When people file for divorce in Missouri, there are a myriad of issues to negotiate, including division of property. In Missouri, and in many other states in the nation, marital property is divided according to what the court believes to be fair and equitable. While some people may think marital property is simply the family home, cars, furniture and bank account contents, there are several other items that are considered marital property and are eligible for division. It is critical that people understand what constitutes marital property so they can be sure to get everything they are entitled to in the divorce settlement.
Everything accumulated during the marriage is considered marital property. There are some things that people may not think of, however. These include the following:
Term life insurance policies, 401k plans, stocks and retirement plans
Intellectual property, such as patents, copyrights and trademarks
Frequent flier mile rewards and other loyalty points
Lottery ticket winnings and income tax returns
Expensive collections, such as art, wine, antiques, coins, cars and horses
Memberships to exclusive golf clubs and country clubs
Any gifts given to one another during the marriage are eligible for division. Also, if one spouse lent money or property to a third-party during the course of the marriage, the other spouse is entitled to half of that money or property once it is repaid. This holds true even if it is repaid after the couple is divorced. Separate property that has been mixed with joint property becomes marital property and is divisble between spouses.