The business of dividing the property and assets amassed during a marriage can be extremely complex. There are many questions that need to be answered before the property division process can unfold for Missouri residents. While most expect an equal split, the realities of individual marriages and divorce agreements show that the thought of equal division may only be the starting point.
One important distinction must be made before anything else can be done. Property must be categorized as marital or non-marital property. Some examples of non-marital property are assets acquired before the marriage, including an inheritance or gift. Ensuring property is put in the correct category is vital for the protection of both parties.
Once property is categorized correctly and marital property is all that is on the table, deeper questions may arise. One sticking point may be the fate of the marital home and whether it is in best interest of either party to keep it. Pensions and debts also need to be considered. It might be debatable whether giving up some physical property in order to access a portion of retirement accounts in the future is beneficial considering both spouses’ current and prospective future financial situations.
The best interest of a Missouri resident navigating divorce may be difficult to assess until all options are on the table and clearly understood by all parties. With legal support, anyone facing property division matters may confidently move forward with expectations of a fair outcome. Our website has more information about property division in general and answers to questions those going through divorce may have concerning the manner.