State laws can differ significantly when it comes to dividing property during divorce. This is why it is important to pay attention to the laws that specifically apply to Missouri if you are planning to divorce in the state.
Missouri, like many states, does not recognize community property laws. This means that marital assets will not be automatically divided equally between spouses, regardless of the circumstances of the divorce. Instead, the courts will consider a variety of factors to establish the fairest way of dividing marital assets.
What counts as a marital asset?
Marital assets are generally counted as any asset acquired by either spouse after the marriage occurred. However, some assets are exempt. These include property acquired through wills, inheritance or gifts, property acquired after a legal separation took place, and property acquired through the success of investments made before the marriage.
What factors will be considered by the courts?
The courts will look at the entire situation when deciding on the distribution of marital assets. They will look at the ways that each spouse conducted themselves throughout the marriage. Also, they will look at each spouse’s financial situation independent of marital assets. If one spouse has significantly more marital assets than the other, the courts may decide that it would be fair to equalize this disparity. The custodial arrangements for dependent children will also be considered.
If you want to make sure that you get what you deserve when it comes to property division in a divorce, it is important that you take early action to understand the intricacies of the law.