In practical cell-free (CF) massive multiple-input multiple-output (MIMO) networks with distributed and low-cost access points, the asynchronous arrival of signals at the user equipments increases multi-user interference that degrades the system performance. Meanwhile, rate-splitting (RS), exploiting the transmission of both common and private messages, has demonstrated to offer considerable spectral efficiency (SE) improvements and its robustness against channel state information (CSI) imperfection. The signal performance of a CF massive MIMO system is first analyzed for asynchronous reception capturing the joint effects of propagation delays and oscillator phases of transceivers. Taking into account the imperfect CSI caused by asynchronous phases and pilot contamination, we derive novel and closed-form downlink SE expressions for characterizing the performance of both the RS-assisted and conventional non-RS-based systems adopting coherent and non-coherent data transmission schemes, respectively. Moreover, we formulate the design of robust precoding for the common messages as an optimization problem that maximizes the minimum individual SE of the common message. To address the non-convexity of the design problem, a bisection method is proposed to solve the problem optimally. Simulation results show that asynchronous reception indeed destroys both the orthogonality of the pilots and the coherent data transmission resulting in poor system performance. Besides, thanks to the uniform coverage properties of CF massive MIMO systems, RS with a simple low-complexity precoding for the common message obtained by the equal ratio sum of the private precoding is able to achieve substantial downlink sum SE gains, while the application of robust precoding to the common message is shown to be useful in some extreme cases, e.g., serious oscillator mismatch and unknown delay phase.