Divorcing couples in Missouri today may find themselves dividing more than just their home and their bank accounts. Many couples actually have substantial debt that must be divided, and Missouri courts are now required to make specific findings regarding the division of marital and non-marital debt. Unfortunately, “martial debt” is not defined in the Missouri statutes, so courts have applied the same principles used to divide marital property.

Typically, all property or debt acquired by either spouse after the marriage and prior to a judgment of separation or divorce is presumed to be marital property or marital debt unless a statutory exception applies. Property or debts that were acquired by a party prior to the marriage are typically deemed to be the separate property or separate debt of the party who acquired it prior to the marriage.

In order to divide both marital property and marital debt, courts must consider factors such as:

(1) The economic circumstances of each spouse at the time the property is divided;

(2) The contribution of each spouse to the acquisition of the marital property or marital debt;

(3) The value of the non-marital property or non-marital debt set apart to each spouse;

(4) The conduct of the parties during the marriage; and

(5) Custodial arrangements for minor children.

Dividing marital property and marital debt is often complicated, but the divorce attorneys of Kennedy, Kennedy, Robbins, & Yarbro, LC can help you achieve a fair and equitable division of both. Contact us today with any questions you may have.