What Happens to Shared Assets in Missouri Family Law

In Missouri family law, the distribution of shared assets during a divorce can be complex. Understanding how these assets are divided is crucial for ensuring that both parties are treated fairly. Missouri follows the principle of equitable distribution, meaning that marital property is divided in a manner that is just but not necessarily equal.

Under Missouri law, shared assets typically include all property acquired during the marriage, regardless of whose name it's in. This encompasses real estate, personal property, financial accounts, and retirement benefits. However, assets owned before the marriage or inherited gifts may be considered separate property and typically remain with the original owner.

When determining the distribution of shared assets, courts will consider several factors:

• The duration of the marriage: Longer marriages may result in a more equal distribution of assets.
• The economic circumstances of each spouse: Courts evaluate the financial situation of both parties, which can impact asset division.
• The contributions of each spouse: This includes both financial contributions and non-financial contributions, such as homemaking and child-rearing.
• The age and health of each spouse: The physical and emotional well-being of each party can influence asset distribution.
• Any prior agreements: If there are prenuptial or postnuptial agreements, they will be taken into account.

It's important to note that Missouri law distinguishes between marital property and separate property. Marital property is subject to division during divorce proceedings, while separate property generally remains with the individual owner. The burden of proof falls on the spouse claiming that certain assets are separate property.

In cases where spouses cannot amicably agree on asset division, the court may step in to make these determinations. This can lead to a lengthy and costly legal process, making it crucial for both parties to seek legal counsel to navigate their rights and options effectively.

Moreover, the division of assets is not limited to physical property. It also includes debts incurred during the marriage. These debts will need to be addressed and divided, which can further complicate the divorce process.

To ensure the best outcome, it is advisable for individuals undergoing a divorce in Missouri to gather all relevant financial documents and be prepared to discuss their contributions to the marriage. Consulting with a skilled family law attorney can provide clarity and direction, which can be paramount in securing a fair distribution of shared assets.

In conclusion, understanding what happens to shared assets in Missouri family law requires knowledge of equitable distribution principles and the distinction between marital and separate property. With the right information and support, individuals can better navigate the complexities of asset division during a divorce.