On behalf of Stange Law Firm, PC posted in High Asset Divorce on Thursday, December 21, 2017.
A home is one of the biggest purchases that a person will ever make. However, a home can also be one of the most difficult marital assets to divide during a divorce. When considering who — if anyone — will maintain ownership of a marital home, it is important to consider all of the possible implications.
Missouri is an equitable division state, which means that each spouse has the right to a fair share of the marital assets, even if that share is not an even 50 percent of shared property. Since a home is usually one of the most valuable assets that married couples share, this may take up a significant portion of a person’s distributed assets. This is particularly true if a family law judge determines that a person’s equitable portion is only about one-third.
Parents, however, might have more sentimental interests than financial ones. Parents with physical custody of their children often keep the home as a way to provide a sense of stability and normalcy. However, there are still financial implications to consider, including the cost of upkeep, taxes and affording the mortgage on a reduced income.
Dividing marital assets can be much more complicated in situations where both couples want the house. Homes represent many an array of different things to people, including stability or financial success, and it can be difficult to part with these feelings. When asset division involves high-value assets or complex marital property, divorcees are usually well-advised to work under the guidance of a counsel who is well-versed in Missouri family law.
Source: FindLaw, “Divorce Property Division FAQ“, Accessed on Dec. 20, 2017