Next to issues involving children, the division of marital debts and assets often proves to be the most contentious in a divorce. That’s why it is so important to have assertive legal representation during the divorce process to protect your rights, interests and financial well-being.
At the Law Office of Amy L. Gervich, we are an experienced divorce and family law firm that serves the greater St. Louis, Missouri, area, including Clayton. Our dedicated property division attorney has over 15 years of experience and works diligently to achieve the best result in every situation. We are skilled negotiators and are not reluctant to litigate when appropriate.
In Missouri, marital assets and debts are subject to division. These are defined as assets and debts acquired during marriage, with exceptions for inheritances and certain gifts. Assets and debts acquired before the marriage are considered separate and are not subject to division. This sounds simple, but generally speaking, the longer a marriage lasts, the more difficult it becomes to distinguish between separate and marital property.
For example, let’s say a couple pools their separate savings to buy a house. Over the years, they incur maintenance and repair costs, they make significant improvements, and the house increases in value. All of those effects must be traced and accounted for.
At the Law Office of Amy L. Gervich, our property division attorney has extensive experience in property division matters, including high-asset property division cases. We understand how to identify separate property and trace its transformation into marital property. In most cases, our proactive and thorough case preparation techniques enable us to negotiate a fair and acceptable settlement for our client. And when necessary, we will provide aggressive representation at trial to achieve your goals.
Contact us today by calling 314-725-7901 or sending us a message online for a free initial consultation. We offer positive family law solutions to help you secure a better tomorrow.
Not necessarily. Missouri is an equitable distribution state, meaning the court divides marital property in a way it deems “fair” based on various factors. While many cases result in an even split, the court may consider the economic circumstances of each spouse, the contribution of each spouse to the acquisition of the property, and even conduct during the marriage.
Generally, marital property includes most assets and debts acquired by either spouse during the marriage. Separate property refers to assets owned before the marriage, or those received via inheritance or third-party gifts during the marriage. However, if separate funds are “commingled” (mixed) with marital funds, they may become marital property.
Retirement assets earned during the marriage are typically considered marital property. These are often divided using a Qualified Domestic Relations Order (QDRO), which allows for the transfer of funds from one spouse’s account to the other without immediate tax penalties.
There are three common ways to handle a home:
In Missouri, debts incurred during the marriage for the benefit of the family are generally considered marital debt, regardless of whose name is on the account. Our firm works to ensure that debt is allocated fairly so you aren’t unfairly burdened by your spouse’s spending.
