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Factors of high asset divorce that can impact future finances

It is doubtful anyone in Kansas who has ever navigated the process would say ending a marriage is easy. Even in amicable situations, there are typically challenges that arise that require cooperation and compromise to achieve fair and agreeable settlements, especially in cases of high asset divorce. Any number of issues can impact post divorce finances, some more than others.

Kansas is not a community property state; in fact, there are only nine states in the nation that continue to govern property division in divorce under such regulations. This state and most others operate under equitable property division rules, meaning not all martial assets (or debt) is necessarily split 50/50 in divorce. In certain circumstances, this can lead to significant financial strain if one spouse winds up with a higher debt burden or more assets than the other.

Anyone who has grown accustomed to living in a two-income household may find adapting to a post divorce lifestyle extremely challenging where finances are concerned. Also, if the court orders spousal or child support paid and the payor does not fulfill the obligation, it can place undue financial hardship on the other person. It is unlawful to disobey an existing court order, however, so there are definite steps that can be taken in court to rectify such situations.

If a credit company lowers the amount of credit available after accounts are separated in divorce, it may mean a maximum limit will be reached a lot sooner than expected. If spouses signed a prenuptial agreement before they were married, many high asset divorce problems may be avoided. An experienced Kansas family law attorney is fully prepared to protect a client's rights and best interests in either case.

Source: marketwatch.com, "What a divorce can do to your credit", Josh Smith, Dec. 28, 2017

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