Like many Kansas spouses, you and your partner may have been struggling to keep your relationship intact for months, perhaps even years. You may or may not remember exactly what you were doing and where you were when you made a firm decision to file for divorce, feeling that moving on in separate directions would be better than staying in an unhappy marriage.
Knowing that you have worked long and hard to build a strong financial portfolio, your decision to divorce may have raised concerns about how to protect your assets and make sure you receive a fair settlement. Like most states, Kansas operates under equitable property rules in divorce, meaning that, while you and your ex will divide all marital property, the split will not necessarily be 50/50.
Full disclosure is necessary to a fair settlement
Especially if your spouse has a history of deceit, you have reason to be wary about whether he or she is going to be honest in terms of disclosing his or her assets and liabilities in divorce. Property division proceedings can be complex, particularly when there is a high net worth involved. Full disclosure is necessary in order for the court to determine how to fairly divide all marital property between you and your ex.
How a receivership can help protect assets at risk
If you believe your spouse is going to try to hide an asset or is trying to deplete funds in an account you both own, you can ask the court to appoint a receiver, meaning someone in charge of managing the asset until property division proceedings are final.
Some of the most common ways people hide assets include overpaying on a credit card balance, withdrawing money from a jointly owned account and depositing it into another account, or asking someone to hold cash and claiming it’s a loan.
If the court appoints a receiver to an asset, the court may order the preserving or dissolving of the asset. Receivers often have the task of collecting rents — for instance, taking over a business account or property.
A receiver must be a neutral party
In most states, a receiver must be a neutral party approved or appointed by the court. Every state has its own laws regarding receiverships in a divorce. If you plan on requesting one to protect one or more assets in your divorce, you’ll want to carefully review Kansas guidelines regarding this topic.
It’s understandable that you would have no intention of standing by and letting your ex give you the short end of the stick when it comes to property division proceedings. You deserve to walk away with any and all assets to which you are entitled. The court is not likely to look favorably on someone who is trying to beat the system in a divorce.
