When you go through a divorce in any state in the United States, you will need to go through the process of asset division. This means that you will have to categorize all assets as either marital property or non-marital property. Non-marital property refers to any type of property that was either acquired before the marriage took place, that was a gift or was a form of inheritance. Marital property will count as any property that was jointly acquired during the length of the marriage.
The state of Missouri does not recognize community property. This means that instead of all assets being divided equally between spouses, the Missouri courts will consider a number of factors to decide upon a fair way to distribute the marital assets.
What factors are considered by the Missouri courts when dividing marital assets?
The courts will firstly look at the income of each spouse, as well as their prospective financial circumstances and their ability to earn an income. They will also look at each spouse’s contribution to the marriage. For example, a spouse may not have contributed to the marriage financially, but if they raised the children, this will be considered a non-financial contribution to the marriage. The courts will also consider the reasons for the breakdown of the marriage and whether there was any wrongful conduct by either party.
If you are going through a divorce in Missouri, it is important that you understand the way in which your assets will be divided so that you can make financial predictions for your future. You should also take the time to understand how the law works.