The division of property after the dissolution of a marriage can get quite complicated even for those who do not own a significant amount of property. The property division process in Missouri is a two-step process. The first step is identifying the property eligible to be split, while the second step is determining how to split it as equitably as possible.
Property typically falls into two categories during the divorce process. Those categories are “marital property” and “non-marital property.” Any kind of non-marital property is that which was acquired before marriage. However, inheritances and gifts received during a marriage can also be declared non-marital property. Marital property is shared property obtained during the marriage.
Once property has been declared one or the other, the actual division process can take place. The assets declared marital property must have current and accurate values assigned to them. Once that is done, items can be distributed to one party or the other in an attempt at equitable division. Certain items or certain specifics of the marriage may mean more negotiations must take place, which can result in more property going to one party than the other.
Property division can involve a great deal of give and take, especially when it comes to personal property about which one or both parties feel strongly. Missouri residents may want to carefully consider which pieces of property they value most before negotiating a property division agreement. Our firm can help Missouri residents understand the process better and help those interested in knowing what to expect when this part of divorce negotiations begins. Our website has more information about property division in general and the importance of comprehensive legal support.