One of the most crucial steps in a divorce in Missouri is determining which assets are marital and which are non-marital. This distinction plays a crucial role when dividing assets between the parties, and improperly labeling assets as marital or non-marital could prevent equitable distribution. By working with a skilled divorce attorney, you can properly identify assets and minimize the potential for an unfair distribution during the divorce process.
Non-Marital Assets in Missouri Divorce
Non-marital assets are those owned solely by one party. For example, the personal vehicle you brought into the marriage would likely be a non-marital asset. In general, the following types of assets are non-marital:
- Assets owned by one party before the marriage
- Assets acquired by one party as a gift or through inheritance
- Assets acquired in exchange for other non-marital property
- Assets acquired by one party after a decree of legal separation
- Assets specifically excluded from marital property by a written agreement between the parties, such as a prenuptial agreement
- The increase in value of assets owned by one party before the marriage, unless marital assets contributed to the increase
Marital Assets in Missouri Divorce
Once you understand what property counts as a non-marital asset, basically everything else is a marital asset. Any property obtained by the parties during the marriage that doesn’t fall into one of the non-marital asset exclusions is presumed to be a marital asset. So, if you bought a house after getting married, that house would be a marital asset under Missouri law.
It also typically doesn’t matter if the asset is only in one party’s name. As long as it was acquired during the marriage, it is a shared asset of the parties.
Why Marital vs. Non-Marital Assets Matter
The distinction between marital and non-marital assets matters for the division of property. Only marital assets are divided between the parties during a divorce. However, non-marital assets still play a role in that division. The courts will look at the value of each party’s non-marital assets when determining a fair split of the marital assets.
For example, if your spouse has twice as much in non-marital assets as you do, you may receive a higher percentage of the marital assets to compensate for that. However, you cannot receive any of their non-marital assets. This distinction can be vital if one party brought significant non-marital assets, such as a house, into the marriage.
Additionally, Missouri considers non-marital assets that have been commingled to be marital. Untangling commingled assets can be challenging, but a divorce attorney can assist.
Contact Our St. Louis County Divorce Attorneys
If you are going through a divorce in Missouri, it’s essential that you work with an experienced divorce attorney who can protect your property rights. Proper asset documentation and auditing can help safeguard your property and keep the division of marital assets equitable.
Contact Grant, Miller & Smith, LLC, to speak with a skilled member of our legal team about your divorce. We can assist with drafting or reviewing legal documents, assessing property for division, and protecting your rights throughout the divorce process.