Gibbons Law Firm: How Is Marital Property Divided In A Divorce?

Apart from child custody issues, dividing assets, property, and debts is the most time-consuming and challenging aspect of divorce. After years of treating everything as marital property, couples must decide how to divvy up their assets and liabilities so it will all become individual property. While every divorce is different, there are a few general guidelines that direct how property shall be divided in a divorce. Keep reading to learn more about dividing assets in a Missouri divorce.

What Are The Couple's Assets?

The first step is to identify the couple's collective assets. The ultimate goal will be to divide the total assets fairly and equitably, but in order to do that, the Court must first have a realistic understanding of the assets involved in the divorce. Marital assets may include:

Cars
Homes
Furniture
Jewelry
Clothing
Cash
Retirement accounts
Investment accounts
Bank accounts
Life insurance

it's important to note that as a general rule, the only property that will be up for division is that which is considered "marital property." Generally, any assets acquired after the wedding date is automatically considered marital property unless specifically designated otherwise.

Dividing Property In A Divorce

Generally, couples who are facing divorce have two primary options for dividing their property. They can either reach an agreement on their own, or they can let the Court decide.

Reaching Your Own Agreement

If you and your spouse are able to be amicable and cooperative, designating your own plan for dividing assets may be an ideal solution. This generally the most desirable option since it allows both you and your spouse to have complete control over the division of your property. You can work together to devise an agreement that will accommodate both of your needs.

Letting The Court Decide

If you and your spouse are not able to come to an agreement, the only alternative is to allow the Court to decide. The Court will divide your marital assets in an equitable (but not necessarily equal) manner. When determining how to divide the assets, the Court will consider a variety of different factors including both spouses' current income, both spouses' earning potential, and how each spouse handled their finances during the marriage. Based on these (and other) factors, the Court will determine an arrangement that will meet each spouse's needs in a way that is fair and equitable.

Securing Representation For Your Divorce

If you are facing the possibility of divorce, we recommend that you seek representation from a qualified Missouri divorce attorney. Our firm has experience representing hundreds of divorce cases, we would be honored to help you and your spouse reach an equitable solution that meets both of your needs. If you would like more information about filing for divorce in the state of Missouri, feel free to contact Gibbons Law Firm for assistance. We would be happy to guide you through the process.