Navigating divorce may not only take an emotional toll on your heart, but fill your mind with financial distress as well. However, these feelings are normal to experience. Once you gain a better understanding of Missouri’s property division laws and work on your course of action, you can go through the legal proceedings with familiarity and finesse.
How is property divided in Missouri?
In Missouri, the division of property is determined by the courts through the equitable distribution model. Whereas a judge will seek a fair division of the divorcing couple’s marital property and debts. However, this model does not necessarily mean an equal 50/50 division. Instead, it will be assessed by the court in a manner that is equitable for both sides of the party.
To determine how you and your ex-spouse’s marital property will be divided, the court will consider several factors:
- Your length of marriage
- Each spouse’s earning capacity
- Each spouse’s homemaking contributions
- Each spouse’s economic circumstances
- Each spouse’s marital conduct
- The custodial parent status
Since Missouri’s divorce laws only divide marital property, this means that you and your ex-spouse will most likely keep your separate (non-marital) property, so long as the spouse who owns a non-marital asset does not intentionally change its title to include their other spouse.
What will happen to my inherited assets?
Any personal injury rewards and property that was inherited or owned by either spouse before their marriage will remain separate (non-marital) and not be subject to the property division. This includes inherited family heirlooms such as jewelry, artwork, vintage clothing and other valuable collections.
Your life’s next chapter awaits
By understanding your rights and working on a tailored plan to asset division, you can push through your divorce proceedings with ease and embrace your life’s new chapter with open arms.
