When you’ve decided to part ways with your spouse, you must first resolve numerous issues, which may include child custody (if applicable), property division and more. In some cases, you can achieve a settlement swiftly and without much stress. Sometimes, however, divorce becomes more complicated when complex issues exist.
Besides the basic issues of a divorce, as mentioned in the previous section, you and your spouse might find it more challenging to achieve a fair settlement if you have a lot of high-value or intangible assets. It is imperative to make sure you understand Kansas property guidelines before heading to court. If your relationship with your ex is contentious and you do not trust him or her, you’ll want to take a thorough inventory of all marital assets to make sure your spouse isn’t hiding anything.
Examples of complex assets in a divorce
Kansas operates under equitable property rules in divorce, which means the judge overseeing your case will determine a fair, albeit not necessarily equal division of assets. Marital property, such as a house or vehicle, is an integral component of most divorces. The assets shown in the following list, however, are more complex:
- Offshore bank accounts
- Pensions or retirement benefits
- Intellectual property, such as royalties, trade secrets or copyrights
- Real estate
- Stocks, bonds or other investments
- Business ownership
You can save a lot of time (and perhaps, money) by turning to knowledgeable sources for support as you navigate a complex divorce. Such sources might include a financial adviser or experienced Kansas family law attorney.
Hidden assets make a complex divorce even more complicated
When so much is at stake, a spouse who wants to gain the upper hand in divorce proceedings might attempt to hide assets, which is unlawful because it constitutes perjury. This is another reason why full disclosure and taking a thorough inventory is so important when you’re dealing with complex assets.
If you notice signs of a hidden asset scheme (such as money disappearing from jointly owned accounts, luxury items purchased but undervalued, overpayments on credit cards or taxes, etc.), it’s best to fully investigate rather than risk walking away with less than you’re entitled to receive.
Separate versus marital property
When negotiating a settlement in a complex divorce, it is also important to identify separately owned property versus marital assets. The latter basically includes any money, property or other assets you or your spouse acquired during marriage. Separate property, on the other hand, might be something like an inheritance or a business you owned before marriage. Before signing an agreement, make sure you fully understand Kansas property division laws and are confident that you are receiving a fair settlement.