Division of Property – Divorce Lawyers in Missouri
In every divorce in Missouri, one issue that must be determined by the court is the division of property. “Property” includes anything of value owned by each party, such as a home, motor vehicles, retirement accounts, bank accounts, household goods and furniture, businesses owned, etc.
At Siegel & Irwin, LLC, our family law and divorce attorneys are here to help you through the overwhelming property division process to ensure that your rights are protected and your needs are met.
The Importance of Well-Structured Property Division
Going through a divorce can be an emotional time for all parties involved. To achieve a sense of closure and stability, it is crucial to ensure a fair and equitable distribution of assets and debts that reflect each party’s contributions and future needs. Well-structured property division helps to prevent prolonged disputes, reduce emotional and financial stress, and provide a clear framework for moving forward.
Property Division in Divorce
Under current Missouri divorce law, the court is required to establish whether each item of property is either “marital” or “non-marital.” Marital property is all property acquired by either spouse during their marriage, no matter who owns the legal title of the property. Non-marital property includes property owned by either spouse that was not acquired during the marriage, was acquired after legal separation, or was excluded within a written prenuptial or postnuptial agreement.
Valuation and Division of a Business
During divorce in Missouri, the valuation and division of a business requires a detailed assessment of the business’ fair market value, accounting for factors such as earnings, assets, and liabilities. If the business is considered marital, the value of the business is then divided equitably between each party, reflecting their respective contributions and the length of the marriage. One spouse may also buy out the other’s interest or the business may be sold, with proceeds split according to the divorce settlement.
Valuation and Division of Retirement Benefits and Pensions
In divorce in Missouri, the valuation and division of retirement benefits and pensions involve determining the marital portion of assets such as 401(k), IRAs, 403(b), military pensions, and other qualified plans. To divide retirement benefits and pensions, a Qualified Domestic Relations Order (QDRO) is often required to ensure that each party receives their designated share without incurring tax penalties.
Other Property That Can Be Divided in Divorce
Other types of property and factors that should be taken into account during the property division process include the following:
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Debts
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Real estate
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Vehicles
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Household goods and furnishings
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Stocks, bonds, and other securities
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Mutual funds, brokerage accounts, and other investments
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Insurance policies
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Professional degrees
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Pets and other animals
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Bank accounts
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Injury claims or settlements
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Jewelry and other gifts
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Any other asset of value
How Can a Divorce Attorney Help with Property Division?
When going through a divorce in Missouri, property division can be a complex part of the process. Below are a few reasons to contact our divorce attorneys at Siegel & Irwin, LLC for help navigating the property division process.
Missouri follows an “equitable distribution” approach, which means that property is divided fairly, but not necessarily equally. At our family law firm, our divorce lawyers will work to ensure that the property division accurately reflects your needs and contributions.
Our divorce attorneys will help to distinguish between marital and non-marital property and will collaborate with financial experts to determine the value of the marital assets. Accurate categorization and valuation of assets and debts is critical to ensure a fair division.
Our divorce lawyers will negotiate with the other party or their lawyer to reach an agreement that meets your needs and goals. Our attorneys will then review settlement agreements to confirm that all terms are legally sound and in your best interest.
If necessary, our divorce attorneys will represent you in court, presenting evidence and arguing your case, to ensure that your rights are upheld, and a fair division of property is reached.
If you would like to learn more about property division or our family law services, please contact our family law attorneys.
FAQ for Division of Property in Family Law
Is Missouri a community property state?
No, Missouri is not a community property state. Missouri is an equitable distribution state, which means that property is divided in a manner that is fair to both parties but not necessarily equal.
How does Missouri determine what is “fair” in property division?
Several factors are evaluated to determine a fair division. These factors include the length of the marriage, the financial and non-financial contributions of each spouse, the value of the property, and each spouse’s economic situation.
Contact Our Divorce Lawyers Today for a Professional Consultation
Our divorce attorneys in Lee’s Summit, MO have assisted many clients with property division through divorce cases across the greater Kansas City metro and surrounding counties. Let our family law attorneys help you through this challenging time. Call us at (816) 836-9950 or contact us online.
