Splitting up your home, your savings and other possessions is often one of the biggest challenges people face during divorce. Knowing the rules about property division can help you approach this process strategically and fight for a fair outcome. What should you know about the process of dividing your property during a Missouri divorce?
What property does the court divide?
In Missouri, anything you and your spouse got during the marriage is usually marital property. This includes things like houses, cars, investments and even debts that built up while you were married. It does not matter whose name is on the title; if you got it during your marriage, it likely falls into the category of marital property.
Separate property is anything one spouse had before getting married or received alone as a gift or inheritance during the marriage. Separate property can also include items exchanged for or derived from other separate property assets, as long as you have kept that property separate from marital property.
How do courts divide a couple’s property in a Missouri divorce?
Missouri uses a system called equitable distribution, which means the court tries to divide property equitably, but not always equally. The court aims to be fair based on each couple’s situation. This may involve a variety of factors, including:
- Each spouse’s financial situation
- The way each spouse contributed to the household, including non-monetary contributions like time spent as a stay-at-home parent or homemaker
- The value of each spouse’s separate property
- Each spouse’s behavior during the marriage
- The couple’s custody arrangements
What happens during property division?
The process of property division involves many different steps:
- Identify all property: Both spouses should disclose all assets and debts. This includes everything owned individually or jointly.
- Categorize the property as marital or separate: This step often requires significant analysis and, sometimes, the assistance of experts like appraisers or financial analysts.
- Value the property: Once categorized, you need to decide how much your marital property is worth. This might involve professional appraisals. This step is especially important for valuable or complicated assets like your home, your investments or your business.
- Negotiate a settlement or go to trial: Couples may agree on property division through negotiation or mediation. If they cannot agree, the court will decide in a trial setting.
How can a lawyer help?
During property division, it is often beneficial for those going through a divorce to seek the guidance of a knowledgeable family law attorney. A skilled lawyer can help ensure that all assets are disclosed, properly categorized and fairly valued. This provides the best chance for a favorable outcome.
The choices you make during property division can impact your financial situation for years to come. Understanding the law can help you make informed decisions and protect your future wellbeing.