A new year is just around the corner. Many people are busy writing lists and setting goals that they hope to achieve before 2020 will come to an end. Some married couples in Kansas have decided to go their separate ways after the start of the new year. Navigating a high asset divorce can be stressful and challenging, which is why it pays to be as prepared as possible when heading to court.
It is critical that a spouse knows exactly what his or her assets and liabilities are. Making a list of one’s debts, as well as business interests, collected valuables such as jewelry or art, and real estate, life insurance policies, etc., is a good place to start to prepare for full disclosure. It is also a good idea to gather any documents that may be pertinent to proceedings, such as tax information, bank statements or mortgage and equity loan paperwork.
It will be helpful to estimate future expenses and plan a budget. Various issues, such as whether the marital home will be sold or kept by one spouse, whether a particular spouse is already employed or will be starting from ground zero in the workforce, and whether there are children involved can all have a significant impact on the ultimate outcome of high asset divorce proceedings. To protect one’s financial interests and ensure that children’s well-beings are kept in mind during litigation, it helps to retain an experienced family law attorney.
Like every state, Kansas has its own child support and alimony guidelines. It is an equitable property state, meaning the court determines a fair, although not necessarily equal, division of marital property and liabilities in divorce. Seeking clarification of state laws ahead of time and doing as much as possible to prepare for litigation are key factors toward achieving a fair and satisfactory settlement in a high asset divorce.