On behalf of Stange Law Firm, PC posted in Property Division on Wednesday, May 27, 2020.
No one is thinking about it when they say their vows, but roughly half of people who get married end up getting divorced. Divorce is usually not quite so simple, as people need to recreate individual lives with their own assets. So who gets what assets?
How does Missouri work out property division in a divorce?
Some states operate on a “community property” rule and will usually divide the marital assets in half. Other states, including Missouri, have equitable distribution, which gives the courts a rule to follow on establishing who should have what based on their possessions previous to marriage and the treasure or effort that went into acquiring more. Missouri tells courts to find a just way to divide marital property.
What does a “just” division mean?
Courts have latitude on establishing what is just, but they must pay attention to certain factors. The economic resources of each spouse before and during the marriage matters, as well as the work or investment that each spouse put into forwarding their economic status. The conduct of each spouse towards each other and children may also matter.
What is not considered marital property?
An individual inheritance from one’s own family before or during a marriage is generally exempt from marital property. Property or assets acquired exclusively using a resource like an inheritance or previously earned money is also considered to belong to one person.
Who can help you fight to keep what’s justly yours?
An attorney can always help with issues related to divorce and property division. Legal representation is always allowed in negotiation, mediation or a divorce court.