On behalf of Stange Law Firm, PC posted in Property Division on Thursday, August 8, 2019.
How property is divided during divorce is an important concern for couples in Missouri. Understanding some property division basics can be helpful to ensure that divorcing spouses can protect their interests and reach a property division settlement agreement that both parties can live with.
Missouri property division is based on equitable property division laws. What is important to note is that only marital property is subject to the division process. Separate property is not subject to the property division process, so an important consideration for divorcing spouses to fully understand is what is considered marital property and what is considered separate property. In some circumstances, the categorization of property can be complex, so it is valuable for divorcing couples to be as familiar as possible with how the process works.
Property and assets acquired by the couple during marriage are generally considered marital property. Separate property that is generally excluded from the process includes: inherited property; property acquired after a legal separation between the couple; property excluded in a legally valid prenuptial agreement; any increase in value of property acquired prior to the marriage unless marital assets were used to increase the value of the asset; gifts; personal injury awards; and some other types of property as well. Some property may be considered comingled, so divorcing couples should understand comingled property as well.
A variety of different factors contribute to property division decisions and divorcing couples should also be familiar with those considerations as well. The property division process focuses on reaching an equitable, and fair, outcome.