Over the course of their years together, married couples in Missouri and across the country tend to accumulate assets. While assets such as real estate and retirement funds are typically some of their most valuable ones, others — such as investment accounts, vehicles and frequent flyer miles — can be significant. Couples who choose to divorce must work to divide both these assets and their liabilities as part of the path to the next stage of their lives.
The state of Missouri is an equitable distribution state. This means that assets are divided equitably, though not necessarily equally. For many people going through a divorce, having an experienced family law attorney on their side can help them identify assets subject to equitable division. These assets are typically those obtained between the date of the marriage and the date of filing for a divorce.
Honesty and accuracy about assets and liabilities are an important part of this process. Some family law experts recommend keeping an up-to-date list of all assets with information regarding whether the assets were acquired before or after the marriage. Additionally, keeping a list of liabilities, such as mortgages and credit cards, can help with the process.
Because of equitable distribution requirements, the court will look at a number of factors to determine how liabilities and assets will be allocated. Because of this, many people going through a divorce in Missouri want an advocate who is not emotionally attached to the situation to help ensure that distribution is fair. Ensuring that accurate information is available to such a professional can help prevent additional stress in an already difficult situation.