Many couples confronting divorce face the challenging prospect of dividing the property they acquired during their marriage. Under Missouri law, all the assets and debts that you acquired during your marriage are subject to division. Dividing a shared home, a family business, or investment stocks could have a substantial impact on you and your spouses’ financial future.
What Property is Subject to Distribution?
To better comprehend the process, it’s essential to grasp what type of property is subject to distribution. Generally, any assets you own before entering the marriage remain your personal property. Assets obtained through inheritance or gifts are often exempt from division. However, if these separate assets become intertwined with marital assets, debts, or efforts, their status as separate property might change.
Differentiating between personal and marital property is pivotal. This distinction plays a significant role in how property is allocated.
Factors Influencing Property Division
There are a range of factors when dividing marital assets. These considerations help ensure a fair and just distribution. Some of the factors that can influence property division include:
- Economic status of you and your spouse
- Achieving financial equality post-divorce
- Child custody arrangements
- Non-marital property available
- Both parties’ conduct during the marriage
If a business is established during the marriage, it is typically seen as joint property regardless of sole proprietorship. Properly valuing such businesses is crucial to achieving a balance in your financial standings post-divorce.
Moreover, contributions made by either you or your spouse to assets like bank accounts and real estate must also be acknowledged. Family Ally can guide you through these intricacies, ensuring a fair distribution that considers any businesses owned by you or your spouse.
Contact a St. Louis Property Division Attorney
In the realm of property division, knowledge is power. Any property accumulated during your marriage is subject to distribution during divorce. Differentiating personal from marital property, accurately assessing assets and debts, and securing a clear and precise allocation are pivotal steps.
Our Family Ally team is dedicated to preserving your rights, securing your family home, and advocating for your interests in court. Reach out to us today to gain insights into the process from seasoned professionals who care about your future.