Property Division in Missouri: How Are Marital Assets Split?

If you’re going through a divorce in Missouri, one question that is likely on your mind is, “How are our assets going to be split?” It’s an understandable concern, as property division can significantly impact your financial future. In Missouri, the process is based on an “equitable distribution” system, meaning assets are divided fairly, though not always equally. In this blog, we will help you understand how marital assets are classified and divided in Missouri during a divorce to help ensure you get your fair share.

Understanding Marital vs. Separate Property

When going through a divorce in Missouri, two different types of property you should be aware of, marital and personal property. Here are some key distinctions between the two:

• Marital Property: This is anything you and your spouse acquired during the marriage, like homes and cars to bank accounts and even debts. If it was purchased or earned while you were married, it’s likely considered marital property, which means it’s subject to division during the divorce.
• Separate Property: These are the things you owned before getting married or assets you received through inheritance or as a gift. These usually stay with the original owner and aren’t divided in the divorce.

Missouri’s “Equitable Distribution” System

Missouri follows an equitable distribution system when it comes to dividing marital assets during a divorce. This means the court focuses on what’s fair to everyone based on the circumstances of your marriage, not dividing everything in half. They consider what makes the most sense for each spouse with the goal of fairness rather than equality. 

Several factors play a role in determining what “fair” looks like:

• Length of the marriage: The longer the marriage, the more your finances tend to be together, which can influence how assets are divided.
• Each spouse’s financial situation: The court looks at both current finances and future earning potential when determining how property gets divided.
• Contributions to the marriage: This isn’t just about who earned more money. Contributions like caring for the home or raising children are also factored in.
• Behavior during the marriage: If one spouse engaged in misconduct or wasted marital assets, the court might take that into account when dividing property.

Learn More: Is Missouri a 50/50 State for Divorce?

Types of Marital Assets Subject to Division

When looking at what assets may be divided in a divorce in Missouri, it is important to keep in mind that only marital property can be divided, not separate property. 

Some key assets that are typically considered for division include:

• Real Estate: This includes the family home, rental properties, or any real estate purchased during the marriage. Even if only one spouse’s name is on the title, if it was gained during the marriage, it’s likely going to be divided.
• Retirement Accounts and Pensions: Accounts like 401(k)s, pensions, and IRAs that grew during the marriage are often divided. The court usually looks at the portion that was added while you were married.
• Business Interests: If either spouse owns a business, especially one started or expanded during the marriage, it may be treated as marital property, which can be complex.
• Debts and Liabilities: Debts are divided too. This includes mortgages, credit card debt, and loans taken out during the marriage. The court will split debts fairly, not necessarily equally.

Your Path to Fair Property Division in Missouri

Dividing property during a divorce can be stressful, especially if you aren’t sure how it works. By understanding what kinds of assets can be divided and how you feel more comfortable navigating this overwhelming process. It is also important to keep in mind that each divorce is unique, making it hard to truly predict how exactly assets are split. 

If you have questions or concerns about how your assets might be divided in a divorce in Missouri, don’t hesitate to reach out to a qualified family law attorney. At Columbia Family Law Group, LLC, we take an aggressive approach to each case that we take on, and our clients are always the center of our focus. Contact our firm today to discuss how we can help with your divorce.