In Missouri, assets are generally divided equitably, rather than equally, during a divorce. Here are some key points about how assets are typically divided in Missouri:
- Marital Property vs. Separate Property: The court first distinguishes between marital property and separate property. Marital property includes most assets acquired by either spouse during the marriage, while separate property includes assets owned prior to the marriage or obtained through an inheritance or gift.
- Equitable Distribution: Missouri is an “equitable distribution” state, meaning that marital property is divided in a fair and equitable manner, but not necessarily an equal 50/50 split. The court considers several factors to determine an equitable division, including the economic circumstances of each spouse, the contributions of each spouse during the marriage, and the conduct of the parties during the marriage.
- Factors Considered: Some key factors the court considers include the length of the marriage, the earning potential and employment history of each spouse, the ages and health of the spouses, the value of non-marital property, and the custodial arrangements for any children involved.
- Marital Home: The marital home is typically considered marital property and may be awarded to one spouse or sold, with the proceeds divided equitably.
- Retirement Accounts: Retirement accounts, such as 401(k)s and pensions, are usually considered marital property and are subject to division, even if only one spouse contributed to them during the marriage.
- Debts: Not only assets but also debts acquired during the marriage are generally considered marital debts and divided equitably between the spouses.
It’s important to note that the division of assets in a Missouri divorce is highly case-specific and depends on the unique circumstances of each couple. If a couple cannot agree on the division of assets, the court will make the final determination after considering all relevant factors.
At Raza Family Law Solutions, we practice family law effectively guiding clients through prenuptial and post nuptial agreements, dissolution of marriage, modifications of prior judgments, and resolving child custody disputes. We also help families take a different approach to divorce with mediation and collaborative work. Contact us for a consultation at (314) 408-5957.
