In Missouri, divorce cases require the parties to split their assets equally and reach an agreement. The proceedings require the couple to go over all their assets and debts. The couple must determine who will pay certain debts and if they are entitled to specific assets. A Divorce Law Firm in Lee’s Summit MO explains the rights of each party and helps the petitioner complete a divorce agreement.
What is Community Property?
Community property is all debts that were accumulated during the marriage. It involves joint debts primarily that could lead creditors to file a lawsuit against both parties. However, debts such as credit card debts that were created by both parties are divided among each party. The divorce agreement defines which party is responsible for the debts.
What Items are Not Marital Property?
Gifts that were given to a spouse during the marriage are not considered marital property. The value of the gifts don’t matter, and the court won’t include the items. The same is true for all assets that were inherited from a family member. The couple has access to all properties that they purchased during the marriage. It doesn’t matter whose name is on the property deed. If it is classified as marital property, each party can claim it in a divorce.
Who Receives the Marital Home?
There are several options in terms of who receives the marital home. First, it is awarded to the custodial parent to keep the child in the same home without causing more serious disruptions to their life. An alternative is for each parent to stay in the marital home when they have parenting time. If the couple cannot reach an agreement, they could sell the marital home and split the proceeds.
What is Equitable Distribution?
Equitable distribution is achieved when each party receives the same portion of the marital estate. If the assets and property won’t create an even split, some assets are sold. One party could receive more assets to even out the split.
In Missouri, divorce cases require the management of community and marital property. The couple must reach an agreement about their assets, child custody, and if alimony is necessary. Petitioners who need help from a Divorce Law Firm in Lee’s Summit MO visit Danaoutlawfirm.com now. You can also visit them on YouTube Channel.