In divorce cases, dividing up assets and debts can be a complicated matter, requiring valuation of the property or other assets and a fair determination of how it should be split between the parties. An experienced family law attorney can work with expert witnesses to determine the appropriate value of assets, and make arguments based on Kansas law to achieve a favorable result for clients.
Under Kansas law, judges have the discretion to divide assets and liabilities in a way that is fair and equitable. Courts often distinguish between two types of property that a couple may have:
Marital Property, which is typically acquired jointly through the efforts of both parties' Nonmarital Property, which may have been acquired before marriage or through an inheritance specifically made to one party.
The Martial property is subject to division in a divorce. Nonmarital property is usually separated from the couple’s assets and will not be considered. Assets are not limited to real estate or personal property like cars. It can include stock options, valuable antiques, business interests, retirement accounts or pensions, and professional practices.
In many cases, property or assets cannot simply be divided down the middle, such as in the case of a shared family house. Courts can use a variety of methods to split up assets, such as ordering the parties to sell a piece of property, or awarding an asset to one spouse and giving the other spouse an item of equivalent value. For example, one spouse may be awarded the family home in a divorce, and the other spouse may be awarded a savings account of a similar value.
Courts will decide how to divide debts or liabilities. If a couple has jointly acquired debt during a marriage, they will often be required to split it equally in a divorce.
When it comes to property division, there are many factors to be considered. A lawyer can work with you to ensure that:
At Jeffers Law Office, we are skilled at all phases of property division in a divorce. We are able to retain expert witnesses to help value your assets, and can make arguments based on Kansas law about whether certain assets should be subject to division. If you would like to learn more about how Mark Jeffers can assist you with property division in a Kansas divorce case, contact our office today. An initial telephone consultation is offered free of charge to all potential clients!