Division of Property in St. Louis
During your marriage, you worked hard to accumulate property, assets, and personal belongings.
Now that you are divorcing, those assets and debts that you acquired will need to be divided.
Before discussing property division with a spouse, it is important to understand the difference between marital and non-marital property, your assets and their values, debts, and tax considerations.
You only have one chance to get a desirable property settlement.
While working with the skilled attorneys at Cavanagh and Associates, you can be sure that your rights and financial future are protected.
If an agreement on the division can be reached by the spouses, the agreement is often approved by the court.
When a couple is unable to agree on their own, the courts will divide the marital property only.
One of the greatest challenges of property division comes from the determination of marital and non-marital property.
- Marital property is generally defined as any property acquired by either spouse during the marriage.
- Some exceptions may apply for gifted property or property excluded by a prenuptial agreement.
- Non-marital property includes those assets or items owned by an individual prior to the marriage.
First, the court will exclude any non-marital property for each spouse before dividing marital property and marital debt.
Missouri is an equitable distribution state. Equitable does not mean that property will be divided equally.
However, governing factors may include each spouse’s contribution to the marital property, the value of non-marital property of each spouse, conduct of the spouse’s during the marriage, and economic circumstances.
Many individual assets cannot be divided or split up.
The judge will take into consideration the values of assets and the debts against them, and will often award assets of similar value to each party.
The courts may also require that one spouse pay an amount to the other to balance the equities, or order than an asset be liquidated and divided between the spouses.
The experienced family lawyers at Cavanagh and Associates can address the unique factors in your marital property division and protect your interests throughout your divorce process.