When a couple decides to dissolve their marriage, one of their top concerns is marital property, alongside child custody and spousal support.
How will a divorcing couple’s assets be divided? This is a common question, though less common than it used to be. Except for a couple of bumps, the number of divorces in the United States has steadily declined over the last two decades, falling from 944,000 in 2000 to 673,989 in 2022.
Thousands of these divorces happen in Missouri. In 2022, the state had a divorce rate of 2.7 per 1,000 people.
Missouri couples who are heading toward divorce may not realize that they don’t live in a community property state. This means that each spouse does not necessarily get half of the assets in a divorce. Therefore, a spouse with less income and fewer assets than their partner might worry about their financial future.
When courts are asked to decide how the marital property will be divided, they aim to make the division fair and equitable. Before this division, Missouri law determines which of the couples’ assets are marital property.
Marital Property in Missouri
State laws establish what constitutes marital property. In Missouri, this includes all property acquired during the marriage, such as the family home, motor vehicles, bank and retirement accounts, stock portfolios, jewelry and household items, and businesses. It also may include each spouse’s employment income.
Some assets are excluded from marital property:
- Assets that either spouse acquired before the marriage and continued to keep separate
- Inheritances and gifts received separately by either spouse
- Assets identified in a prenuptial agreement as separate property
With these few exceptions, any assets the spouses obtained after the marriage and before filing for a legal separation are considered marital property. During a divorce, this marital property will be divided between the spouses.
Fair and Equitable Division
A spouse might go into a divorce thinking they’re entitled to half of all the property acquired during the marriage. They may be surprised when it doesn’t turn out as they planned. The court must weigh multiple factors when dividing the couple’s assets, such as:
- The length of the marriage
- The financial health of each spouse
- How custody of the children is divided
- How each spouse contributed to the marriage
- The value of the marital property
- The conduct of each spouse over the course of the marriage
If one spouse retains primary custody of the children and devoted most of their time throughout the marriage to raising the children and caring for the home, that spouse’s need may tip the scale so they receive more property.
Using the fair and equitable distribution approach, the judge may even grant the family home to that spouse.
Are You and Your Spouse Preparing to Divorce?
If you and your spouse are considering a divorce, contact Grant, Miller & Smith, LLC, for a consultation. Our experienced Missouri divorce attorneys are prepared to guide you and advocate for your interests during this stressful life chapter.