Unfortunately, many make the mistake of assuming that divorce is solely an emotional matter. While there is no doubt that emotions are high during this time, it’s important to understand that there are also several complex financial and legal issues that can arise during this process. Unfortunately, making a single mistake during your divorce can negatively impact your finances for years. As such, it’s imperative to understand how Missouri divides assets during a divorce to ensure you understand your rights. The following blog explores what property is subject to division, if these assets will be divided evenly, and why working with St. Louis property division lawyers is in your best interest during this difficult matter.
What Is Marital Property?
When assets are divided during a divorce, it’s important to understand that only certain assets are subject to distribution. This includes your marital property. Generally, marital property includes any assets obtained during the course of the marriage by either spouse. For example, if a couple purchases a home after they are married but it is titled in one spouse’s name, it would still be considered marital property.
Marital property is different than separate property, which is any asset obtained before the marriage. These assets remain the sole property of the spouse who owns them and are not subject to distribution during a divorce. It should be noted that in some instances, gifts and inheritances obtained during the marriage can still be considered separate property.
However, it’s important to understand that, in some instances, separate property can transform into marital property and is thus subject to division during a divorce. Typically, assets are commingled with marital property or one spouse helps increase the value of the property, thus turning it into a marital asset. For example, if one spouse purchases a vacation home before the marriage but uses funds from a joint bank account to pay for repairs, it would become marital property. Additionally, if the other spouse helps increase the value of the property through renovations or other measures, it can be considered marital property as well.
How Are Assets Split Between a Divorcing Couple?
There is an assumption that all assets are divided evenly between a divorcing couple. However, this is not the case in Missouri. While some states, like California and Tennessee, adhere to a community property statute for dividing marital assets in which all assets are divided evenly between spouses, other states follow an equitable distribution method.
Equitable distribution is adhered to in a majority of states, including Missouri. This statute explicates that marital property should be divided based on fairness rather than equality, meaning assets are not always split evenly between the couple. Generally, the courts will consider each spouse’s financial and domestic contributions to the marriage. By considering domestic labor, stay-at-home parents who may not have contributed by bringing in an income can still receive a fair outcome when the property is divided.
As you can see, the process of dividing assets in Missouri can be very difficult as several factors determine who is entitled to what property. As such, this is often a contentious matter, so it is in your best interest to ensure you have an experienced divorce attorney on your side. At the Stobie Family Law Group, our firm understands that fighting for the assets you deserve is not something that should be taken lightly. That is why we can examine your circumstances to help fight for the property you are entitled to. When you need assistance, contact our team to learn how we can represent you.
