Property Division
Property subject to division includes all property owned by either spouse at the time the divorce, separate maintenance, or annulment action was filed. Property includes assets of every kind and nature. The law requires an “equitable” division of the parties’ property. Although the law requires all property be divided, courts often distinguish between “marital” (that property acquired during the marriage), “pre-marital” (that property owned by either party prior to the marriage), and “non-marital” (that property received by gift or inheritance) property.
The court may divide property in kind, order it sold, or award it to one party and give to the other party an offsetting interest. Real estate, personal property, stock options, business interests, professional practices, retirement accounts (including military and government pensions), and personal injury awards are examples of property that may be divided by the court.
Property Valuation
To divide property equitably, a value of the property must be determined. The law allows the court to value property as of the date of separation, the date the case was filed, or otherwise as the court deems appropriate. Tax consequences must be considered. Expert witnesses are necessary in some cases, but the parties may testify about their own opinions as to the value of their assets.
I offer experienced and compassionate legal services to clients throughout the Greater Kansas City area (Kansas only), primarily in Johnson, Wyandotte, Leavenworth, and Miami Counties. Please feel free to contact my office for a free initial consultation. I will discuss your case with you and let you know how best to protect your legal rights.
