A major concern for divorcing couples is the matter of asset and property division. Unless you have a marital agreement that clearly states how your assets will be divided, all marital property will be divided according to state law. Missouri is an equitable distribution state, which means that all marital assets and property are divided fairly rather than evenly.
Dividing Property and Assets in a Divorce
While all marital assets are subject to division during a divorce, all separate property is not. Anything that you obtained or accumulated before marrying your spouse or after filing for divorce is considered separate property. Therefore, if you purchased a gun, for example, before your trip down the aisle, it would likely be separate property and you would keep it. That said, if you still owed money on certain assets, such as a gun, a car, or another asset you could not pay in full at the time, the funds you used during your marriage to finish these payments may blur the lines between separate and marital property in court.
Below are some of the factors a judge will consider when dividing assets and property:
- The economic circumstances of each spouse, including their prospects for future income.
- How much each spouse contributed in terms of acquired property throughout the marriage.
- The value of each spouse’s separate property.
- Each spouse’s behavior during the marriage. For example, if one spouse wasted marital assets, the other spouse may be awarded a larger share to make up for the loss.
- Custodial arrangements you may have for any minor children.
After examining these factors, and anything else that may be pertinent to this matter, a judge will assign marital property, assets, and even debts.
Proving that your property is separate can be a complex task and, in Missouri, a principle known as the “source of funds rule” is followed. Essentially, it means that, when determining separate and marital property, a judge will examine who paid for the property and how.
Schedule a Consultation with an Experienced Divorce Attorney to Discuss Your Case Today!
The division of property can be a tricky matter in divorce and no one wants to part with assets that should be considered separate. At Lake Munro, LLC, our divorce team is committed to guiding clients through this emotionally charged process and protecting their rights and assets.
Reach out to our law office today at (314) 648-2186 to set up a consultation with a member of our team.