One of the most significant aspects of a divorce involves determining how to divide property and assets. In Missouri, this often involves understanding what is considered marital property. As an experienced Missouri family law attorney, let's explore the concept of marital property in Missouri family law.
Defining Marital Property
Marital property, often referred to as "community property," includes most assets and debts that the couple acquires during the marriage. It is this property that is typically subject to division during a divorce.
What is Considered Marital Property?
In Missouri, marital property can include a wide variety of assets:
1. Real Estate: This includes any homes, land, or rental properties purchased during the marriage.
2. Vehicles: Cars, trucks, boats, or other vehicles bought during the marriage are considered marital property.
3. Personal Property: This category includes furniture, appliances, clothing, jewelry, and other personal items.
4. Financial Assets: Bank accounts, retirement accounts, stocks, bonds, and mutual funds accrued during the marriage fall under marital property.
5. Debts: Any debts incurred during the marriage are also considered marital property. This includes mortgages, car loans, credit card debt, and personal loans.
Non-Marital or Separate Property
Not all property is subject to division in a divorce. Non-marital property, or separate property, includes anything owned by either spouse prior to the marriage, gifts or inheritances given specifically to one spouse, and property acquired after a legal separation.
The Role of an Attorney
Determining what is considered marital property in a Missouri divorce can be complicated. An experienced Missouri family law attorney can help clarify the law, identify and value assets, and advocate for a fair property division.
In Missouri, understanding the distinction between marital and non-marital property is crucial in a divorce proceeding. A seasoned Missouri family law attorney can provide the necessary guidance and representation throughout this complex process.