How Will Property Be Divided?
Property division is one of the more difficult aspects of any divorce proceeding. It is important to have an experienced legal advocate in your corner to help ensure that your interests are protected, and that your property is divided fairly and equitably.
At The Kelly Law Firm, L.L.C., in Lenexa, our family law attorney has more than 20 years of experience guiding people through the divorce process. We can help you through the negotiation process and are prepared to tenaciously present your case in court, if necessary.
What Does Equitable Distribution Mean?
In some cases, couples are able to agree on their own how to split up their property. In other cases, it will be up to a judge to decide on a property division determination. In Kansas, the law requires an equitable distribution of property. At first glance, many people presume that equitable is the same as equal. However, equitable means fair, and a fair division rarely falls along the line of an even 50-50 split.
There are numerous factors that are taken into account when attempting to reach an equitable agreement, including:
- Current financial circumstances
- The needs of each spouse
- The income-earning capability of each spouse
- The age and health of each spouse
There is no hard and fast formula when it comes to property division. That is why it is crucial that you have skilled legal counsel in your corner.
What Assets Are Subject To Division?
Assets that are considered marital property are subject to division. Generally speaking, marital property are any assets that were acquired during the course of the marriage. Anything that a spouse owned prior to the marriage is not considered marital property. However, things get complicated by the fact that assets acquired before the marriage may take on characteristics of marital property and will be subject to division. For example, if income earned before the marriage is subsequently placed into a joint bank account, that income may be viewed as marital property.
As if all of this was not complicated enough, debts that are acquired over the course of a marriage are also subject to division. You can begin to see why the assistance of an experienced lawyer is essential to ensuring an equitable agreement is reached.
Contact Our Family Law Attorney If You Are Going Through A Divorce
If your marriage has come to an end, call 913-451-1119 or contact us online to schedule an initial consultation. We provide legal representation to clients throughout Johnson County and the Kansas City metropolitan area.