Marital Home in a Divorce
Pursuant to Missouri Statutes, courts, if called up to divide property in a divorce, may consider a number of factors: (1) The economic circumstances of each spouse at the time the division of property is to become effective, including the desirability of awarding the family home or the right to live therein for reasonable periods to the spouse having custody of any children; (2) The contribution of each spouse to the acquisition of the marital property, including the contribution of a spouse as homemaker; (3) The value of the nonmarital property set apart to each spouse; (4) The conduct of the parties during the marriage; and (5) Custodial arrangements for minor children.
Things get problematic with property that is not easily divided. It is usually the case that the home is the single biggest estate in a couple’s estate; and it just so happens that a home is not something that lends itself to Court division. There is no uniform way to address this issue, but there are a few common solutions. One spouse will “buy out” the other spouse of 50% of his/her interest. A third party may simply come in and buy the property and then the couple splits the proceeds evenly. In more precarious situations when separate, nonmarital property has been used to pay for the house, then the party that contributed nonmarital property to the house may have a great claim of right.
Because of the size of the asset, and the amount of legal factors in play, contact an attorney to help you reach the best possible result.