How To Divide Up Assets And Debts In A Johnson County Divorce?
Domestic Relations Affidavits and Child Support Worksheets: Before the trial begins, a few documents must be exchanged between the parties displaying to each spouse how the other formulated his or her proposed property division and/or support obligations. According to Kansas Supreme Court Rule 139, each spouse shall prepare a Domestic Relations Affidavit (“DRA”) and give the documents to the opposing party prior to the trial. If child support is a concern, Rule 139 also states that a Child Support Worksheet (CSW) must be prepared and exchanged.
Domestic Relations Affidavit: Both parties must prepare a domestic relations affidavit, which will include information about income, assets, and debts. This document is a sworn statement and must be properly notarized before it is exchanged with the other spouse. The document will include all fundamental information about each spouse (name, address, etc.) as well as information about the children. The spouses should additionally disclose whether they have had any earlier marriages and whether they have received or paid any support obligations resulting from the previous marriages. The affidavit then goes on to discuss debts and assets.
Income: Subsequent to giving the above data in their DRA, the spouses need to reveal their particular salary. A court endorsed DRA will outline how salary data is to be accounted for. This incorporates detailing gross income, federal and state withholdings, and exemptions. Independently employed parties should state exact data about the income and deductions of their business. Every spouse customarily will just give their own separate salary data; nevertheless, if conceivable, a spouse can likewise express the other party’s income data also. Such data may not be completely known, but it is vital that the numbers given be as close to the actual figures as possible. Furthermore, any support received from others by either party should be represented in the sworn statement.
Assets: Next, the affidavit requires that the spouses reveal their known assets. Spouses must disclose sums in every account (bank accounts, savings accounts, retirement accounts, etc.) as well as cash on hand. The amounts and ownership of those accounts are also revealed in the affidavit. This causes disagreement in some cases between spouses. Spouses sometimes have quarrels about who owns which account, but luckily the court does not put a high level of significance on the name on the account. What is more important is the time span in which the cash in the account was earned.
Properties owned by the spouses are also assets that must be disclosed. Whether it is real estate or automobiles, it all must be disclosed along with the value and ownership of the properties. It does not matter if one spouse owns it or if both spouses own in together, it must be included in the affidavit. Lastly, each party will have to disclose information about separate personal property that may have been acquired before marriage, after separation, as a gift, or through inheritance. Although this type of property typically is not going to be divided, it can be used by the court in deciding to order alimony and how to divide the marital property.
Debts: Next, debts attributed to the spouses are to be included. The spouses must provide accurate information about the creditor, the balance of the debt, and when the debt was incurred. Whether the debt belongs to one spouse or both spouses jointly, the information is required on the DRA. Even if the debt was accrued before the marriage, that information must be disclosed. Debts accrued before the marriage will typically be attributed to the spouse who originally held the debt, but the court uses the information when deciding property division and support obligations. Mortgages and automobile loans must also be reported.
Additionally, everyday costs should likewise be illustrated in the DRA. These everyday costs cover a wide range of expenses. These expenses should include rent, food, childcare, and medical costs. Insurance, utilities, and property tax are all included in the DRA as well. It also covers costs that one might not expect such as phone bills, cable, cosmetic expenses, automobile maintenance, and monthly subscriptions.
Child Support Worksheet: If child support is a concern, the parties must complete a CSW. This worksheet will lay out basic information about the number of children and their age, as well as what each side thinks the child support should be.
The worksheet comes up with an amount by using information about incomes and other relevant expenses. The fundamental data that is used in the formula involves the gross income of each spouse, any other child support obligations, and relevant monthly expenses attributed to the children. Insurance expenses and child care costs are also considered relevant expenses.
Unique factors can also be reported in the CSW, and may have an effect on the child support owed or received. These factors may include costs that are attributed to long distance parenting time with the children. For instance, if one spouse lives a great distance from the children he or she may accrue costs in order to see his or her children. The financial status of each party along with income tax considerations will also be considered when determining child support.