One of the most contentious aspects of a divorce can be the division of property and assets. Under Missouri divorce laws, the state follows an “equitable distribution” model. This means that marital property is divided in a way that is fair, but not necessarily equal.
When a couple decides to get divorced, they must divide their property and debts. This process is known as property division. In some states, property is divided equitably, meaning it is divided fairly, but not necessarily equally. Other states have community property laws, which means that property is divided equally between the spouses.
Marital property includes assets acquired during the marriage. This can be anything from real estate and vehicles to retirement accounts and household items. Non-marital property, on the other hand, includes assets owned before the marriage or received as gifts or inheritance. These are typically not subject to division in a divorce.
Property division is a complex legal matter that requires an experienced contested divorce attorney with the resources required to make sure the property is divided in a way you seem fair. The St. Louis divorce attorneys at Haefner Law have the experience needed to get you the best possible results.
In Missouri, the law recognizes two property types: marital and separate. Marital property is the property and debts you and your spouse acquired during your marriage. Separate property is acquired before marriage, as a gift, or through an inheritance.
Property and debt distribution can have serious financial consequences for your future. If you and your spouse cannot agree on the division of marital property, the court will intervene and decide for you.
It’s essential to grasp the distinction between marital and separate property when navigating property division. Simply put, marital property encompasses assets acquired during the marriage, regardless of whose name is on the title. These might include shared bank accounts, income, retirement benefits earned during the marriage, and even physical items such as furniture or vehicles.
On the other hand, separate property usually refers to assets owned by one spouse before the marriage, or specific types of property like gifts or inheritances received individually during the marriage. However, things can get complex—if the value of separate property increases during the marriage (like a business growing in value), that increased value may be considered marital property.
This distinction is crucial because the court will always set aside each spouse’s nonmarital property, and only the marital property will be subject to equitable division. Additionally, there’s a concept known as transmutation, where separate property can transform into marital property through actions like commingling assets or retitling them in both spouses’ names.
Treading the line between what’s marital and what’s separate property is vital for a fair division. Courts carefully determine the nature of properties to ensure each spouse walks away with a just share appropriate to the marriage’s unique context.
Divorce Attorney Mark Haefner is a skillful negotiator who can advocate for your right to keep the marital assets you are entitled to. If a favorable settlement cannot be achieved, Mr. Haefner will not hesitate to vigorously litigate your interests in court.
Understanding the laws around property division can help you navigate this process more effectively. It’s also another area where the expertise of a St. Louis divorce lawyer can be invaluable.
During a divorce in Missouri, property is divided according to the principle of equitable distribution. This means that property is divided in a manner that is fair, but not necessarily equal. Because of Missouri’s property division laws, the court will consider various factors when dividing property, including each spouse’s income, the length of the marriage, and each spouse’s contribution to the marriage.
It is important to note that separate property is not subject to division during a divorce. However, if a separate property has increased in value during the marriage, that increase may be subject to division.
Typically includes the family home or any other property owned. The court may order to sell the property and split the proceeds or award it to one spouse.
Savings, checking, or joint accounts are assessed, with balances distributed equitably.
Pensions, IRAs, and 401(k)s are subject to division according to the contributions made during the marriage.
Cars, motorcycles, boats, and any other vehicles are considered, with ownership or sale decided based on each party’s needs and usage.
Includes household items, furniture, and personal effects, divided based on ownership and sentimental value.
Marital debts, such as credit cards, mortgages, and student or vehicle loans, are distributed according to who incurred them and the couple’s financial circumstances.
If owned, the value of a business may be appraised, and either sold, or one spouse may buy out the other’s interest in it.
Stocks, bonds, and mutual funds acquired during the marriage are divided with an eye on long-term financial consequences.
The divorce attorneys at Haefner Law Office will be a valuable resource during the property division process. We can provide you with guidance and support throughout the divorce proceedings. Our lawyers can also help you understand property division laws in the State of Missouri. Each state has its own laws regarding property division and certain facets that may not be relevant for your divorce in Missouri.
Haefner will also help you identify all of the assets that can be divided and their value. This can be a complex process, especially when it comes to things like dividing retirement plans, benefits, and investment after a divorce. We can work with financial experts to ensure all marital property is properly valued and accounted for. In some cases, a spouse may try and keep certain assets from being divided or even known when a divorce takes place. Each spouse is required to disclose any and all property, income, and other assets during the divorce process.
Related: How do I Find Out if My Spouse is Hiding Assets or Income During a Divorce?
Finally, our divorce attorneys can help negotiate a fair property division settlement. Divorce can be an emotional and contentious process, and it can be difficult to come to an agreement on property division. We are here to act as a mediator between you and your spouse, helping to ensure that a fair settlement is reached.
Not only will we fight to make sure you are receiving your share of your spouse’s assets, we will also make sure your assets are protected. Additionally, we will make sure any debts you may have are distributed equally during the divorce process.
Things like retirement accounts, plans, and benefits may be eligible for division during a divorce in Missouri. Having an experienced attorney can help ensure you are prepared for this situation.
Property division is one of the critical parts of the divorce process. Our family law attorneys can help you navigate this process and protect your interests. They can provide legal advice, negotiate on your behalf, represent you in court, and help you protect your assets.
Dividing property during a divorce can be a complex and challenging process. It is important to work with an experienced attorney who can guide you through this process and protect your rights. If you are going through a divorce and need help with property division, contact us for a free consultation today.
