When you and your spouse decide to file for divorce, there are many considerations you must make during this process. One question that commonly arises during a divorce regards who will retain ownership of the family home. Unfortunately, there is no set answer to this question, as the courts will consider several factors when deciding on the issue of property division. If you are going through a divorce, the following blog explores what you should know about dividing assets and how St. Louis property division lawyers can help you during these challenging times.
How Does Missouri Handle Property Division?
When you and your spouse marry, it’s not uncommon to join your assets and purchase new ones as a couple. One of the most commonly contested assets in a divorce is the family home. As such, it’s vital to understand how Missouri handles the division of assets during a divorce.
In Missouri, the courts follow the equitable distribution method for dividing assets. This means the courts do not automatically split assets evenly between a couple, like in the few states that follow the community property method. Instead, equitable distribution examines how to divide assets fairly in a divorce. Factors that the courts will take into consideration include, but are not limited to, the following:
- How much each spouse contributed economically and domestically to the relationship
- The financial needs of each spouse at the time of the divorce
- The value of separate property at the time of the divorce
- How long the couple was married
- If there are children involved, how custody is arranged
It’s important to note that only marital assets are subject to divorce. Separate property, which belongs solely to one spouse, will remain in the possession of the respective spouses.
What Happens to the Family Home in a Divorce?
When you and your spouse file for divorce and have assets like a home that is marital property, the court may be tasked with dividing the property if the couple cannot reach an agreement. As such, the courts will consider the aforementioned factors when determining how to divide a home.
One option is to award the home to whichever parent receives primary custody of the children. This is often done in the best interest of the children, as the courts may believe it’s less disruptive for the children to move during an already confusing time.
Another outcome when the courts decide is to have the couple sell the home and split the profits based on how assets were divided. For example, if the assets were split 60% to 40%, the court can order the couple to divide the money made from the sale of the house in the same manner.
Finally, the court may award the home to one spouse while granting the other assets. Because of Missouri’s equitable distribution method, it’s important to note that the assets awarded to the spouse who does not receive the home do not need to be equal value to the property. They could receive assets of greater or lesser value.
Property division is one of the most contentious aspects of divorce, so connecting with an experienced attorney who can help guide you through these matters is critical. Unfortunately, failure to obtain legal representation can impact the outcome of your divorce, which can negatively affect you for years to come. As such, the Stobie Family Law Group is ready to help you fight for the best possible outcome for your circumstances. Contact us today to learn how we can assist you.
