When a Kansas married couple is headed for court in property division proceedings, full disclosure on both sides is a requirement. In a high asset divorce, there may be numerous complex issues that are difficult to resolve. In fact, in many cases, litigation becomes necessary so that the court can make decisions for spouses who are unable to achieve an agreement on their own.
A list of assets typically includes both real and personal property. The latter might be a piece of expensive jewelry or an art collection, home furnishings or a set of china or crystal. Real property, on the other hand, is undeveloped land, a business property, the marital home or a vacation home, or even rental property.
If a couple was into antique shopping together and amassed a large collection of items during the marriage, they are likely marital property. However, if one spouse received an inheritance of a large antique collection that was designated to him or her only, then it would be considered separate property and not subject to division in divorce proceedings. In a high-net worth case, other assets, such as retirement benefits, stocks and bonds, life insurance policies, profit sharing and other financial issues may have a significant impact on a divorce settlement.
A high asset divorce does not necessarily have to mean that spouses will become entangled a legal battle in a Kansas court. An experienced family law attorney can help a concerned spouse protect his or her rights and financial interests. Having an attorney by one’s side also helps keeps courtroom stress to a minimum by helping to diffuse problem situations.