Which Assets Qualify as Marital Property in a Missouri Divorce?

Part of the divorce process is distributing property between spouses. However, not every asset is subject to division — only marital property must be divided when couples part ways. Property division is one of the most important considerations in divorce and must be decided before the final decree can be issued. It’s vital to understand what assets can be classified as marital property and what your rights are when it comes to dividing it.

What is Marital Property?

Any assets that were acquired by either spouse during the course of the marriage are presumed to be marital property under Missouri law. This type of property is distinct from assets that are classified as separate property, which were owned by either spouse before they got married. Assets can qualify as marital property even if they are only titled in one spouse’s name, as long as they were acquired after the date of the marriage. Debts that were acquired during the marriage are also considered marital property to be divided in divorce, no matter which spouse incurred the debt.

There are some exceptions to the marital property rule. For example, gifts and inheritances that received by either spouse would be considered separate property, regardless of when they were received. A prenuptial or postnuptial agreement could also change how property is classified — couples may choose to specify certain assets as separate property in such a contract, even if they might otherwise be characterized as marital property.

What are Some Examples of Marital Property?

Depending upon the length of the marriage, a couple may have accumulated a vast amount of marital assets. For example, many spouses purchase a family home or vehicle together. While these are usually the biggest assets people think of when it comes to dividing property in divorce, anything that is purchased or acquired during the marriage can be considered marital property, including furniture, appliances, collections, pensions, and more.

The following are some examples of assets that may be considered marital property if they were acquired during the marriage:

• The marital home
• Bank accounts
• Investment properties
• Retirement accounts
• Stock options
• Cryptocurrency
• Vehicles
• Boats
• Artwork
• Jewelry
• Business interests

Any increase in value of separate property during the course of the marriage may also be classified as marital property in a divorce action, unless a prenup or postnup specified otherwise. For instance, if one of the spouses owned a home before the marriage and the couple used joint funds to make improvements to it, the increase in value would be subject to division.

How is Marital Property Divided in Divorce?

Missouri follows the doctrine of equitable distribution when it comes to distributing property between spouses in divorce. This doesn’t always mean a 50-50 split. Rather, equitable distribution means that when a court divides a couple’s property, the judge will distribute it between the spouses in a way they think is fair and reasonable. When determining how to divide marital property, a judge would evaluate several statutory factors, including the following:

• Each spouse’s economic circumstances at the time the property division award would become effective
• Each spouse’s marital vs. non-marital contributions to the acquisition of the asset or debt
• The value of each spouse’s non-marital property
• Custodial arrangements for minor children in the marriage
• The conduct of each party during the marriage, if there is a financial tie to the conduct

In most cases, marital property in a Missouri divorce will be divided equally. The court will determine the value of the marital estate by evaluating real estate appraisals, financial statements, business valuations and the opinions of experts. However, the court has the discretion to divide the marital estate in any manner it deems appropriate, based on the above factors.

It’s essential to understand that property division in a Missouri divorce doesn’t always need to be decided by a judge. Spouses are free to decide how they would like to divide their property between themselves and enter into a settlement agreement. Mediation and the collaborative divorce process are two alternatives to litigation that can help spouses decide who keeps what — amicably, privately, and cost-effectively. But if spouses are unable to reach a compromise and decide how their property would be allocated, the court would determine the outcome.

Contact an Experienced Missouri Divorce and Family Law Attorney

Dividing marital property in a divorce can be a complex and contentious process. Divorce and family law attorney Mark A. Wortman is committed to guiding his clients every step of the way through the divorce process, and ensuring their legal and financial rights are safeguarded. Providing skillful representation to clients in the greater Kansas City, Missouri area for divorce matters and a broad scope of family law issues, Mark is dedicated to obtaining the best possible results in each case.

If you are going through divorce, schedule a confidential consultation to learn how attorney Mark A. Wortman can help with your case. Please contact him today online or by calling (816) 523-6100.