Dividing assets can be a tumultuous aspect of the divorce process, even in a relatively amicable marital breakup. This is because figuring out an arrangement for splitting shared property can be complicated financially and legally. Here is a look at how the division of property is handled in Missouri.
How to split assets in Missouri
Two kinds of property must be addressed during a divorce: separate and marital property. Separate property refers to an asset that either spouse purchased before getting married. This type of property is not required to be split during a marital breakup. Examples of separate property include inheritances, gifts and any other individually owned assets not mixed with a married couple’s shared property.
Marital property refers to any asset that either spouse acquired while married. This type of property must be split during the divorce process. The two parties may decide on their own how to divide their marital property and record their decision in their divorce settlement. Otherwise, a judge will have to decide how to divide their property for them, and since Missouri is an equitable distribution state, the judge will split the property in a fair manner but not necessarily in an even way.
How an attorney can help
Reaching a divorce settlement can be daunting if two spouses cannot see eye to eye on how to split their marital property. However, a family law attorney in Missouri can guide an individual through the divorce negotiation process, during which the attorney can help the individual pursue a fair and comprehensive settlement with the other party. The attorney will also be prepared to litigate the matter if a settlement can’t be reached at the negotiation table.
