For many couples, going through a divorce poses a considerable amount of uncertainty. As such, taking the time to familiarize yourself with these matters can help you best prepare for your divorce. One thing you should consider is how your assets will be divided among you and your spouse, and whether or not gifts obtained during the marriage will be subject to division. If you’re about to endure a divorce, this blog explores what you should know about the division of marital property and why connecting with St. Louis property division lawyers is in your best interest during these difficult legal matters.
How Does Missouri Divide Property During a Divorce?
First and foremost, it’s important to understand how marital property is divided in Missouri. In general, the state follows the equitable distribution method for dividing marital property during a divorce. This means that assets are not automatically divided evenly among the couple, but are instead divided based on each spouse’s financial and domestic contributions to the marriage.
It’s also important to understand what constitutes marital property during a divorce. Generally, any assets obtained during the marriage, regardless of who the primary owner is are considered marital property. For example, if you and your spouse purchase a home during your marriage but only one of your names is on the deed, the house will be divided between both of you. This applies to assets like real estate, personal property, investments, incomes, retirement plans, and even debts accumulated throughout the marriage.
It is important to understand that not all property is automatically divided. In some instances, you may have separate property. This includes assets obtained before or after your marriage. For example, if you purchased a rental home before your marriage, and your spouse never contributed to the property through payments, repairs, or improvements, it would remain your separate property. As such, it would not be divided during your divorce. However, if you were to commingle this asset with a marital asset, such as using money from a joint bank account to pay for the property, it would then convert to marital property, meaning it would be subject to division during the divorce.
Does This Apply to Gifts?
Understanding whether or not gifts are subjected to equitable distribution under Missouri law is critical. In Missouri, gifts exchanged between the spouses are considered marital property and are thus subject to division. However, gifts obtained from other parties are deemed separate property, so each spouse can retain the gifts. Like other separate property, if it is commingled with other marital assets, it will be considered marital property.
It is also important to understand that this applies to inheritances. If one spouse receives an inheritance, it will be considered separate property unless it is commingled.
Unfortunately, many people believe that going through a divorce is solely an emotional issue. While there are many emotional matters, it’s important to understand that this is also a financial matter. Unfortunately, making mistakes during this process can lead to financial problems that can impact you for years following your divorce. As such, if you are worried about how your assets will be divided, it’s in your best interest to connect with an experienced divorce attorney from the Stobie Family Law Group. Our firm understands how complicated these matters can be, which is why we will do everything possible to assist you through these challenging times. Contact us today to learn more.
