When a divorce unfolds, the process known as property division begins. While an equitable split is the ultimate goal, this is easier said than done for most people going through a divorce and the property division process in Missouri. There are certain steps to take, and all parties must consider their individual needs and wants, which will all naturally vary depending on the individuals involved.
First and foremost, items and assets need to be labeled as either marital property or non-marital property. Marital property refers to assets that are gained during the marriage. Non-marital property refers to items brought into the marriage by one party. However, non-marital property does not just stop there. Inheritances and certain gifts can be considered non-marital property also.
Once it is established or agreed upon as to what is marital or non-marital property, the act of splitting those assets needs to commence. The value of items must be calculated, and some kind of equitable balance must be achieved. Certain high-value items, such as the house, need to be carefully weighed, and each individual’s contribution to the marriage and assets can play a role in the fate of those high-value items.
No two property division situations and agreements will be the same. Even when a divorce is relatively amicable or wanted by both parties, the actual division of assets can get complicated and contentious at any time. Relying on a skilled Missouri legal representative for insight into the basic process can be helpful for anyone in this situation. Our website has more information about property division and other divorce matters for those in Missouri who are in the midst of or preparing for a divorce.