Posted on February 22, 2011 in Divorce
One of the main concerns people have when going through a Saint Louis divorce is how their property will be divided between the parties, particularly major assets such as real estate. Missouri is what is known as an equitable distribution state. This means that marital property is divided according to what is fair. This does not necessarily mean that assets are divided equally, but rather the court takes into consideration many factors to determine the most equitable and just way to divide the assets.
What assets can be divided?
Any property acquired by either party after the date of the marriage is considered marital property and may be divided in a divorce settlement. However, some exceptions do apply. Property acquired under the following circumstances is not eligible for division:
? Property acquired by gift, bequeath, devise, or descent, including property that has been gifted from one spouse to the other
? Property acquired in exchange for property acquired prior to the marriage or in exchange for property acquired by gift, bequest, devise, or descent
? Property acquired by one party after a decree of legal separation
? Property excluded by written agreement of both parties
? The increase in value of property acquired prior to the marriage
In some cases, these are difficult distinctions to make and understand. A Saint Louis divorce lawyer can help you determine what property may be eligible for division in your particular circumstances Information provided by Green Cordonnier & House LLP. For more information click here.