A prenuptial agreement is a wonderful tool that many people planning to make a trip down the aisle use to plan their financial future. However, some people are unable to make such an agreement for a variety of different reasons, possibly leaving some individuals in Missouri worried about their assets in the event of a divorce. There are some steps that can be taken that could protect a person's assets in the event of a divorce, even without a prenuptial agreement.
Artists in Missouri who are divorcing may think about how to divide the house and the bank accounts without realizing that their art may be considered a marital asset as well. Any artwork that is created after a couple is married and prior to separation or filing for divorce is jointly owned. However, there may be a number of ways to divide up such an asset depending on the individual circumstances of the artist and the couple.
Some Missouri residents may benefit from learning more about what happens to inheritances when a couple files for divorce. Whether or not an inheritance is subject to property division depends on whom the asset was given to and how the asset was utilized upon receipt.
Missouri is not a community property state, so courts will follow the principles of equitable distribution when determining property division during divorce proceedings. When making this determination, a judge will consider several different factors including the value of the property, how much each spouse contributed to the purchase of the property and each spouse's economic circumstances.
In determining the division of property in a divorce, Missouri follows the legal principle of equitable distribution, meaning that marital assets are divided in a way that the judge deems fair. Equitable distribution does not necessarily entail an equal division of assets. Couples may avoid having a court be the one to determine the division of property by drafting and signing their own divorce settlement agreement. If they are unable to reach an accord, the court will need to go through several steps to determine how to fairly divide the couple's property.
Divorce proceedings can be very complicated, and that can be especially true if the parties own businesses, artwork, or multiple properties. Many times it can be difficult to determine whether it is a marital asset, separate property, or some combination of both. This requires expertise in order to get a proper determination, and in most cases, the court will require an expert witness to testify on why they meet the specific classification.
Missouri residents may be aware that divorce can be a difficult and challenging experience for the parties involved. The process often places a divorcing spouse under considerable emotional pressure, which may sometimes lead to important issues being overlooked. Failure to adequately assess future needs could lead to financial difficulties in the future, and certain items should be addressed during divorce settlement negotiations.
Divorce rates are climbing in Missouri and around the nation, and for many couples this means that preparation for the financial aspects of the process is essential. A clear and reasonable path to a settlement and separation may be the best way to avoid conflict and give both partners resolution.
As many people divorced in Missouri may know, settling marital property during a divorce is not always the easiest process. Some couples simply decide to split everything 50-50, but for many it is not that simple. Furthermore, a prolonged dispute can be frustrating when all both parties want is a clean break and a fresh start. Intellectual property in particular can be a complicated issue when it comes to divorce settlement, as singer Smokey Robinson has found recently.
When couples go their separate ways, they don't always get divorced immediately. They may choose to take some time to consider whether divorce is what they want, whereas others simply don't get around to it. However, if they do eventually decide to divorce, their separation can have an effect on how their marital property is distributed. Couples in Missouri should keep this in mind if they plan to spend some time apart before filing for divorce.