When a couple goes through a divorce in the state of Missouri, a variety of issues must be addressed, including the division of assets. These may include land, homes, and other real property, as well as personal property like vehicles, cash, retirement and bank accounts, jewellery, artwork, and more. For the purposes of a divorce, property falls into two categories: marital and non-marital property. Before deciding what to do with assets, it is best to seek advice from a Divorce Law Attorney in Blue Springs MO. Read on to learn about the division of assets during a divorce.
Missouri Marital Property
Marital property is everything acquired by a spouse during a marriage, and the state assumes that all property is marital unless proven otherwise. In most cases, it is irrelevant whether the title is in one or both spouses’ names; the law assumes equal ownership of anything acquired after the wedding day. However, exceptions exist. For instance, if a spouse adds the other person’s name to the deed on a piece of non-marital property, it may become part of the marital estate.
Separate or non-marital property is everything outside the marital estate, and it belongs to one spouse only. Generally, separate property is not distributed during a divorce and it remains with the person who acquired it. A common type of non-marital asset is a car or a piece of jewelry one person owned outright before the marriage. There are other types of non-marital property as well. For example, if either spouse inherits something or receives a gift, that’s considered non-marital property.
The commingling or blending of property is common. In this example, a spouse inherits money and uses it to put a down payment on a new home. During the marriage, marital income is used to pay the mortgage. Here, the asset is commingled. To sort out this situation, Missouri’s courts would use a formula to compensate the spouse for any contributions made before and during the marriage.
Missouri’s laws on divorce and property division are very complex, and most spouses can’t navigate the legal system alone. For help and case-specific advice, consult a Divorce Law Attorney in Blue Springs MO. Call today to schedule a consultation or visit Danaoutlawfirm.com for more details. You can also visit them on YouTube Channel.