Division Of Assets
Marital Assets
Missouri requires the Court to divide all marital assets and marital debts in a divorce.
Marital Assets are all property that has been acquired from the date of marriage until the date of divorce, except non-marital property described below. This can include real estate, motor vehicles, financial accounts, businesses, and retirement accounts just to name a few.
Marital Debts
Marital Debts are all debts that were incurred during the marriage that are still owed.
The Court is tasked with dividing all marital assets and debts in a fair and equitable manner. This is usually done by ordering the parties to follow a Marital Separation and Property Settlement Agreement that has been negotiated between the parties.
Non-Marital Property is to be set aside to each party. Non-marital property is property that was owned prior to the marriage or was received as a gift or inheritance.
Maintenance
Maintenance (formerly known as alimony) can be order by a Court when one party is unable to provide for his or her reasonable needs through appropriate employment or income producing property. The paying spouse must have sufficient income to pay for his own reasonable needs and the needs of the receiving spouse for the Court to order Maintenance.