Friday, September 2, 2016

How Property & Assets Are Divided In A Divorce

What do you think are the most pressing issues on divorcing couple's minds? Determining how to divide jointly held property and assets is usually high on the list of priorities. Finding a fair and equitable way to divide property and assets is always essential. O'Donnell Law Center is here to help you get a better understanding how how these elements are typically divided during a divorce.



Identifying All Properties & Assets

The first step a person should take is to make a clearly defined list of all the properties and assets accumulated during the marriage. Such property may include:
  • Your primary residence
  • A second / vacation home
  • Commercial land / buildings
  • Vehicles
  • Boats
  • Valuable jewelry, antiques, and other pieces (or collectibles)
  • Bank accounts
  • Retirement accounts
  • Life insurance policies
  • CDs
  • Stocks
  • Bonds
  • Cash
 
Marital And Non-Marital Property

Missouri is considered a "dual-property" state. This means that property (as it relates to marriage and divorce) can be one of two types: marital or non-marital. Before we discuss how property and assets are divided in a divorce, we must differentiate between these two types of property.
  • Marital property is property that was acquired during the marriage, even if the title is only in one spouse's name.
  • Non-marital property (also called "separate property") is property that one spouse owned prior to the marriage or that was acquired by gift or inheritance. 

The non-marital property will not be factored into the division of assets, as it will automatically go to the spouse who has sole ownership of it. During the divorce, the focus will be determining how to divide the marital property.

Fair (But Not Necessarily Equal) Division Of Property & Assets

The Court's responsibility will be to ensure that all marital property and assets are distributed fairly. It is important to realize that a "fair" distribution does not necessarily mean an equal distribution. There are several factors that the judge must consider that can result in an unequal, but fair distribution.

Contact O'Donnell Law Center For Representation

Having a strong attorney in your corner to advocate for you and to protect your property rights during a divorce can help ease your stress during this difficult time.  We recommend working with an experienced divorce lawyer at the Lake of the Ozarks. If you are filing for divorce in Camden County MO, contact the team at O'Donnell Law Center for help.


We Carry Your Burden ~ You Carry On With Life.

Disclaimer: No attorney-client relationship is created by the publication of this blog.


The choice of a lawyer is an important decision and should not be based solely on advertising.


Phone: (573) 552-0317

O'Donnell Law Center, LLC
1026 Palisades Blvd. Suite 3

Osage Beach, MO  65065

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