During your divorce, your financials will be on your mind. In most cases, your assets will be divided among you and your ex.
Deciding who gets what is complicated and challenging. There are a few different aspects you will need to consider and you might not know how to proceed. Here is a short guide to help you figure out how your assets should be divided during your divorce.
Separate vs. marital property
The difference between separate and marital property is an important part in consideration of assets. Separate property includes property owned before the marriage and inheritances received by either spouse. Gifts and payments received from third parties also qualify as separate property.
Marital property includes income and assets gained during the marriage. This includes assets like pensions, 401ks, stock, and life insurance, among others.
During a divorce separate property is not generally divided during a divorce, while marital property should be divided equally.
The state of Missouri is an Equitable Distribution state. This means settlements in Missouri should be fair but do not have to be equal. In order to determine fairness, a few factors are considered. Income and property brought by each spouse and standard of living during the marriage are two factors that are taken into account. Earning potential and the post-financial situation is also considered.
Getting divorced is a long process and the division of your financials is an important part of it. Be sure you know what you are getting yourself into and that your financials will be divided fairly.