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 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.
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.