Divorce is challenging when you and your soon-to-be ex share significant assets. The thought of splitting your belongings can become overwhelming.
Missouri is an equitable distribution state, so the property you and your spouse acquired during your marriage is subject to fair division between you. To help you plan and avoid surprises, consider these five assets to disclose when dividing property in a high-asset Missouri divorce.
1. Real estate
Most real estate you or your spouse purchased while married is marital property and eligible for division. However, inherited properties are typically exempt as separate property.
If you, your spouse or both of you own a business, you should make arrangements for the split or plan for the court to divide it for you. Obtaining a business valuation is an ideal place to start determining what is fair.
While often overlooked, you should consider collectibles when planning for the property division phase of your divorce. Examples of collectibles to present for division include high-value art, jewelry, trading cards and antiques.
4. Investments & Retirement Funds
Financial investments and retirement money are eligible for division unless pre-existing documentation excludes them. Whether or not your spouse knows about them, you should remain transparent and fully disclose your investments.
Vehicles purchased during the marriage are divisible marital property. Luxury or collector cars are often a hot-button topic in the property division stage. However, the process can be less complicated if you only share two vehicles.
Dividing property becomes less stressful when you know what to expect. Keep these five categories in mind as you move toward asset division.