Marital Property Division in Missouri

February 04, 2011 (Press-News.org) The process of divorce can seem overwhelming to those who do not know what to expect. The life that has been spent together with another person is now drifting apart. Deciding to take those first steps to begin the process can be an extremely difficult time in your life. For spouses who have made the decision to end their marriage, it is important to know exactly what sort of issues will arise and how best to resolve those concerns.

A divorce will have many different aspects that will need to be addressed before it can be finalized. Couples with children may find themselves engaged in lengthy and costly custody battles. Parenting plans will need to be arranged to allow parents to be able to spend time with their children. Child and spousal support determinations will need to be addressed as well.

Another major part of any divorce will be the division of marital property, which can lead to extensive litigation, especially in high-asset situations. One of the first steps for the parties involved will be to determine which property will be considered marital property. Missouri statutes state that property that is acquired by gift or inheritance by one of the spouses may be considered non-marital property. Other qualifications will apply as well, and it is important to speak with an experienced family law attorney to understand what property will be subject to division.

Property division orders cannot be modified, so it is essential to understand this part of the process before entering into any agreements with your soon-to-be ex-spouse. Any property that is acquired during the marriage will be generally considered marital property unless it fits into one of the statutory exceptions. Once all of the property characterizations are complete, it will be divided between the spouses. Missouri is an equitable division state, which means that property must be divided "fairly" between the parties.

Many couples fail to realize that the debts of the marriage will also need to be addressed during the divorce. Spouses will need to be alert to prevent additional debts from being accumulated during the divorce process, as those debts could still be considered marital debts. Credit cards should be closed, and home equity lines of credit should be frozen.

One of the recent challenges present in many divorces concerns the mortgage of the house. The marital home used to be one of the most valuable investments of a couple. Since the housing market has collapsed, home values have dropped substantially. The equity that used to be connected to the home has diminished and is nonexistent in some cases, leaving the couple to try to work out how to deal with a mortgage that may be more than the house is worth.

Some marriages have property division matters that are much more complicated than others, especially if the couple owns a business or has significant assets. The time of business formation could be especially important. If it was started prior to the marriage, it is possible that the business and its assets may belong only to one spouse. Careful examination will be required to determine if any marital assets were used in connection with the business. If marital assets were used, this could potentially change the business to marital property.

For those couples who do have business interests or significant amount of assets, a comprehensive examination of the finances will be necessary. All too commonly, someone going through a divorce will try to hide assets, in order to keep more property or prevent a forced sale of assets. If the fraud is discovered, courts will not look favorably on the party trying to conceal wealth. However, without extensive examination, it may not be possible to determine that assets are being hidden.

Retirement accounts are also another area that can be extremely challenging to couples who are going through a divorce. Generally, wages placed into these accounts during the marriage will be considered marital property. Additionally, if the investments are profitable, these profits may also need to be divided between the parties.

Consulting financial experts during this process can help ensure that the process will be as fair as possible. These experts can help with aspects of business and retirement account valuation, as well as any tax consequences that may result from any property division agreements. During a challenging economy, parties need to know how a divorce will impact them financially for the long term.

If you are considering filing for divorce, speak to an experienced family law attorney in your area. Each divorce will be different, and it is important to learn the options available for your situation. If you try to handle the case on your own, you may give up rights that you cannot get back.

Article provided by The Marks Law Firm, L.L.C.
Visit us at www.themarkslawfirm.com/