The Missouri Statement of Marital and Non-Marital Assets and Debts is a document filed by both parties in a divorce case. It is used to list all the assets and debts that each party has accumulated during the marriage, and to identify which assets and debts are marital and which are non-marital. This document is crucial in determining how the assets and debts are divided between the parties in a divorce. The Missouri Statement of Marital and Non-Marital Assets and Debts has two different forms: one for the Husband and one for the Wife. Each party must complete a separate form, listing all the assets and debts that they have acquired during the marriage. On the form, each party must identify which assets and debts are marital and which are non-marital. Marital assets and debts are those that are acquired during the marriage, while non-marital assets and debts are those that are acquired prior to the marriage. Once both parties have completed their respective forms, they must submit them to the court. The court will then use the information on the forms to decide how to divide the assets and debts between the parties.
Missouri Statement of Marital and Non Marital Assets and Debts
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How to fill out Missouri Statement Of Marital And Non Marital Assets And Debts?
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FAQ
Marital property in Missouri is defined as any property acquired by either spouse subsequent to the marriage except: Property that was acquired by gift, bequest (received in a will), devise (received in a will), or descent (inheritance);
Missouri case precedent articulates that marital debt is debt incurred during the marriage or in contemplation of the marriage. The fact that one spouse is not responsible for the debt does not prevent its allocation to that spouse.
Debts and liabilities incurred during the marriage, including mortgage, credit card debt, student loans, and sometimes even business loans can fall under the term, marital debt.
For many cases, courts will allocate debt to the spouse that incurred it. If the spouses incurred it together, courts will often direct that each party pay a portion, often (but not always) half. If debt is tied to a certain asset such as a car, it is common for the party that gets the asset to also get the debt.
In other states, such as Missouri, the courts divide martial debt equitably, so spouses are generally only responsible for the debt they incurred. If the debt was incurred on a joint credit card or loan, then both spouses would split that debt in divorce.
Missouri categorizes debt as either separate or marital depending on when it was incurred. Separate debt typically includes all dues acquired by a spouse before their marriage. Marital debt, however, usually refers to the debt that the pair obtained together throughout their marriage.
The divorce financial statement is a form that lists all assets and liabilities of each person involved in the divorce. Each person must fill one out their portion and submit it to the court in order to explain their financial situation to the court.