ASSET DIVISION ATTORNEY IN OVERLAND PARK, KANSAS

When it comes to the process of divorce, dividing assets, real estate property, valuable possessions, and debts and liabilities remains one of the most difficult tasks to tackle. Unfortunately, more and more couples are forced to take this challenge on as divorce rates in Kansas remain steady. According to the Marriages and Marriage Dissolutions Summary — an annual report compiled by the Kansas Department of Health and Environment —  there were 6,398 marriage dissolutions in Kansas in 2019, comprising 6,303 divorces and 95 annulments. 

If you are thinking about filing for divorce and want to better understand how asset division works in Kansas, it is imperative that you consult with an experienced Kansas divorce attorney for detailed guidance. Roth Davies LLC has the resources and experience needed to guide clients through the divorce and asset division process. The experienced attorneys at Roth Davies LLC are available to discuss your unique situation and help you navigate key decisions in your divorce proceedings. As your legal counsel, they will fight compassionately to protect what belongs to you and help navigate your divorce as seamlessly as possible.

Roth Davies LLC is proud to serve clients in Overland Park, Kansas, and the surrounding areas throughout Johnson County.

MARITAL PROPERTY VS. SEPARATE PROPERTY

When it comes to the process of asset division, the assets will be categorized into two distinct categories: marital property and separate property.

MARITAL PROPERTY

Marital property includes all assets, property, and debts accumulated by the couple during the period of the marriage. These include the marital home, income, motor vehicles, second homes, bank accounts, royalties, business interests, retirement accounts, stocks, 401k accounts, rents, credit card charges, as well as every other property acquired or debts incurred while they were married.

SEPARATE PROPERTY

In contrast, separate property usually includes all assets owned, debts, or liabilities incurred by either spouse before the marriage. Separate property can also include bequests, personal gifts, and third-party inheritances received by each spouse during the marriage.

WHO DETERMINES HOW ASSETS ARE DIVIDED?

When it comes to the process of asset division, determining exactly how the assets will be split often comes down to whether or not the divorce itself is contested or uncontested. 

UNCONTESTED ASSET DIVISION

Uncontested asset division is a process that involves both spouses mutually agreeing upon important terms regarding how the couple's assets and debts will be distributed. Every detail of the agreement will be properly documented in a marital dissolution agreement. All the terms agreed upon will be filed with the Kansas court for official approval. An experienced asset division attorney can help protect your rights and keep the conversation productive as you both negotiate over how everything gets split.

CONTESTED ASSET DIVISION

Contested asset division, as you may have guessed, involves two spouses who are not able to agree on one or more important terms regarding how the assets and debts should be divided. To resolve such issues, the intervention of a Kansas court may be needed. A hearing will be scheduled, during which the judge will issue a final verdict. A knowledgeable divorce lawyer can help argue your case meticulously and advocate for your rights as you attempt to negotiate terms that make sense for you.

FACTORS CONSIDERED IN ASSET DIVISION

Under Kansas law, marital assets must be divided equitably and fairly in a divorce. In order to ensure equitable and fair distribution, the following factors may be considered by the judge:

• The length of the marriage

• The age of each spouse

• The separate property owned by each party

• The present and future earning capacity of each spouse

• The family responsibilities of each spouse

• The time, source, and manner of acquisition of the marital property

• Whether a spouse is receiving alimony payments

• The family ties and obligation of each spouse

• Dissipation of assets

• Tax consequences of the property division

HOW AN EXPERIENCED FAMILY LAW ATTORNEY CAN HELP

Asset division is a crucial aspect of divorce that is often fiercely contested. Categorizing each and every asset, determining their exact value, and dividing marital property with your ex-spouse can often be a complicated and overwhelming process. Therefore, when determining asset division in a divorce, it is important that you consult with an experienced family law attorney who can provide detailed guidance and protect your rights.

The family law attorneys at Roth Davies LLC are dedicated to providing comprehensive legal services and reliable guidance to individuals facing complex divorce issues, including asset and property division. Their attorneys can work diligently with both parties to work through asset division issues and help resolve relationship disputes peacefully and productively. At the end of the day, the attorneys at Roth Davies LLC will fight compassionately to protect your legal rights, advocate for your family's best interests, and help you work toward a possible resolution. Call today to learn more about how they can help you with your case!