For Missouri couples deciding to get a divorce, they likely thought the biggest and most challenging decision they needed to make in the process was to file for dissolution. While this is a major and life-changing choice, there are many important decisions to make and factors to consider throughout the divorce process. One contentious issue during the divorce process is property division. Many spouses find themselves disputing over who gets what and whether they are entitled to something over their ex.
What factors should spouses consider during the property division process? When it comes to knowing what assets and liabilities belong to each spouse, it is important to know the precise date of separation. This helps with the determination of the status of property and debts acquired after this date. Another important factor to note is whether there is a prenuptial or postnuptial agreement, and if so, whether it is valid and enforceable.
Divorcing couples should also note the property division laws of the sate. In Missouri, this is equitable division. This means that there is greater flexibility for a judge to determine a fair division of assets. Additionally, spouses should take steps to determine who has a valid claim on certain assets, the valuation of property and assets and any debts involved in the process.
Reaching a final agreement when it comes to property division can be difficult. While it is not always an easy process and often filled with disputes, it is possible for divorcing spouses to come to the negotiating table a reach a workable resolution. Those dealing with this or other divorce issues should take the time to understand their situation, their rights and options to resolve the matter.
Source: The Huffington Post, "A Few Questions to Consider in Divorce Property Division Situations," Brad Reid, accessed April 20, 2017.