There is typically nothing enjoyable about the divorce process. It’s something you have to endure for the sake of your own happiness if you realize your marriage has become irrevocably broken. Regardless of whether you are the one who filed or the one who was served, a divorce is often a painful life change. There are often elements you may forget to handle, such as preparing your assets for division. A St. Louis, MO divorce lawyer can help you make a valid plan for your assets.
Asset Division in Missouri
In a Missouri divorce, assets are supposed to be divided through equitable distribution. This method ensures that both parties receive an equitable split of the marital assets. Equitable does not always mean equal, however. The goal is to share the assets fairly, not to move ahead with a 50/50 split. The court will take many different factors into consideration when determining the right course of action for asset division, including the length of the marriage and any misconduct.
If you want your asset division to go as smoothly as possible, you may want to consider negotiating with your partner to try and push for an uncontested divorce. While many people in fractured marriages simply don’t have this option, you should try to work things out so you can. In an uncontested divorce, you and your spouse are able to negotiate pretty much everything between yourselves without court involvement, including child custody and asset division.
If you and your spouse are able to work together and create an asset division agreement that is mutually beneficial, the court will likely take your request into consideration. If your divorce is uncontested, there is a strong chance the court will agree to go with your proposed plan. If not, the court will decide asset division for you. The same is true for child custody. If you and your spouse make a parenting plan, the court will consider it. If not, they will make one for you.
Separate and Marital Property
If you and your partner are unable to work out an agreement for asset division, the job of dividing your marital assets will fall to the court. The very first thing the court will do is divide all of your proposed assets into two distinct camps: Marital property and separate property.
Marital property is everything that both spouses have acquired throughout the duration of their marriage, with few exceptions. Marital property can take the form of joint bank accounts, real estate, retirement investments, 401(k) accounts, vehicles, and more. This property will be divided equitably between the two spouses. Generally, inheritances awarded during the marriage are not considered marital property if they were clearly meant for only one partner.
Separate property is quite different. Anything that either spouse owned prior to getting married is considered separate property and will not be included when the court starts dividing the marital assets. Separate property includes personal gifts, premarital homes and vehicles, and various debts assigned to only one spouse, such as student loan debt.
Prenuptial Agreements
If you are apprehensive about sharing your finances before getting married, it is likely that you have pursued a prenuptial agreement to provide yourself with extra security in the event of a divorce. If that divorce happens, having a prenup in place will likely supersede the court’s decision to divide assets equitably, assuming that your prenup was notarized properly and is still valid.
Getting a prenup might be difficult, as many partners might see the very idea of a prenup as an insult. It may insinuate a lack of trust. However, you may want to use it as a way to test if your partner truly loves you over what you can provide. It’s ultimately your choice.
FAQs
Q: What Are the Grounds for Divorce in Missouri?
A: Generally, Missouri is a no-fault divorce state. That means that you don’t have to prove any fault in the breakdown of your marriage. If you feel a divorce is the only forward for you, you can pursue it without the need to provide cause. The court will grant you a divorce even if your partner doesn’t want it since the desire to end a marriage demonstrates that the relationship is irretrievably broken.
Q: What Will Determine Asset Division in My Divorce?
A: Many different factors will contribute to the court’s decision to equitably distribute the marital assets. The judge assigned to your case will look into many different factors, including the total length of your marriage, each partner’s earning potential and current salary, which property is considered marital and separate property, and other factors that may have led to the breakdown of the marriage. Personal factors such as infidelity or abuse typically have no effect on asset distribution.
Q: Who Gets the House in a Divorce?
A: There is no easy way to tell who gets the house in a divorce. Even if you owned the house before marriage, if your spouse contributed to the house’s upkeep or renovations, it may be considered a marital asset now. If it is considered marital property, it will be equitably divided between you and your spouse. Often, the most effective option is to sell the house and simply split the profits between the two of you.
Q: How Does Gender Affect a Missouri Divorce?
A: Gender is not supposed to affect a Missouri divorce in the slightest. In terms of child custody, asset division, and spousal support, the court will not be influenced by either partner’s gender. Missouri divorce laws apply to men and women equally. If there is a prenup in place, it will guide asset division and other factors. Child custody will be determined by whichever parent has the most stability. Maintenance, also called alimony, may be awarded to the lesser-earning parent.
Contact a Lawyer Today
When you get divorced, it is important to take precautions to ensure you are able to prepare your assets for equitable distribution. Hopefully, you were able to take these precautions before the wedding. Otherwise, you might have to be prepared to lose a lot of your assets. At Stange Law Firm, an experienced divorce lawyer can help you weigh your options and determine a course of action that works for you. Contact us to speak to someone about your case.
