How Are Assets Divided in a Divorce?

Divorce is a stressful, unpredictable process. An important aspect of divorce and dissolution is the division of assets. Under Missouri law, any property that is acquired after the marriage is considered marital property. This means the house you and your spouse bought shortly after your wedding would be considered marital property unless an exception applies.

Some exceptions to the marital property rule exist. For example, the property can be considered separate property when it is acquired by gift, bequest (received in a will or estate), devise (also received in a will), or descent (inheritance).

This concept is easy to understand when viewed in the context of real property or assets. However, what about other sizable assets such as bank accounts or retirement accounts? The typical rule is that money that is paid into retirement accounts after the marriage is considered marital property. However, this rule does not apply to certain military benefit accounts. Your family law attorney at Loraine Law Center, LLC can help you navigate your specific situation.

Another important concept to keep in mind when dividing assets is that the parties are always able to submit a proposed property division or a joint property to the court. Missouri courts will allow the parties to agree on property division in the vast majority of cases.

If you have questions regarding the property division for your case, call us today at (573) 995-4077

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