The Missouri Statement of Marital and Nonmarital Assets and Debts (Sample and Form) is a legal document used in the state of Missouri to help both parties in a divorce or legal separation to accurately and fairly divide their assets and debts. This form is used to determine which assets and debts are to be divided as marital property and which are to be divided as non-marital property. The form includes a list of assets and debts, such as real estate, motor vehicles, bank accounts, investments, retirement accounts, debts, and other assets and liabilities. Each item is categorized as either marital or non-marital, with a description of the asset or debt, its value, and the name of the individual who owns it. The Missouri Statement of Marital and Nonmarital Assets and Debts (Sample and Form) is available in two formats: a fillable PDF form and a printable PDF form. The fillable PDF form is for individuals who wish to fill out the form online, while the printable PDF form is for individuals who wish to print out the form and fill it out by hand. There are three types of Missouri Statement of Marital and Nonmarital Assets and Debts (Sample and Form): the Joint Statement of Marital and Nonmarital Assets and Debts, the Statement of Marital Assets and Debts, and the Statement of Nonmarital Assets and Debts. The Joint Statement of Marital and Nonmarital Assets and Debts is used when both parties are filing together. The Statement of Marital Assets and Debts is used when one party is filing alone and the Statement of Nonmarital Assets and Debts is used when both parties are filing separately.
Missouri Statement of Marital and Nonmarital Assets and Debts (Sample and Form)
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FAQ
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.
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.
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.
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.
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.
The Difference Between Marital and Non-Marital Property Only marital property will be divided in a Missouri divorce. Non-marital property (also called separate property) is not subject to equitable distribution. Any asset acquired during a marriage is automatically considered marital property.
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.