St. Joseph property division Lawyers

Property division, or asset division, is one of the most contentious disputes in a divorce. Relevant assets can include real property (e.g., the marital home) and personal property (e.g., bank accounts, cash, cars, furniture, investments, retirement benefits). Missouri is a "dual-property" state, which means the court will sort property into 2 categories – marital and separate (nonmarital) – for the purposes of divorce.

Marital property refers to all the property acquired by either spouse during the marriage. Missouri law assumes that all property is marital unless a spouse can prove that something is nonmarital, or separate. Separate property is property that belongs to only one spouse, usually property that was acquired before the marriage. Separate property may also include gifts addressed only to one spouse or inheritances received during the marriage. Separate property is not up for division in a divorce, and spouses can specify prior to marriage in a prenuptial agreement what property should be deemed separate.

Note that Missouri follows "the source of funds rule,” which means that when a court is deciding whether property is marital or separate, it will examine who paid for the property and how. To prove a piece of property is separate, the spouse must show evidence that they paid for or obtained the asset without a contribution from their spouse. Additionally, under this standard, if a spouse owns any separate property that appreciated in value because the other spouse helped pay for it during the marriage, then the other spouse will get a share of the asset as well.

How Is Property Divided in Missouri?

There are a couple of different ways to divide property in a Missouri divorce. The most important step is to first determine what is up for division (what assets are marital property) and what isn’t. Spouses may choose to reach an agreement with each other on their own without having to go to court, which is usually the case when there is already a prenuptial in place. An experienced property division lawyer can help spouses reach an “out-of-court” property agreements if they do not have many contentious assets or are able to cooperate with one another in negotiation.

If the spouses are not on agreeable terms, it is likely they will need to proceed to court and let a judge make the final decision about their property. Missouri is an equitable distribution state, so the court will divide marital property in way they believe is equitable (fair), which might not always mean 50/50. When deciding on the property division agreement, the court will consider the following:

• the spouses' economic circumstances (what their prospects are for future income based on their abilities to earn) at the time of the divorce;
• whether and how much each spouse contributed to the acquisition of the property;
• the value of either spouse's nonmarital property;
• the spouses' behavior during the marriage (e.g., the court may reduce a spouse's property award if that spouse squandered marital assets); and
• custodial arrangements for the minor children (if any).

The above also pertains to how a court will assign any relevant marital debts to the spouses.

If you are dealing with property division matters in St. Joseph, do not hesitate to reach out to Kranitz, Sadoun & Carpenter for family law legal counsel. Over the past 100 years of operation, our firm has passed down generational knowledge about the Missouri legal system and developed up-to-date strategies for a range of assets. After all, the 21^st century has introduced significantly different and complex assets, such as growing investment portfolios, that can be hard to straightforwardly divide. Whether you anticipate resolving your property division matter in the negotiation room or in the courtroom, Kranitz, Sadoun & Carpenter is more than ready to represent you and protect your property interests.

Schedule an initial consultation with Kranitz, Sadoun & Carpenter online or call (816) 551-2482 to get started with a St. Joseph property division lawyer today.