situations

ndash Again do you want the debt paid to you or do you want it paid to you spouse will be your decision by placing H or W in the column as to who should get the debt

Sole proprietorships joint ventures partnerships

ndash List the business name and whether it is a corporation and who else may be involved in the ownership of the business and their percent of ownership Your attorney will help you fill out the rest of that portion of the form if you are unsure what to do This is the most difficult asset to determine itrsquos ldquofair market valuerdquo In many cases the value is nothing but in other cases the value may be significant Your attorney may also discuss with you the possibility of having the business professionally appraised in some circumstances

Claims or lawsuit against others

Put in all the information called for in the first column Your attorney will assist you in valuation after discussing this item with you The value of a lawsuit is not what your asking to collect Additionally there are certain laws that impact how to figure ldquomartialrdquo values in the case of workers compensation claims or other types of claims

Claims or lawsuit against others (cont)

ndash Also be sure to note on the form if you owe any support to another person This will affect the value of the claim and should be discussed with your attorney It may be a lien on what ever proceeds you ultimately get in the suit

Cash on handndash While most people think of this as the money you

have in your billfold do not forget the change jar money in the back yard refrigerator or where ever cash money is being kept Even if you canrsquot find it right away because your spouse has taken it list it here but note who has it The coin collection could be listed here or under ldquoother assetsrdquo in ldquoMrdquo below A coin collection may be worth more than the value of the coins

Household and Personal Goods

ndash Start on the pages 6789 attached for listing your personal property You will then total and go back to page 3

Page 6

Page 3

Household and Personal Goods

ndash The property in your possession generally furniture and household items list individually You can list general items such as Pots and Pans or ldquosheets and towelsrdquo as one item and value the total If you have a particular item or items that you want to make sure you have list it out If it is not on this list you cannot be sure you will get it

Household and Personal Goods (cont)

bull Valuing personal property is sometimes a tricky business Think of ldquogarage sale valuerdquo on your furniture Even though you paid $1500 for the couch last week you would be lucky to get $150 for it in a garage sale Most folks have a tendency to over inflate the value of their furniture

Household and Personal Goods (cont)

ndash You want to list both what you have and also what your spouse has These values will go into the overall value of the property division and may help you get your fair share of value in the marital estate If you are in doubt put it down on the list

Household and Personal Goods (cont)

ndash Some folks have heard itrsquos a good idea to value the property your spouse has high and the property you have low Try not to go there The Court has seen parties that inflate values Remember the Court could give you the inflated item ndash saying in effect if you think itrsquos worth that much then you get it

Other Assets

ndash Anything else that you have if you donrsquot know where to list it put it here

ndash This is a good place to put your pets Also remember ldquoFidordquo may be worth a lot to you but he may not be worth anything to someone else

Non-Marital propertyndash Definition of Non-marital Property

bull Everything you had coming into the marriagebull Gifts you personally have received from others or even

your spousebull Money or property you have received from inheritance

You will want to discuss with your attorney what to do about money that you have deposited in joint accounts with your spouse or money you have used to purchase other items for both you and your spouse

bull Money received from someonersquos life insurancebull Items you have that have replaced property you might

consider non-marital property

Non-Marital property (cont)

ndash Non-marital property is not used to value the division of marital property so try to list everything that is non-marital both for yourself and for your spouse

DebtsPlease be as accurate as possible on the debts that you owe Fill out all information requestedndash It is very helpful to list account numbers for credit cardsndash List if you are both obligated or just one of you on the debtndash You should also discuss with your attorney what happens on

a particular debt if you or your spouse doesnrsquot pay what he or she is supposed to pay

Final Thoughtndash Now you have completed your marital property

statement Drop it off at the attorneys office If you have followed these instructions you will have very few questions asked of you If you have not completed the form fully the attorney or his staff will be in touch as to getting additional information

ndash Remember the more information you can supply at the beginning will save you money in attorneyrsquos fees later

  • Dissolution Discovery
  • Overview
  • What is Discovery
  • What happens if you do not follow the rules
  • Sanctions
  • Avoid Sanctions
  • Marital Property Statement
  • A few principles when you complete your marital property statement
  • Property is divided equitably
  • Dissipated assets
  • You need to decide who has the property and who will get the property
  • You will need to designate if the property is marital or non-marital
  • Marital vs Non-marital
  • Marital vs Non-marital (cont)
  • Property can be non-marital but then turned into marital property
  • Complete each section of the marital property statement
  • Now wersquoll start to complete the Marital Property Statement
  • Real Estate
  • The legal description
  • The Legal Description (cont)
  • Fair Market Value
  • Amount Owed
  • Equity
  • Who should have the property
  • Possession
  • Motor Vehicles
  • Vehicle Identification Number
  • Fair Market Value
  • Amount owed
  • Equity
  • Who gets it and who has it
  • Bank Accounts
  • Bank Accounts (cont)
  • Bank Accounts (cont) Names
  • Fair Market Value and Equity
  • Slide 36
  • Slide 37
  • Who gets it and who has it
  • Securities
  • WholeUniversal Life Insurance
  • Face Amount and Beneficiaries
  • WholeUniversal Life Insurance (cont)
  • Value of the Policy
  • WholeUniversal Life (cont)
  • Slide 45
  • Term Life Insurance
  • Retirementpension or profit sharing
  • Retirementpension or profit sharing (cont)
  • Retirementpension or profit sharing (cont)
  • Loans against Pension Plans
  • Debts owed to you
  • Debts owed to you (cont)
  • Sole proprietorships joint ventures partnerships
  • Claims or lawsuit against others
  • Claims or lawsuit against others (cont)
  • Cash on hand
  • Household and Personal Goods
  • Slide 58
  • Household and Personal Goods (cont)
  • Slide 60
  • Slide 61
  • Other Assets
  • Non-Marital property
  • Non-Marital property (cont)
  • Debts
  • Final Thought
Page 52: Dissolution Discovery By the Law offices of Piedimonte and Associates, P.C. Suite 101 221 W. Lexington Independence, MO 64050 (816)836-8900.

Debts owed to you (cont)ndash Sometimes this will be investments where you

have sold property and someone owes you for the property and is paying it off on a monthly basis Your attorney will help you determine the value in those situations

ndash Again do you want the debt paid to you or do you want it paid to you spouse will be your decision by placing H or W in the column as to who should get the debt

Sole proprietorships joint ventures partnerships

ndash List the business name and whether it is a corporation and who else may be involved in the ownership of the business and their percent of ownership Your attorney will help you fill out the rest of that portion of the form if you are unsure what to do This is the most difficult asset to determine itrsquos ldquofair market valuerdquo In many cases the value is nothing but in other cases the value may be significant Your attorney may also discuss with you the possibility of having the business professionally appraised in some circumstances

Claims or lawsuit against others

Put in all the information called for in the first column Your attorney will assist you in valuation after discussing this item with you The value of a lawsuit is not what your asking to collect Additionally there are certain laws that impact how to figure ldquomartialrdquo values in the case of workers compensation claims or other types of claims

Claims or lawsuit against others (cont)

ndash Also be sure to note on the form if you owe any support to another person This will affect the value of the claim and should be discussed with your attorney It may be a lien on what ever proceeds you ultimately get in the suit

Cash on handndash While most people think of this as the money you

have in your billfold do not forget the change jar money in the back yard refrigerator or where ever cash money is being kept Even if you canrsquot find it right away because your spouse has taken it list it here but note who has it The coin collection could be listed here or under ldquoother assetsrdquo in ldquoMrdquo below A coin collection may be worth more than the value of the coins

Household and Personal Goods

ndash Start on the pages 6789 attached for listing your personal property You will then total and go back to page 3

Page 6

Page 3

Household and Personal Goods

ndash The property in your possession generally furniture and household items list individually You can list general items such as Pots and Pans or ldquosheets and towelsrdquo as one item and value the total If you have a particular item or items that you want to make sure you have list it out If it is not on this list you cannot be sure you will get it

Household and Personal Goods (cont)

bull Valuing personal property is sometimes a tricky business Think of ldquogarage sale valuerdquo on your furniture Even though you paid $1500 for the couch last week you would be lucky to get $150 for it in a garage sale Most folks have a tendency to over inflate the value of their furniture

Household and Personal Goods (cont)

ndash You want to list both what you have and also what your spouse has These values will go into the overall value of the property division and may help you get your fair share of value in the marital estate If you are in doubt put it down on the list

Household and Personal Goods (cont)

ndash Some folks have heard itrsquos a good idea to value the property your spouse has high and the property you have low Try not to go there The Court has seen parties that inflate values Remember the Court could give you the inflated item ndash saying in effect if you think itrsquos worth that much then you get it

Other Assets

ndash Anything else that you have if you donrsquot know where to list it put it here

ndash This is a good place to put your pets Also remember ldquoFidordquo may be worth a lot to you but he may not be worth anything to someone else

Non-Marital propertyndash Definition of Non-marital Property

bull Everything you had coming into the marriagebull Gifts you personally have received from others or even

your spousebull Money or property you have received from inheritance

You will want to discuss with your attorney what to do about money that you have deposited in joint accounts with your spouse or money you have used to purchase other items for both you and your spouse

bull Money received from someonersquos life insurancebull Items you have that have replaced property you might

consider non-marital property

Non-Marital property (cont)

ndash Non-marital property is not used to value the division of marital property so try to list everything that is non-marital both for yourself and for your spouse

DebtsPlease be as accurate as possible on the debts that you owe Fill out all information requestedndash It is very helpful to list account numbers for credit cardsndash List if you are both obligated or just one of you on the debtndash You should also discuss with your attorney what happens on

a particular debt if you or your spouse doesnrsquot pay what he or she is supposed to pay

Final Thoughtndash Now you have completed your marital property

statement Drop it off at the attorneys office If you have followed these instructions you will have very few questions asked of you If you have not completed the form fully the attorney or his staff will be in touch as to getting additional information

ndash Remember the more information you can supply at the beginning will save you money in attorneyrsquos fees later

  • Dissolution Discovery
  • Overview
  • What is Discovery
  • What happens if you do not follow the rules
  • Sanctions
  • Avoid Sanctions
  • Marital Property Statement
  • A few principles when you complete your marital property statement
  • Property is divided equitably
  • Dissipated assets
  • You need to decide who has the property and who will get the property
  • You will need to designate if the property is marital or non-marital
  • Marital vs Non-marital
  • Marital vs Non-marital (cont)
  • Property can be non-marital but then turned into marital property
  • Complete each section of the marital property statement
  • Now wersquoll start to complete the Marital Property Statement
  • Real Estate
  • The legal description
  • The Legal Description (cont)
  • Fair Market Value
  • Amount Owed
  • Equity
  • Who should have the property
  • Possession
  • Motor Vehicles
  • Vehicle Identification Number
  • Fair Market Value
  • Amount owed
  • Equity
  • Who gets it and who has it
  • Bank Accounts
  • Bank Accounts (cont)
  • Bank Accounts (cont) Names
  • Fair Market Value and Equity
  • Slide 36
  • Slide 37
  • Who gets it and who has it
  • Securities
  • WholeUniversal Life Insurance
  • Face Amount and Beneficiaries
  • WholeUniversal Life Insurance (cont)
  • Value of the Policy
  • WholeUniversal Life (cont)
  • Slide 45
  • Term Life Insurance
  • Retirementpension or profit sharing
  • Retirementpension or profit sharing (cont)
  • Retirementpension or profit sharing (cont)
  • Loans against Pension Plans
  • Debts owed to you
  • Debts owed to you (cont)
  • Sole proprietorships joint ventures partnerships
  • Claims or lawsuit against others
  • Claims or lawsuit against others (cont)
  • Cash on hand
  • Household and Personal Goods
  • Slide 58
  • Household and Personal Goods (cont)
  • Slide 60
  • Slide 61
  • Other Assets
  • Non-Marital property
  • Non-Marital property (cont)
  • Debts
  • Final Thought
Page 53: Dissolution Discovery By the Law offices of Piedimonte and Associates, P.C. Suite 101 221 W. Lexington Independence, MO 64050 (816)836-8900.

Sole proprietorships joint ventures partnerships

ndash List the business name and whether it is a corporation and who else may be involved in the ownership of the business and their percent of ownership Your attorney will help you fill out the rest of that portion of the form if you are unsure what to do This is the most difficult asset to determine itrsquos ldquofair market valuerdquo In many cases the value is nothing but in other cases the value may be significant Your attorney may also discuss with you the possibility of having the business professionally appraised in some circumstances

Claims or lawsuit against others

Put in all the information called for in the first column Your attorney will assist you in valuation after discussing this item with you The value of a lawsuit is not what your asking to collect Additionally there are certain laws that impact how to figure ldquomartialrdquo values in the case of workers compensation claims or other types of claims

Claims or lawsuit against others (cont)

ndash Also be sure to note on the form if you owe any support to another person This will affect the value of the claim and should be discussed with your attorney It may be a lien on what ever proceeds you ultimately get in the suit

Cash on handndash While most people think of this as the money you

have in your billfold do not forget the change jar money in the back yard refrigerator or where ever cash money is being kept Even if you canrsquot find it right away because your spouse has taken it list it here but note who has it The coin collection could be listed here or under ldquoother assetsrdquo in ldquoMrdquo below A coin collection may be worth more than the value of the coins

Household and Personal Goods

ndash Start on the pages 6789 attached for listing your personal property You will then total and go back to page 3

Page 6

Page 3

Household and Personal Goods

ndash The property in your possession generally furniture and household items list individually You can list general items such as Pots and Pans or ldquosheets and towelsrdquo as one item and value the total If you have a particular item or items that you want to make sure you have list it out If it is not on this list you cannot be sure you will get it

Household and Personal Goods (cont)

bull Valuing personal property is sometimes a tricky business Think of ldquogarage sale valuerdquo on your furniture Even though you paid $1500 for the couch last week you would be lucky to get $150 for it in a garage sale Most folks have a tendency to over inflate the value of their furniture

Household and Personal Goods (cont)

ndash You want to list both what you have and also what your spouse has These values will go into the overall value of the property division and may help you get your fair share of value in the marital estate If you are in doubt put it down on the list

Household and Personal Goods (cont)

ndash Some folks have heard itrsquos a good idea to value the property your spouse has high and the property you have low Try not to go there The Court has seen parties that inflate values Remember the Court could give you the inflated item ndash saying in effect if you think itrsquos worth that much then you get it

Other Assets

ndash Anything else that you have if you donrsquot know where to list it put it here

ndash This is a good place to put your pets Also remember ldquoFidordquo may be worth a lot to you but he may not be worth anything to someone else

Non-Marital propertyndash Definition of Non-marital Property

bull Everything you had coming into the marriagebull Gifts you personally have received from others or even

your spousebull Money or property you have received from inheritance

You will want to discuss with your attorney what to do about money that you have deposited in joint accounts with your spouse or money you have used to purchase other items for both you and your spouse

bull Money received from someonersquos life insurancebull Items you have that have replaced property you might

consider non-marital property

Non-Marital property (cont)

ndash Non-marital property is not used to value the division of marital property so try to list everything that is non-marital both for yourself and for your spouse

DebtsPlease be as accurate as possible on the debts that you owe Fill out all information requestedndash It is very helpful to list account numbers for credit cardsndash List if you are both obligated or just one of you on the debtndash You should also discuss with your attorney what happens on

a particular debt if you or your spouse doesnrsquot pay what he or she is supposed to pay

Final Thoughtndash Now you have completed your marital property

statement Drop it off at the attorneys office If you have followed these instructions you will have very few questions asked of you If you have not completed the form fully the attorney or his staff will be in touch as to getting additional information

ndash Remember the more information you can supply at the beginning will save you money in attorneyrsquos fees later

  • Dissolution Discovery
  • Overview
  • What is Discovery
  • What happens if you do not follow the rules
  • Sanctions
  • Avoid Sanctions
  • Marital Property Statement
  • A few principles when you complete your marital property statement
  • Property is divided equitably
  • Dissipated assets
  • You need to decide who has the property and who will get the property
  • You will need to designate if the property is marital or non-marital
  • Marital vs Non-marital
  • Marital vs Non-marital (cont)
  • Property can be non-marital but then turned into marital property
  • Complete each section of the marital property statement
  • Now wersquoll start to complete the Marital Property Statement
  • Real Estate
  • The legal description
  • The Legal Description (cont)
  • Fair Market Value
  • Amount Owed
  • Equity
  • Who should have the property
  • Possession
  • Motor Vehicles
  • Vehicle Identification Number
  • Fair Market Value
  • Amount owed
  • Equity
  • Who gets it and who has it
  • Bank Accounts
  • Bank Accounts (cont)
  • Bank Accounts (cont) Names
  • Fair Market Value and Equity
  • Slide 36
  • Slide 37
  • Who gets it and who has it
  • Securities
  • WholeUniversal Life Insurance
  • Face Amount and Beneficiaries
  • WholeUniversal Life Insurance (cont)
  • Value of the Policy
  • WholeUniversal Life (cont)
  • Slide 45
  • Term Life Insurance
  • Retirementpension or profit sharing
  • Retirementpension or profit sharing (cont)
  • Retirementpension or profit sharing (cont)
  • Loans against Pension Plans
  • Debts owed to you
  • Debts owed to you (cont)
  • Sole proprietorships joint ventures partnerships
  • Claims or lawsuit against others
  • Claims or lawsuit against others (cont)
  • Cash on hand
  • Household and Personal Goods
  • Slide 58
  • Household and Personal Goods (cont)
  • Slide 60
  • Slide 61
  • Other Assets
  • Non-Marital property
  • Non-Marital property (cont)
  • Debts
  • Final Thought
Page 54: Dissolution Discovery By the Law offices of Piedimonte and Associates, P.C. Suite 101 221 W. Lexington Independence, MO 64050 (816)836-8900.

Claims or lawsuit against others

Put in all the information called for in the first column Your attorney will assist you in valuation after discussing this item with you The value of a lawsuit is not what your asking to collect Additionally there are certain laws that impact how to figure ldquomartialrdquo values in the case of workers compensation claims or other types of claims

Claims or lawsuit against others (cont)

ndash Also be sure to note on the form if you owe any support to another person This will affect the value of the claim and should be discussed with your attorney It may be a lien on what ever proceeds you ultimately get in the suit

Cash on handndash While most people think of this as the money you

have in your billfold do not forget the change jar money in the back yard refrigerator or where ever cash money is being kept Even if you canrsquot find it right away because your spouse has taken it list it here but note who has it The coin collection could be listed here or under ldquoother assetsrdquo in ldquoMrdquo below A coin collection may be worth more than the value of the coins

Household and Personal Goods

ndash Start on the pages 6789 attached for listing your personal property You will then total and go back to page 3

Page 6

Page 3

Household and Personal Goods

ndash The property in your possession generally furniture and household items list individually You can list general items such as Pots and Pans or ldquosheets and towelsrdquo as one item and value the total If you have a particular item or items that you want to make sure you have list it out If it is not on this list you cannot be sure you will get it

Household and Personal Goods (cont)

bull Valuing personal property is sometimes a tricky business Think of ldquogarage sale valuerdquo on your furniture Even though you paid $1500 for the couch last week you would be lucky to get $150 for it in a garage sale Most folks have a tendency to over inflate the value of their furniture

Household and Personal Goods (cont)

ndash You want to list both what you have and also what your spouse has These values will go into the overall value of the property division and may help you get your fair share of value in the marital estate If you are in doubt put it down on the list

Household and Personal Goods (cont)

ndash Some folks have heard itrsquos a good idea to value the property your spouse has high and the property you have low Try not to go there The Court has seen parties that inflate values Remember the Court could give you the inflated item ndash saying in effect if you think itrsquos worth that much then you get it

Other Assets

ndash Anything else that you have if you donrsquot know where to list it put it here

ndash This is a good place to put your pets Also remember ldquoFidordquo may be worth a lot to you but he may not be worth anything to someone else

Non-Marital propertyndash Definition of Non-marital Property

bull Everything you had coming into the marriagebull Gifts you personally have received from others or even

your spousebull Money or property you have received from inheritance

You will want to discuss with your attorney what to do about money that you have deposited in joint accounts with your spouse or money you have used to purchase other items for both you and your spouse

bull Money received from someonersquos life insurancebull Items you have that have replaced property you might

consider non-marital property

Non-Marital property (cont)

ndash Non-marital property is not used to value the division of marital property so try to list everything that is non-marital both for yourself and for your spouse

DebtsPlease be as accurate as possible on the debts that you owe Fill out all information requestedndash It is very helpful to list account numbers for credit cardsndash List if you are both obligated or just one of you on the debtndash You should also discuss with your attorney what happens on

a particular debt if you or your spouse doesnrsquot pay what he or she is supposed to pay

Final Thoughtndash Now you have completed your marital property

statement Drop it off at the attorneys office If you have followed these instructions you will have very few questions asked of you If you have not completed the form fully the attorney or his staff will be in touch as to getting additional information

ndash Remember the more information you can supply at the beginning will save you money in attorneyrsquos fees later

  • Dissolution Discovery
  • Overview
  • What is Discovery
  • What happens if you do not follow the rules
  • Sanctions
  • Avoid Sanctions
  • Marital Property Statement
  • A few principles when you complete your marital property statement
  • Property is divided equitably
  • Dissipated assets
  • You need to decide who has the property and who will get the property
  • You will need to designate if the property is marital or non-marital
  • Marital vs Non-marital
  • Marital vs Non-marital (cont)
  • Property can be non-marital but then turned into marital property
  • Complete each section of the marital property statement
  • Now wersquoll start to complete the Marital Property Statement
  • Real Estate
  • The legal description
  • The Legal Description (cont)
  • Fair Market Value
  • Amount Owed
  • Equity
  • Who should have the property
  • Possession
  • Motor Vehicles
  • Vehicle Identification Number
  • Fair Market Value
  • Amount owed
  • Equity
  • Who gets it and who has it
  • Bank Accounts
  • Bank Accounts (cont)
  • Bank Accounts (cont) Names
  • Fair Market Value and Equity
  • Slide 36
  • Slide 37
  • Who gets it and who has it
  • Securities
  • WholeUniversal Life Insurance
  • Face Amount and Beneficiaries
  • WholeUniversal Life Insurance (cont)
  • Value of the Policy
  • WholeUniversal Life (cont)
  • Slide 45
  • Term Life Insurance
  • Retirementpension or profit sharing
  • Retirementpension or profit sharing (cont)
  • Retirementpension or profit sharing (cont)
  • Loans against Pension Plans
  • Debts owed to you
  • Debts owed to you (cont)
  • Sole proprietorships joint ventures partnerships
  • Claims or lawsuit against others
  • Claims or lawsuit against others (cont)
  • Cash on hand
  • Household and Personal Goods
  • Slide 58
  • Household and Personal Goods (cont)
  • Slide 60
  • Slide 61
  • Other Assets
  • Non-Marital property
  • Non-Marital property (cont)
  • Debts
  • Final Thought
Page 55: Dissolution Discovery By the Law offices of Piedimonte and Associates, P.C. Suite 101 221 W. Lexington Independence, MO 64050 (816)836-8900.

Claims or lawsuit against others (cont)

ndash Also be sure to note on the form if you owe any support to another person This will affect the value of the claim and should be discussed with your attorney It may be a lien on what ever proceeds you ultimately get in the suit

Cash on handndash While most people think of this as the money you

have in your billfold do not forget the change jar money in the back yard refrigerator or where ever cash money is being kept Even if you canrsquot find it right away because your spouse has taken it list it here but note who has it The coin collection could be listed here or under ldquoother assetsrdquo in ldquoMrdquo below A coin collection may be worth more than the value of the coins

Household and Personal Goods

ndash Start on the pages 6789 attached for listing your personal property You will then total and go back to page 3

Page 6

Page 3

Household and Personal Goods

ndash The property in your possession generally furniture and household items list individually You can list general items such as Pots and Pans or ldquosheets and towelsrdquo as one item and value the total If you have a particular item or items that you want to make sure you have list it out If it is not on this list you cannot be sure you will get it

Household and Personal Goods (cont)

bull Valuing personal property is sometimes a tricky business Think of ldquogarage sale valuerdquo on your furniture Even though you paid $1500 for the couch last week you would be lucky to get $150 for it in a garage sale Most folks have a tendency to over inflate the value of their furniture

Household and Personal Goods (cont)

ndash You want to list both what you have and also what your spouse has These values will go into the overall value of the property division and may help you get your fair share of value in the marital estate If you are in doubt put it down on the list

Household and Personal Goods (cont)

ndash Some folks have heard itrsquos a good idea to value the property your spouse has high and the property you have low Try not to go there The Court has seen parties that inflate values Remember the Court could give you the inflated item ndash saying in effect if you think itrsquos worth that much then you get it

Other Assets

ndash Anything else that you have if you donrsquot know where to list it put it here

ndash This is a good place to put your pets Also remember ldquoFidordquo may be worth a lot to you but he may not be worth anything to someone else

Non-Marital propertyndash Definition of Non-marital Property

bull Everything you had coming into the marriagebull Gifts you personally have received from others or even

your spousebull Money or property you have received from inheritance

You will want to discuss with your attorney what to do about money that you have deposited in joint accounts with your spouse or money you have used to purchase other items for both you and your spouse

bull Money received from someonersquos life insurancebull Items you have that have replaced property you might

consider non-marital property

Non-Marital property (cont)

ndash Non-marital property is not used to value the division of marital property so try to list everything that is non-marital both for yourself and for your spouse

DebtsPlease be as accurate as possible on the debts that you owe Fill out all information requestedndash It is very helpful to list account numbers for credit cardsndash List if you are both obligated or just one of you on the debtndash You should also discuss with your attorney what happens on

a particular debt if you or your spouse doesnrsquot pay what he or she is supposed to pay

Final Thoughtndash Now you have completed your marital property

statement Drop it off at the attorneys office If you have followed these instructions you will have very few questions asked of you If you have not completed the form fully the attorney or his staff will be in touch as to getting additional information

ndash Remember the more information you can supply at the beginning will save you money in attorneyrsquos fees later

  • Dissolution Discovery
  • Overview
  • What is Discovery
  • What happens if you do not follow the rules
  • Sanctions
  • Avoid Sanctions
  • Marital Property Statement
  • A few principles when you complete your marital property statement
  • Property is divided equitably
  • Dissipated assets
  • You need to decide who has the property and who will get the property
  • You will need to designate if the property is marital or non-marital
  • Marital vs Non-marital
  • Marital vs Non-marital (cont)
  • Property can be non-marital but then turned into marital property
  • Complete each section of the marital property statement
  • Now wersquoll start to complete the Marital Property Statement
  • Real Estate
  • The legal description
  • The Legal Description (cont)
  • Fair Market Value
  • Amount Owed
  • Equity
  • Who should have the property
  • Possession
  • Motor Vehicles
  • Vehicle Identification Number
  • Fair Market Value
  • Amount owed
  • Equity
  • Who gets it and who has it
  • Bank Accounts
  • Bank Accounts (cont)
  • Bank Accounts (cont) Names
  • Fair Market Value and Equity
  • Slide 36
  • Slide 37
  • Who gets it and who has it
  • Securities
  • WholeUniversal Life Insurance
  • Face Amount and Beneficiaries
  • WholeUniversal Life Insurance (cont)
  • Value of the Policy
  • WholeUniversal Life (cont)
  • Slide 45
  • Term Life Insurance
  • Retirementpension or profit sharing
  • Retirementpension or profit sharing (cont)
  • Retirementpension or profit sharing (cont)
  • Loans against Pension Plans
  • Debts owed to you
  • Debts owed to you (cont)
  • Sole proprietorships joint ventures partnerships
  • Claims or lawsuit against others
  • Claims or lawsuit against others (cont)
  • Cash on hand
  • Household and Personal Goods
  • Slide 58
  • Household and Personal Goods (cont)
  • Slide 60
  • Slide 61
  • Other Assets
  • Non-Marital property
  • Non-Marital property (cont)
  • Debts
  • Final Thought
Page 56: Dissolution Discovery By the Law offices of Piedimonte and Associates, P.C. Suite 101 221 W. Lexington Independence, MO 64050 (816)836-8900.

Cash on handndash While most people think of this as the money you

have in your billfold do not forget the change jar money in the back yard refrigerator or where ever cash money is being kept Even if you canrsquot find it right away because your spouse has taken it list it here but note who has it The coin collection could be listed here or under ldquoother assetsrdquo in ldquoMrdquo below A coin collection may be worth more than the value of the coins

Household and Personal Goods

ndash Start on the pages 6789 attached for listing your personal property You will then total and go back to page 3

Page 6

Page 3

Household and Personal Goods

ndash The property in your possession generally furniture and household items list individually You can list general items such as Pots and Pans or ldquosheets and towelsrdquo as one item and value the total If you have a particular item or items that you want to make sure you have list it out If it is not on this list you cannot be sure you will get it

Household and Personal Goods (cont)

bull Valuing personal property is sometimes a tricky business Think of ldquogarage sale valuerdquo on your furniture Even though you paid $1500 for the couch last week you would be lucky to get $150 for it in a garage sale Most folks have a tendency to over inflate the value of their furniture

Household and Personal Goods (cont)

ndash You want to list both what you have and also what your spouse has These values will go into the overall value of the property division and may help you get your fair share of value in the marital estate If you are in doubt put it down on the list

Household and Personal Goods (cont)

ndash Some folks have heard itrsquos a good idea to value the property your spouse has high and the property you have low Try not to go there The Court has seen parties that inflate values Remember the Court could give you the inflated item ndash saying in effect if you think itrsquos worth that much then you get it

Other Assets

ndash Anything else that you have if you donrsquot know where to list it put it here

ndash This is a good place to put your pets Also remember ldquoFidordquo may be worth a lot to you but he may not be worth anything to someone else

Non-Marital propertyndash Definition of Non-marital Property

bull Everything you had coming into the marriagebull Gifts you personally have received from others or even

your spousebull Money or property you have received from inheritance

You will want to discuss with your attorney what to do about money that you have deposited in joint accounts with your spouse or money you have used to purchase other items for both you and your spouse

bull Money received from someonersquos life insurancebull Items you have that have replaced property you might

consider non-marital property

Non-Marital property (cont)

ndash Non-marital property is not used to value the division of marital property so try to list everything that is non-marital both for yourself and for your spouse

DebtsPlease be as accurate as possible on the debts that you owe Fill out all information requestedndash It is very helpful to list account numbers for credit cardsndash List if you are both obligated or just one of you on the debtndash You should also discuss with your attorney what happens on

a particular debt if you or your spouse doesnrsquot pay what he or she is supposed to pay

Final Thoughtndash Now you have completed your marital property

statement Drop it off at the attorneys office If you have followed these instructions you will have very few questions asked of you If you have not completed the form fully the attorney or his staff will be in touch as to getting additional information

ndash Remember the more information you can supply at the beginning will save you money in attorneyrsquos fees later

  • Dissolution Discovery
  • Overview
  • What is Discovery
  • What happens if you do not follow the rules
  • Sanctions
  • Avoid Sanctions
  • Marital Property Statement
  • A few principles when you complete your marital property statement
  • Property is divided equitably
  • Dissipated assets
  • You need to decide who has the property and who will get the property
  • You will need to designate if the property is marital or non-marital
  • Marital vs Non-marital
  • Marital vs Non-marital (cont)
  • Property can be non-marital but then turned into marital property
  • Complete each section of the marital property statement
  • Now wersquoll start to complete the Marital Property Statement
  • Real Estate
  • The legal description
  • The Legal Description (cont)
  • Fair Market Value
  • Amount Owed
  • Equity
  • Who should have the property
  • Possession
  • Motor Vehicles
  • Vehicle Identification Number
  • Fair Market Value
  • Amount owed
  • Equity
  • Who gets it and who has it
  • Bank Accounts
  • Bank Accounts (cont)
  • Bank Accounts (cont) Names
  • Fair Market Value and Equity
  • Slide 36
  • Slide 37
  • Who gets it and who has it
  • Securities
  • WholeUniversal Life Insurance
  • Face Amount and Beneficiaries
  • WholeUniversal Life Insurance (cont)
  • Value of the Policy
  • WholeUniversal Life (cont)
  • Slide 45
  • Term Life Insurance
  • Retirementpension or profit sharing
  • Retirementpension or profit sharing (cont)
  • Retirementpension or profit sharing (cont)
  • Loans against Pension Plans
  • Debts owed to you
  • Debts owed to you (cont)
  • Sole proprietorships joint ventures partnerships
  • Claims or lawsuit against others
  • Claims or lawsuit against others (cont)
  • Cash on hand
  • Household and Personal Goods
  • Slide 58
  • Household and Personal Goods (cont)
  • Slide 60
  • Slide 61
  • Other Assets
  • Non-Marital property
  • Non-Marital property (cont)
  • Debts
  • Final Thought
Page 57: Dissolution Discovery By the Law offices of Piedimonte and Associates, P.C. Suite 101 221 W. Lexington Independence, MO 64050 (816)836-8900.

Household and Personal Goods

ndash Start on the pages 6789 attached for listing your personal property You will then total and go back to page 3

Page 6

Page 3

Household and Personal Goods

ndash The property in your possession generally furniture and household items list individually You can list general items such as Pots and Pans or ldquosheets and towelsrdquo as one item and value the total If you have a particular item or items that you want to make sure you have list it out If it is not on this list you cannot be sure you will get it

Household and Personal Goods (cont)

bull Valuing personal property is sometimes a tricky business Think of ldquogarage sale valuerdquo on your furniture Even though you paid $1500 for the couch last week you would be lucky to get $150 for it in a garage sale Most folks have a tendency to over inflate the value of their furniture

Household and Personal Goods (cont)

ndash You want to list both what you have and also what your spouse has These values will go into the overall value of the property division and may help you get your fair share of value in the marital estate If you are in doubt put it down on the list

Household and Personal Goods (cont)

ndash Some folks have heard itrsquos a good idea to value the property your spouse has high and the property you have low Try not to go there The Court has seen parties that inflate values Remember the Court could give you the inflated item ndash saying in effect if you think itrsquos worth that much then you get it

Other Assets

ndash Anything else that you have if you donrsquot know where to list it put it here

ndash This is a good place to put your pets Also remember ldquoFidordquo may be worth a lot to you but he may not be worth anything to someone else

Non-Marital propertyndash Definition of Non-marital Property

bull Everything you had coming into the marriagebull Gifts you personally have received from others or even

your spousebull Money or property you have received from inheritance

You will want to discuss with your attorney what to do about money that you have deposited in joint accounts with your spouse or money you have used to purchase other items for both you and your spouse

bull Money received from someonersquos life insurancebull Items you have that have replaced property you might

consider non-marital property

Non-Marital property (cont)

ndash Non-marital property is not used to value the division of marital property so try to list everything that is non-marital both for yourself and for your spouse

DebtsPlease be as accurate as possible on the debts that you owe Fill out all information requestedndash It is very helpful to list account numbers for credit cardsndash List if you are both obligated or just one of you on the debtndash You should also discuss with your attorney what happens on

a particular debt if you or your spouse doesnrsquot pay what he or she is supposed to pay

Final Thoughtndash Now you have completed your marital property

statement Drop it off at the attorneys office If you have followed these instructions you will have very few questions asked of you If you have not completed the form fully the attorney or his staff will be in touch as to getting additional information

ndash Remember the more information you can supply at the beginning will save you money in attorneyrsquos fees later

  • Dissolution Discovery
  • Overview
  • What is Discovery
  • What happens if you do not follow the rules
  • Sanctions
  • Avoid Sanctions
  • Marital Property Statement
  • A few principles when you complete your marital property statement
  • Property is divided equitably
  • Dissipated assets
  • You need to decide who has the property and who will get the property
  • You will need to designate if the property is marital or non-marital
  • Marital vs Non-marital
  • Marital vs Non-marital (cont)
  • Property can be non-marital but then turned into marital property
  • Complete each section of the marital property statement
  • Now wersquoll start to complete the Marital Property Statement
  • Real Estate
  • The legal description
  • The Legal Description (cont)
  • Fair Market Value
  • Amount Owed
  • Equity
  • Who should have the property
  • Possession
  • Motor Vehicles
  • Vehicle Identification Number
  • Fair Market Value
  • Amount owed
  • Equity
  • Who gets it and who has it
  • Bank Accounts
  • Bank Accounts (cont)
  • Bank Accounts (cont) Names
  • Fair Market Value and Equity
  • Slide 36
  • Slide 37
  • Who gets it and who has it
  • Securities
  • WholeUniversal Life Insurance
  • Face Amount and Beneficiaries
  • WholeUniversal Life Insurance (cont)
  • Value of the Policy
  • WholeUniversal Life (cont)
  • Slide 45
  • Term Life Insurance
  • Retirementpension or profit sharing
  • Retirementpension or profit sharing (cont)
  • Retirementpension or profit sharing (cont)
  • Loans against Pension Plans
  • Debts owed to you
  • Debts owed to you (cont)
  • Sole proprietorships joint ventures partnerships
  • Claims or lawsuit against others
  • Claims or lawsuit against others (cont)
  • Cash on hand
  • Household and Personal Goods
  • Slide 58
  • Household and Personal Goods (cont)
  • Slide 60
  • Slide 61
  • Other Assets
  • Non-Marital property
  • Non-Marital property (cont)
  • Debts
  • Final Thought
Page 58: Dissolution Discovery By the Law offices of Piedimonte and Associates, P.C. Suite 101 221 W. Lexington Independence, MO 64050 (816)836-8900.

Household and Personal Goods

ndash The property in your possession generally furniture and household items list individually You can list general items such as Pots and Pans or ldquosheets and towelsrdquo as one item and value the total If you have a particular item or items that you want to make sure you have list it out If it is not on this list you cannot be sure you will get it

Household and Personal Goods (cont)

bull Valuing personal property is sometimes a tricky business Think of ldquogarage sale valuerdquo on your furniture Even though you paid $1500 for the couch last week you would be lucky to get $150 for it in a garage sale Most folks have a tendency to over inflate the value of their furniture

Household and Personal Goods (cont)

ndash You want to list both what you have and also what your spouse has These values will go into the overall value of the property division and may help you get your fair share of value in the marital estate If you are in doubt put it down on the list

Household and Personal Goods (cont)

ndash Some folks have heard itrsquos a good idea to value the property your spouse has high and the property you have low Try not to go there The Court has seen parties that inflate values Remember the Court could give you the inflated item ndash saying in effect if you think itrsquos worth that much then you get it

Other Assets

ndash Anything else that you have if you donrsquot know where to list it put it here

ndash This is a good place to put your pets Also remember ldquoFidordquo may be worth a lot to you but he may not be worth anything to someone else

Non-Marital propertyndash Definition of Non-marital Property

bull Everything you had coming into the marriagebull Gifts you personally have received from others or even

your spousebull Money or property you have received from inheritance

You will want to discuss with your attorney what to do about money that you have deposited in joint accounts with your spouse or money you have used to purchase other items for both you and your spouse

bull Money received from someonersquos life insurancebull Items you have that have replaced property you might

consider non-marital property

Non-Marital property (cont)

ndash Non-marital property is not used to value the division of marital property so try to list everything that is non-marital both for yourself and for your spouse

DebtsPlease be as accurate as possible on the debts that you owe Fill out all information requestedndash It is very helpful to list account numbers for credit cardsndash List if you are both obligated or just one of you on the debtndash You should also discuss with your attorney what happens on

a particular debt if you or your spouse doesnrsquot pay what he or she is supposed to pay

Final Thoughtndash Now you have completed your marital property

statement Drop it off at the attorneys office If you have followed these instructions you will have very few questions asked of you If you have not completed the form fully the attorney or his staff will be in touch as to getting additional information

ndash Remember the more information you can supply at the beginning will save you money in attorneyrsquos fees later

  • Dissolution Discovery
  • Overview
  • What is Discovery
  • What happens if you do not follow the rules
  • Sanctions
  • Avoid Sanctions
  • Marital Property Statement
  • A few principles when you complete your marital property statement
  • Property is divided equitably
  • Dissipated assets
  • You need to decide who has the property and who will get the property
  • You will need to designate if the property is marital or non-marital
  • Marital vs Non-marital
  • Marital vs Non-marital (cont)
  • Property can be non-marital but then turned into marital property
  • Complete each section of the marital property statement
  • Now wersquoll start to complete the Marital Property Statement
  • Real Estate
  • The legal description
  • The Legal Description (cont)
  • Fair Market Value
  • Amount Owed
  • Equity
  • Who should have the property
  • Possession
  • Motor Vehicles
  • Vehicle Identification Number
  • Fair Market Value
  • Amount owed
  • Equity
  • Who gets it and who has it
  • Bank Accounts
  • Bank Accounts (cont)
  • Bank Accounts (cont) Names
  • Fair Market Value and Equity
  • Slide 36
  • Slide 37
  • Who gets it and who has it
  • Securities
  • WholeUniversal Life Insurance
  • Face Amount and Beneficiaries
  • WholeUniversal Life Insurance (cont)
  • Value of the Policy
  • WholeUniversal Life (cont)
  • Slide 45
  • Term Life Insurance
  • Retirementpension or profit sharing
  • Retirementpension or profit sharing (cont)
  • Retirementpension or profit sharing (cont)
  • Loans against Pension Plans
  • Debts owed to you
  • Debts owed to you (cont)
  • Sole proprietorships joint ventures partnerships
  • Claims or lawsuit against others
  • Claims or lawsuit against others (cont)
  • Cash on hand
  • Household and Personal Goods
  • Slide 58
  • Household and Personal Goods (cont)
  • Slide 60
  • Slide 61
  • Other Assets
  • Non-Marital property
  • Non-Marital property (cont)
  • Debts
  • Final Thought
Page 59: Dissolution Discovery By the Law offices of Piedimonte and Associates, P.C. Suite 101 221 W. Lexington Independence, MO 64050 (816)836-8900.

Household and Personal Goods (cont)

bull Valuing personal property is sometimes a tricky business Think of ldquogarage sale valuerdquo on your furniture Even though you paid $1500 for the couch last week you would be lucky to get $150 for it in a garage sale Most folks have a tendency to over inflate the value of their furniture

Household and Personal Goods (cont)

ndash You want to list both what you have and also what your spouse has These values will go into the overall value of the property division and may help you get your fair share of value in the marital estate If you are in doubt put it down on the list

Household and Personal Goods (cont)

ndash Some folks have heard itrsquos a good idea to value the property your spouse has high and the property you have low Try not to go there The Court has seen parties that inflate values Remember the Court could give you the inflated item ndash saying in effect if you think itrsquos worth that much then you get it

Other Assets

ndash Anything else that you have if you donrsquot know where to list it put it here

ndash This is a good place to put your pets Also remember ldquoFidordquo may be worth a lot to you but he may not be worth anything to someone else

Non-Marital propertyndash Definition of Non-marital Property

bull Everything you had coming into the marriagebull Gifts you personally have received from others or even

your spousebull Money or property you have received from inheritance

You will want to discuss with your attorney what to do about money that you have deposited in joint accounts with your spouse or money you have used to purchase other items for both you and your spouse

bull Money received from someonersquos life insurancebull Items you have that have replaced property you might

consider non-marital property

Non-Marital property (cont)

ndash Non-marital property is not used to value the division of marital property so try to list everything that is non-marital both for yourself and for your spouse

DebtsPlease be as accurate as possible on the debts that you owe Fill out all information requestedndash It is very helpful to list account numbers for credit cardsndash List if you are both obligated or just one of you on the debtndash You should also discuss with your attorney what happens on

a particular debt if you or your spouse doesnrsquot pay what he or she is supposed to pay

Final Thoughtndash Now you have completed your marital property

statement Drop it off at the attorneys office If you have followed these instructions you will have very few questions asked of you If you have not completed the form fully the attorney or his staff will be in touch as to getting additional information

ndash Remember the more information you can supply at the beginning will save you money in attorneyrsquos fees later

  • Dissolution Discovery
  • Overview
  • What is Discovery
  • What happens if you do not follow the rules
  • Sanctions
  • Avoid Sanctions
  • Marital Property Statement
  • A few principles when you complete your marital property statement
  • Property is divided equitably
  • Dissipated assets
  • You need to decide who has the property and who will get the property
  • You will need to designate if the property is marital or non-marital
  • Marital vs Non-marital
  • Marital vs Non-marital (cont)
  • Property can be non-marital but then turned into marital property
  • Complete each section of the marital property statement
  • Now wersquoll start to complete the Marital Property Statement
  • Real Estate
  • The legal description
  • The Legal Description (cont)
  • Fair Market Value
  • Amount Owed
  • Equity
  • Who should have the property
  • Possession
  • Motor Vehicles
  • Vehicle Identification Number
  • Fair Market Value
  • Amount owed
  • Equity
  • Who gets it and who has it
  • Bank Accounts
  • Bank Accounts (cont)
  • Bank Accounts (cont) Names
  • Fair Market Value and Equity
  • Slide 36
  • Slide 37
  • Who gets it and who has it
  • Securities
  • WholeUniversal Life Insurance
  • Face Amount and Beneficiaries
  • WholeUniversal Life Insurance (cont)
  • Value of the Policy
  • WholeUniversal Life (cont)
  • Slide 45
  • Term Life Insurance
  • Retirementpension or profit sharing
  • Retirementpension or profit sharing (cont)
  • Retirementpension or profit sharing (cont)
  • Loans against Pension Plans
  • Debts owed to you
  • Debts owed to you (cont)
  • Sole proprietorships joint ventures partnerships
  • Claims or lawsuit against others
  • Claims or lawsuit against others (cont)
  • Cash on hand
  • Household and Personal Goods
  • Slide 58
  • Household and Personal Goods (cont)
  • Slide 60
  • Slide 61
  • Other Assets
  • Non-Marital property
  • Non-Marital property (cont)
  • Debts
  • Final Thought
Page 60: Dissolution Discovery By the Law offices of Piedimonte and Associates, P.C. Suite 101 221 W. Lexington Independence, MO 64050 (816)836-8900.

Household and Personal Goods (cont)

ndash You want to list both what you have and also what your spouse has These values will go into the overall value of the property division and may help you get your fair share of value in the marital estate If you are in doubt put it down on the list

Household and Personal Goods (cont)

ndash Some folks have heard itrsquos a good idea to value the property your spouse has high and the property you have low Try not to go there The Court has seen parties that inflate values Remember the Court could give you the inflated item ndash saying in effect if you think itrsquos worth that much then you get it

Other Assets

ndash Anything else that you have if you donrsquot know where to list it put it here

ndash This is a good place to put your pets Also remember ldquoFidordquo may be worth a lot to you but he may not be worth anything to someone else

Non-Marital propertyndash Definition of Non-marital Property

bull Everything you had coming into the marriagebull Gifts you personally have received from others or even

your spousebull Money or property you have received from inheritance

You will want to discuss with your attorney what to do about money that you have deposited in joint accounts with your spouse or money you have used to purchase other items for both you and your spouse

bull Money received from someonersquos life insurancebull Items you have that have replaced property you might

consider non-marital property

Non-Marital property (cont)

ndash Non-marital property is not used to value the division of marital property so try to list everything that is non-marital both for yourself and for your spouse

DebtsPlease be as accurate as possible on the debts that you owe Fill out all information requestedndash It is very helpful to list account numbers for credit cardsndash List if you are both obligated or just one of you on the debtndash You should also discuss with your attorney what happens on

a particular debt if you or your spouse doesnrsquot pay what he or she is supposed to pay

Final Thoughtndash Now you have completed your marital property

statement Drop it off at the attorneys office If you have followed these instructions you will have very few questions asked of you If you have not completed the form fully the attorney or his staff will be in touch as to getting additional information

ndash Remember the more information you can supply at the beginning will save you money in attorneyrsquos fees later

  • Dissolution Discovery
  • Overview
  • What is Discovery
  • What happens if you do not follow the rules
  • Sanctions
  • Avoid Sanctions
  • Marital Property Statement
  • A few principles when you complete your marital property statement
  • Property is divided equitably
  • Dissipated assets
  • You need to decide who has the property and who will get the property
  • You will need to designate if the property is marital or non-marital
  • Marital vs Non-marital
  • Marital vs Non-marital (cont)
  • Property can be non-marital but then turned into marital property
  • Complete each section of the marital property statement
  • Now wersquoll start to complete the Marital Property Statement
  • Real Estate
  • The legal description
  • The Legal Description (cont)
  • Fair Market Value
  • Amount Owed
  • Equity
  • Who should have the property
  • Possession
  • Motor Vehicles
  • Vehicle Identification Number
  • Fair Market Value
  • Amount owed
  • Equity
  • Who gets it and who has it
  • Bank Accounts
  • Bank Accounts (cont)
  • Bank Accounts (cont) Names
  • Fair Market Value and Equity
  • Slide 36
  • Slide 37
  • Who gets it and who has it
  • Securities
  • WholeUniversal Life Insurance
  • Face Amount and Beneficiaries
  • WholeUniversal Life Insurance (cont)
  • Value of the Policy
  • WholeUniversal Life (cont)
  • Slide 45
  • Term Life Insurance
  • Retirementpension or profit sharing
  • Retirementpension or profit sharing (cont)
  • Retirementpension or profit sharing (cont)
  • Loans against Pension Plans
  • Debts owed to you
  • Debts owed to you (cont)
  • Sole proprietorships joint ventures partnerships
  • Claims or lawsuit against others
  • Claims or lawsuit against others (cont)
  • Cash on hand
  • Household and Personal Goods
  • Slide 58
  • Household and Personal Goods (cont)
  • Slide 60
  • Slide 61
  • Other Assets
  • Non-Marital property
  • Non-Marital property (cont)
  • Debts
  • Final Thought
Page 61: Dissolution Discovery By the Law offices of Piedimonte and Associates, P.C. Suite 101 221 W. Lexington Independence, MO 64050 (816)836-8900.

Household and Personal Goods (cont)

ndash Some folks have heard itrsquos a good idea to value the property your spouse has high and the property you have low Try not to go there The Court has seen parties that inflate values Remember the Court could give you the inflated item ndash saying in effect if you think itrsquos worth that much then you get it

Other Assets

ndash Anything else that you have if you donrsquot know where to list it put it here

ndash This is a good place to put your pets Also remember ldquoFidordquo may be worth a lot to you but he may not be worth anything to someone else

Non-Marital propertyndash Definition of Non-marital Property

bull Everything you had coming into the marriagebull Gifts you personally have received from others or even

your spousebull Money or property you have received from inheritance

You will want to discuss with your attorney what to do about money that you have deposited in joint accounts with your spouse or money you have used to purchase other items for both you and your spouse

bull Money received from someonersquos life insurancebull Items you have that have replaced property you might

consider non-marital property

Non-Marital property (cont)

ndash Non-marital property is not used to value the division of marital property so try to list everything that is non-marital both for yourself and for your spouse

DebtsPlease be as accurate as possible on the debts that you owe Fill out all information requestedndash It is very helpful to list account numbers for credit cardsndash List if you are both obligated or just one of you on the debtndash You should also discuss with your attorney what happens on

a particular debt if you or your spouse doesnrsquot pay what he or she is supposed to pay

Final Thoughtndash Now you have completed your marital property

statement Drop it off at the attorneys office If you have followed these instructions you will have very few questions asked of you If you have not completed the form fully the attorney or his staff will be in touch as to getting additional information

ndash Remember the more information you can supply at the beginning will save you money in attorneyrsquos fees later

  • Dissolution Discovery
  • Overview
  • What is Discovery
  • What happens if you do not follow the rules
  • Sanctions
  • Avoid Sanctions
  • Marital Property Statement
  • A few principles when you complete your marital property statement
  • Property is divided equitably
  • Dissipated assets
  • You need to decide who has the property and who will get the property
  • You will need to designate if the property is marital or non-marital
  • Marital vs Non-marital
  • Marital vs Non-marital (cont)
  • Property can be non-marital but then turned into marital property
  • Complete each section of the marital property statement
  • Now wersquoll start to complete the Marital Property Statement
  • Real Estate
  • The legal description
  • The Legal Description (cont)
  • Fair Market Value
  • Amount Owed
  • Equity
  • Who should have the property
  • Possession
  • Motor Vehicles
  • Vehicle Identification Number
  • Fair Market Value
  • Amount owed
  • Equity
  • Who gets it and who has it
  • Bank Accounts
  • Bank Accounts (cont)
  • Bank Accounts (cont) Names
  • Fair Market Value and Equity
  • Slide 36
  • Slide 37
  • Who gets it and who has it
  • Securities
  • WholeUniversal Life Insurance
  • Face Amount and Beneficiaries
  • WholeUniversal Life Insurance (cont)
  • Value of the Policy
  • WholeUniversal Life (cont)
  • Slide 45
  • Term Life Insurance
  • Retirementpension or profit sharing
  • Retirementpension or profit sharing (cont)
  • Retirementpension or profit sharing (cont)
  • Loans against Pension Plans
  • Debts owed to you
  • Debts owed to you (cont)
  • Sole proprietorships joint ventures partnerships
  • Claims or lawsuit against others
  • Claims or lawsuit against others (cont)
  • Cash on hand
  • Household and Personal Goods
  • Slide 58
  • Household and Personal Goods (cont)
  • Slide 60
  • Slide 61
  • Other Assets
  • Non-Marital property
  • Non-Marital property (cont)
  • Debts
  • Final Thought
Page 62: Dissolution Discovery By the Law offices of Piedimonte and Associates, P.C. Suite 101 221 W. Lexington Independence, MO 64050 (816)836-8900.

Other Assets

ndash Anything else that you have if you donrsquot know where to list it put it here

ndash This is a good place to put your pets Also remember ldquoFidordquo may be worth a lot to you but he may not be worth anything to someone else

Non-Marital propertyndash Definition of Non-marital Property

bull Everything you had coming into the marriagebull Gifts you personally have received from others or even

your spousebull Money or property you have received from inheritance

You will want to discuss with your attorney what to do about money that you have deposited in joint accounts with your spouse or money you have used to purchase other items for both you and your spouse

bull Money received from someonersquos life insurancebull Items you have that have replaced property you might

consider non-marital property

Non-Marital property (cont)

ndash Non-marital property is not used to value the division of marital property so try to list everything that is non-marital both for yourself and for your spouse

DebtsPlease be as accurate as possible on the debts that you owe Fill out all information requestedndash It is very helpful to list account numbers for credit cardsndash List if you are both obligated or just one of you on the debtndash You should also discuss with your attorney what happens on

a particular debt if you or your spouse doesnrsquot pay what he or she is supposed to pay

Final Thoughtndash Now you have completed your marital property

statement Drop it off at the attorneys office If you have followed these instructions you will have very few questions asked of you If you have not completed the form fully the attorney or his staff will be in touch as to getting additional information

ndash Remember the more information you can supply at the beginning will save you money in attorneyrsquos fees later

  • Dissolution Discovery
  • Overview
  • What is Discovery
  • What happens if you do not follow the rules
  • Sanctions
  • Avoid Sanctions
  • Marital Property Statement
  • A few principles when you complete your marital property statement
  • Property is divided equitably
  • Dissipated assets
  • You need to decide who has the property and who will get the property
  • You will need to designate if the property is marital or non-marital
  • Marital vs Non-marital
  • Marital vs Non-marital (cont)
  • Property can be non-marital but then turned into marital property
  • Complete each section of the marital property statement
  • Now wersquoll start to complete the Marital Property Statement
  • Real Estate
  • The legal description
  • The Legal Description (cont)
  • Fair Market Value
  • Amount Owed
  • Equity
  • Who should have the property
  • Possession
  • Motor Vehicles
  • Vehicle Identification Number
  • Fair Market Value
  • Amount owed
  • Equity
  • Who gets it and who has it
  • Bank Accounts
  • Bank Accounts (cont)
  • Bank Accounts (cont) Names
  • Fair Market Value and Equity
  • Slide 36
  • Slide 37
  • Who gets it and who has it
  • Securities
  • WholeUniversal Life Insurance
  • Face Amount and Beneficiaries
  • WholeUniversal Life Insurance (cont)
  • Value of the Policy
  • WholeUniversal Life (cont)
  • Slide 45
  • Term Life Insurance
  • Retirementpension or profit sharing
  • Retirementpension or profit sharing (cont)
  • Retirementpension or profit sharing (cont)
  • Loans against Pension Plans
  • Debts owed to you
  • Debts owed to you (cont)
  • Sole proprietorships joint ventures partnerships
  • Claims or lawsuit against others
  • Claims or lawsuit against others (cont)
  • Cash on hand
  • Household and Personal Goods
  • Slide 58
  • Household and Personal Goods (cont)
  • Slide 60
  • Slide 61
  • Other Assets
  • Non-Marital property
  • Non-Marital property (cont)
  • Debts
  • Final Thought
Page 63: Dissolution Discovery By the Law offices of Piedimonte and Associates, P.C. Suite 101 221 W. Lexington Independence, MO 64050 (816)836-8900.

Non-Marital propertyndash Definition of Non-marital Property

bull Everything you had coming into the marriagebull Gifts you personally have received from others or even

your spousebull Money or property you have received from inheritance

You will want to discuss with your attorney what to do about money that you have deposited in joint accounts with your spouse or money you have used to purchase other items for both you and your spouse

bull Money received from someonersquos life insurancebull Items you have that have replaced property you might

consider non-marital property

Non-Marital property (cont)

ndash Non-marital property is not used to value the division of marital property so try to list everything that is non-marital both for yourself and for your spouse

DebtsPlease be as accurate as possible on the debts that you owe Fill out all information requestedndash It is very helpful to list account numbers for credit cardsndash List if you are both obligated or just one of you on the debtndash You should also discuss with your attorney what happens on

a particular debt if you or your spouse doesnrsquot pay what he or she is supposed to pay

Final Thoughtndash Now you have completed your marital property

statement Drop it off at the attorneys office If you have followed these instructions you will have very few questions asked of you If you have not completed the form fully the attorney or his staff will be in touch as to getting additional information

ndash Remember the more information you can supply at the beginning will save you money in attorneyrsquos fees later

  • Dissolution Discovery
  • Overview
  • What is Discovery
  • What happens if you do not follow the rules
  • Sanctions
  • Avoid Sanctions
  • Marital Property Statement
  • A few principles when you complete your marital property statement
  • Property is divided equitably
  • Dissipated assets
  • You need to decide who has the property and who will get the property
  • You will need to designate if the property is marital or non-marital
  • Marital vs Non-marital
  • Marital vs Non-marital (cont)
  • Property can be non-marital but then turned into marital property
  • Complete each section of the marital property statement
  • Now wersquoll start to complete the Marital Property Statement
  • Real Estate
  • The legal description
  • The Legal Description (cont)
  • Fair Market Value
  • Amount Owed
  • Equity
  • Who should have the property
  • Possession
  • Motor Vehicles
  • Vehicle Identification Number
  • Fair Market Value
  • Amount owed
  • Equity
  • Who gets it and who has it
  • Bank Accounts
  • Bank Accounts (cont)
  • Bank Accounts (cont) Names
  • Fair Market Value and Equity
  • Slide 36
  • Slide 37
  • Who gets it and who has it
  • Securities
  • WholeUniversal Life Insurance
  • Face Amount and Beneficiaries
  • WholeUniversal Life Insurance (cont)
  • Value of the Policy
  • WholeUniversal Life (cont)
  • Slide 45
  • Term Life Insurance
  • Retirementpension or profit sharing
  • Retirementpension or profit sharing (cont)
  • Retirementpension or profit sharing (cont)
  • Loans against Pension Plans
  • Debts owed to you
  • Debts owed to you (cont)
  • Sole proprietorships joint ventures partnerships
  • Claims or lawsuit against others
  • Claims or lawsuit against others (cont)
  • Cash on hand
  • Household and Personal Goods
  • Slide 58
  • Household and Personal Goods (cont)
  • Slide 60
  • Slide 61
  • Other Assets
  • Non-Marital property
  • Non-Marital property (cont)
  • Debts
  • Final Thought
Page 64: Dissolution Discovery By the Law offices of Piedimonte and Associates, P.C. Suite 101 221 W. Lexington Independence, MO 64050 (816)836-8900.

Non-Marital property (cont)

ndash Non-marital property is not used to value the division of marital property so try to list everything that is non-marital both for yourself and for your spouse

DebtsPlease be as accurate as possible on the debts that you owe Fill out all information requestedndash It is very helpful to list account numbers for credit cardsndash List if you are both obligated or just one of you on the debtndash You should also discuss with your attorney what happens on

a particular debt if you or your spouse doesnrsquot pay what he or she is supposed to pay

Final Thoughtndash Now you have completed your marital property

statement Drop it off at the attorneys office If you have followed these instructions you will have very few questions asked of you If you have not completed the form fully the attorney or his staff will be in touch as to getting additional information

ndash Remember the more information you can supply at the beginning will save you money in attorneyrsquos fees later

  • Dissolution Discovery
  • Overview
  • What is Discovery
  • What happens if you do not follow the rules
  • Sanctions
  • Avoid Sanctions
  • Marital Property Statement
  • A few principles when you complete your marital property statement
  • Property is divided equitably
  • Dissipated assets
  • You need to decide who has the property and who will get the property
  • You will need to designate if the property is marital or non-marital
  • Marital vs Non-marital
  • Marital vs Non-marital (cont)
  • Property can be non-marital but then turned into marital property
  • Complete each section of the marital property statement
  • Now wersquoll start to complete the Marital Property Statement
  • Real Estate
  • The legal description
  • The Legal Description (cont)
  • Fair Market Value
  • Amount Owed
  • Equity
  • Who should have the property
  • Possession
  • Motor Vehicles
  • Vehicle Identification Number
  • Fair Market Value
  • Amount owed
  • Equity
  • Who gets it and who has it
  • Bank Accounts
  • Bank Accounts (cont)
  • Bank Accounts (cont) Names
  • Fair Market Value and Equity
  • Slide 36
  • Slide 37
  • Who gets it and who has it
  • Securities
  • WholeUniversal Life Insurance
  • Face Amount and Beneficiaries
  • WholeUniversal Life Insurance (cont)
  • Value of the Policy
  • WholeUniversal Life (cont)
  • Slide 45
  • Term Life Insurance
  • Retirementpension or profit sharing
  • Retirementpension or profit sharing (cont)
  • Retirementpension or profit sharing (cont)
  • Loans against Pension Plans
  • Debts owed to you
  • Debts owed to you (cont)
  • Sole proprietorships joint ventures partnerships
  • Claims or lawsuit against others
  • Claims or lawsuit against others (cont)
  • Cash on hand
  • Household and Personal Goods
  • Slide 58
  • Household and Personal Goods (cont)
  • Slide 60
  • Slide 61
  • Other Assets
  • Non-Marital property
  • Non-Marital property (cont)
  • Debts
  • Final Thought
Page 65: Dissolution Discovery By the Law offices of Piedimonte and Associates, P.C. Suite 101 221 W. Lexington Independence, MO 64050 (816)836-8900.

DebtsPlease be as accurate as possible on the debts that you owe Fill out all information requestedndash It is very helpful to list account numbers for credit cardsndash List if you are both obligated or just one of you on the debtndash You should also discuss with your attorney what happens on

a particular debt if you or your spouse doesnrsquot pay what he or she is supposed to pay

Final Thoughtndash Now you have completed your marital property

statement Drop it off at the attorneys office If you have followed these instructions you will have very few questions asked of you If you have not completed the form fully the attorney or his staff will be in touch as to getting additional information

ndash Remember the more information you can supply at the beginning will save you money in attorneyrsquos fees later

  • Dissolution Discovery
  • Overview
  • What is Discovery
  • What happens if you do not follow the rules
  • Sanctions
  • Avoid Sanctions
  • Marital Property Statement
  • A few principles when you complete your marital property statement
  • Property is divided equitably
  • Dissipated assets
  • You need to decide who has the property and who will get the property
  • You will need to designate if the property is marital or non-marital
  • Marital vs Non-marital
  • Marital vs Non-marital (cont)
  • Property can be non-marital but then turned into marital property
  • Complete each section of the marital property statement
  • Now wersquoll start to complete the Marital Property Statement
  • Real Estate
  • The legal description
  • The Legal Description (cont)
  • Fair Market Value
  • Amount Owed
  • Equity
  • Who should have the property
  • Possession
  • Motor Vehicles
  • Vehicle Identification Number
  • Fair Market Value
  • Amount owed
  • Equity
  • Who gets it and who has it
  • Bank Accounts
  • Bank Accounts (cont)
  • Bank Accounts (cont) Names
  • Fair Market Value and Equity
  • Slide 36
  • Slide 37
  • Who gets it and who has it
  • Securities
  • WholeUniversal Life Insurance
  • Face Amount and Beneficiaries
  • WholeUniversal Life Insurance (cont)
  • Value of the Policy
  • WholeUniversal Life (cont)
  • Slide 45
  • Term Life Insurance
  • Retirementpension or profit sharing
  • Retirementpension or profit sharing (cont)
  • Retirementpension or profit sharing (cont)
  • Loans against Pension Plans
  • Debts owed to you
  • Debts owed to you (cont)
  • Sole proprietorships joint ventures partnerships
  • Claims or lawsuit against others
  • Claims or lawsuit against others (cont)
  • Cash on hand
  • Household and Personal Goods
  • Slide 58
  • Household and Personal Goods (cont)
  • Slide 60
  • Slide 61
  • Other Assets
  • Non-Marital property
  • Non-Marital property (cont)
  • Debts
  • Final Thought
Page 66: Dissolution Discovery By the Law offices of Piedimonte and Associates, P.C. Suite 101 221 W. Lexington Independence, MO 64050 (816)836-8900.

Final Thoughtndash Now you have completed your marital property

statement Drop it off at the attorneys office If you have followed these instructions you will have very few questions asked of you If you have not completed the form fully the attorney or his staff will be in touch as to getting additional information

ndash Remember the more information you can supply at the beginning will save you money in attorneyrsquos fees later

  • Dissolution Discovery
  • Overview
  • What is Discovery
  • What happens if you do not follow the rules
  • Sanctions
  • Avoid Sanctions
  • Marital Property Statement
  • A few principles when you complete your marital property statement
  • Property is divided equitably
  • Dissipated assets
  • You need to decide who has the property and who will get the property
  • You will need to designate if the property is marital or non-marital
  • Marital vs Non-marital
  • Marital vs Non-marital (cont)
  • Property can be non-marital but then turned into marital property
  • Complete each section of the marital property statement
  • Now wersquoll start to complete the Marital Property Statement
  • Real Estate
  • The legal description
  • The Legal Description (cont)
  • Fair Market Value
  • Amount Owed
  • Equity
  • Who should have the property
  • Possession
  • Motor Vehicles
  • Vehicle Identification Number
  • Fair Market Value
  • Amount owed
  • Equity
  • Who gets it and who has it
  • Bank Accounts
  • Bank Accounts (cont)
  • Bank Accounts (cont) Names
  • Fair Market Value and Equity
  • Slide 36
  • Slide 37
  • Who gets it and who has it
  • Securities
  • WholeUniversal Life Insurance
  • Face Amount and Beneficiaries
  • WholeUniversal Life Insurance (cont)
  • Value of the Policy
  • WholeUniversal Life (cont)
  • Slide 45
  • Term Life Insurance
  • Retirementpension or profit sharing
  • Retirementpension or profit sharing (cont)
  • Retirementpension or profit sharing (cont)
  • Loans against Pension Plans
  • Debts owed to you
  • Debts owed to you (cont)
  • Sole proprietorships joint ventures partnerships
  • Claims or lawsuit against others
  • Claims or lawsuit against others (cont)
  • Cash on hand
  • Household and Personal Goods
  • Slide 58
  • Household and Personal Goods (cont)
  • Slide 60
  • Slide 61
  • Other Assets
  • Non-Marital property
  • Non-Marital property (cont)
  • Debts
  • Final Thought

WF-8900 SeriesLY7LqS.pdf · WF-8900 Series Power Center Safety Features Reverse Battery Protection The WF-8900 Series Power Centers will charge the 12-volt House battery if installed.

WF-8900 SeriesLY7LqS.pdf · WF-8900 Series Power Center Safety Features Reverse Battery Protection The WF-8900 Series Power Centers will charge the 12-volt House battery if installed.

WF-8900 Series · 2020. 11. 3. · WF-8900 Series Power Center Safety Features Reverse Battery Protection The WF-8900 Series Power Centers will charge the 12-volt House battery if

WF-8900 Series · 2020. 11. 3. · WF-8900 Series Power Center Safety Features Reverse Battery Protection The WF-8900 Series Power Centers will charge the 12-volt House battery if

ColorQube 8700/8900 Color Multifunction Printer...Xerox ColorQube 8700 / 8900 Color Multifunction Printer Imprimante multifonction couleur Xerox ® ColorQube 8700 / 8900 Xerox ConnectKey

ColorQube 8700/8900 Color Multifunction Printer...Xerox ColorQube 8700 / 8900 Color Multifunction Printer Imprimante multifonction couleur Xerox ® ColorQube 8700 / 8900 Xerox ConnectKey

Signet 8900 Multi-Parameter Controller · 2015. 10. 29. · 8900 will support four additional relays via an external relay module. There are other notable features that the 8900 offers.

Signet 8900 Multi-Parameter Controller · 2015. 10. 29. · 8900 will support four additional relays via an external relay module. There are other notable features that the 8900 offers.

Smartphone RIM Blackberry Curve 8900 - Manual

Smartphone RIM Blackberry Curve 8900 - Manual

QYT KT-8900 - Miklor Radio Information Site - Miklormiklor.com/KT8900/pdf/KT8900_manual.pdfQYT KT-8900 - Miklor Radio Information Site - Miklor

QYT KT-8900 - Miklor Radio Information Site - Miklormiklor.com/KT8900/pdf/KT8900_manual.pdfQYT KT-8900 - Miklor Radio Information Site - Miklor

ZXR10 8900 Product Description - ZTEzte.by/manuals/89xx(v2.8.02C)/8900 Product Description.pdf · ZXR10 8900 Product Description II © 2009 ZTE Corporation. All rights reserved. ZTE

ZXR10 8900 Product Description - ZTEzte.by/manuals/89xx(v2.8.02C)/8900 Product Description.pdf · ZXR10 8900 Product Description II © 2009 ZTE Corporation. All rights reserved. ZTE

Columbine Report Pgs 8801-8900

Columbine Report Pgs 8801-8900

8900 Sofa AIS - AshleyDirect

8900 Sofa AIS - AshleyDirect

XPS 8900 Service Manual - Dell

XPS 8900 Service Manual - Dell

MANUAL ZTE 8900.pdf

MANUAL ZTE 8900.pdf

8900 Final Paper - gatech.edu

8900 Final Paper - gatech.edu

Usermanual SHD-8900 Alien en v120921

Usermanual SHD-8900 Alien en v120921

User Guide Es Cq 8900

User Guide Es Cq 8900

XPS 8900 Service Manual - GfK Etilizecontent.etilize.com/User-Manual/1032042996.pdf · XPS 8900 Service Manual Computer Model: XPS 8900 Regulatory Model: D14M Regulatory Type: D14M002.

XPS 8900 Service Manual - GfK Etilizecontent.etilize.com/User-Manual/1032042996.pdf · XPS 8900 Service Manual Computer Model: XPS 8900 Regulatory Model: D14M Regulatory Type: D14M002.

UMG 8900 Typical Data Configurations

UMG 8900 Typical Data Configurations

Xerox ColorQube 8900 Color Multifunction Printer · 2019. 11. 4. · Xerox ® ColorQube ® 8900 ... The ColorQube 8900 Color Multifunction Printer delivers real cost savings, environmentally

Xerox ColorQube 8900 Color Multifunction Printer · 2019. 11. 4. · Xerox ® ColorQube ® 8900 ... The ColorQube 8900 Color Multifunction Printer delivers real cost savings, environmentally

IC Rf Bb 8900

IC Rf Bb 8900

TELEPHONE: CIRCLE 5-8900

TELEPHONE: CIRCLE 5-8900

Xerox ColorQube 8900 Color Multifunction PrinterXerox® ColorQube® 8900 Letter-size Color Multifunction Printer ColorQube 8900 Multifunction Printer Workgroup Performance Plus Real

Xerox ColorQube 8900 Color Multifunction PrinterXerox® ColorQube® 8900 Letter-size Color Multifunction Printer ColorQube 8900 Multifunction Printer Workgroup Performance Plus Real