Another question that arises after a divorce when selling a house is the difference between marital and non-marital property. Many Missouri citizens believe that if they acquire something during the marriage that’s in their name, it’s their separate property. However, in Missouri, anything you acquire during the marriage, whether it’s in your name or your spouse’s name, is considered marital property and marital debt.
If you receive it as a gift through inheritance or if you acquire it before the marriage, it’s considered separate property. Unfortunately, though, there are many ways you can accidentally transmute that separate property into marital property, such as by putting it in a joint name or joint bank account.
So what happens to income and dividends from non-marital property? In Missouri, any income and dividends derived from separate property becomes marital property. That’s why many couples we advise opt for prenuptial agreements to ensure they’re entitled to their separate properties in case of a divorce.
*Choosing a lawyer is an important decision, especially during the divorce process. POM&H Family Law in Chesterfield, MO, handles family law cases involving divorce, child custody, child support, pre-nuptial and post-nuptial agreements, guardianship, etc., so we know how difficult divorce cases can be.