Asset Division Attorney in Thayer, Missouri
Division of assets is among the crucial marital dissolution issues that must be resolved before a divorce can be finalized. The divorcing spouses need to determine how their assets, real estate property, debts, and liabilities will be distributed between each party. In the event that the couple is unable to agree on how to divide their assets themselves, the Missouri court will intervene and help divide the marital assets equitably.
If you are considering filing for divorce in Missouri and want to understand the asset division process, consulting with an experienced Missouri family law attorney is essential. For more than 30 years, I have devoted my career to providing knowledgeable legal guidance and strong advocacy to clients in family law matters, including divorce and property division.
I'm available to discuss your unique circumstances, explore your available legal options, and enlighten you about how property division works and what to expect. Using my in-depth legal knowledge, I will fight diligently to protect what is rightfully yours and make your transition as smooth as possible.
My firm – The Law Office of Fred O'Neill – proudly serves clients across Thayer, Missouri, and throughout the surrounding areas of West Plains, The Ozarks, and North Central Arkansas.
Marital Property vs. Separate Property
In a typical Missouri divorce, the couple's assets may be categorized into non-marital property and marital property.
Non-Marital or Separate Property
Non-marital or separate property consists of all assets and property owned, debts, and liabilities incurred by either spouse before the marriage. Non-marital property also includes third-party inheritances, personal gifts received by each spouse during the marriage, and damages received from a personal injury claim.
Conversely, marital property or community property consists of all assets, liabilities, and debts accumulated by the spouses during their marriage. These include the vehicles, marital home, second homes, income, bank accounts, business interests, royalties, stocks, retirement accounts, 401(k) accounts, credit card charges, rents, as well as other assets or debt accrued while they were married.
Who Determines How Assets Are Divided?
Depending on the surrounding circumstances, property division in Missouri may either be contested or uncontested.
Uncontested Property Division
In an uncontested property division, the spouses mutually agree on the important provisions regarding how their assets and debts will be divided. All details agreed upon will be documented in a marital dissolution agreement and filed with the Missouri court for official approval. An experienced asset division lawyer can help protect your best interests and keep the conversation productive and on track.
Contested Property Division
In a contested property division, both parties are unable to agree on one or more crucial terms of the asset division. The Missouri court may need to step in to help settle such issues. During a court hearing, the judge will issue a final property division order. A skilled divorce attorney can help present your case diligently and improve your prospects of getting the most favorable outcome.
Factors Considered in Asset Division
Missouri is an equitable distribution state. This means that marital property will be divided by the court in a manner that is considered "equitable and fair" but not necessarily equal. In order to achieve equitable property distribution, the following factors may be considered by the court:
The economic circumstances of each spouse at the time of the property division
Each spouse's contribution to the acquisition of the marital property, including the contribution of a spouse as a homemaker
The value of any non-marital property belonging to each spouse
The spouses’ behavior or misconduct during the marriage
Custody arrangements for minor children
Any other factors deemed necessary by the court to achieve an equitable division of property
A knowledgeable Missouri divorce attorney can walk you through the property division process and fight compassionately to protect what belongs to you, your family's best interests, and your future.
Work With a Knowledgeable Family Law Attorney
Asset division is one of the most contentious issues in any divorce. Trying to separate the accumulated assets and finances of divorcing couples can present different challenges. Also, identifying marital property, dividing retirement accounts, or evaluating business assets can make the property division process ever more complex. Therefore, it is important that you consult with a knowledgeable family law attorney for proper guidance and to help you navigate crucial decisions in the property division process.
At The Law Office of Fred O'Neill, I'm committed to offering experienced legal services and guiding individuals and families through the complexities of Missouri's divorce and property division. As your legal counsel, I will work to understand your unique situation, help evaluate your marital assets, accounts, family business, and debts, and explore your possible legal options. Also, I will work intelligently with both parties involved to settle asset division issues peacefully and help you move forward quickly.
Asset Division Attorney Serving Thayer, Missouri
If you need proper guidance with the division of assets in your divorce, contact my firm – The Law Office of Fred O'Neill – today to schedule a simple case assessment. I can offer you the personalized legal counsel and reliable advocacy you need to navigate the property division aspect of your divorce. My firm is proud to serve clients in Thayer, Missouri, as well as West Plains, The Ozarks, and North Central Arkansas.