In many romantic movies, marriage is portrayed as a union of soul mates who live happy ever after in perfect harmony. In the real world, however, statistics indicate that the average marriage lasts only about 12 years. During a marriage, the property and assets that couples in Kansas accumulate together are part of the marital estate. In the event of a divorce, this marital estate obviously has to be divided. Property division will vary depending on the length of the marriage, the state and type of property.
When couples divorce, the most significant items are usually things such as the home and retirement accounts. In a lengthy marriage, it is not uncommon for couples to accumulate smaller assets that together can have significant value. These can be things like stocks, bonds, vacation payouts, vehicles and even frequent flyer miles. It can be helpful to keep a list of these assets, including whether they existed prior to the marriage.
The home is the largest asset in most marriages, which means it is usually the largest point of contention. Selling the house is an option, but selling could also be problematic for a few reasons. Selling a house means large transaction costs in a divorce process that is already expensive. Also, selling during a market downturn could cause significant financial losses. Another option is for one spouse to keep the home while also keeping the original mortgage.
Without question, dividing property amid a divorce can be complex. However, gaining an understanding of the financial effects of divorce before negotiations begin can make this difficult and emotionally-charged situation a little easier to navigate. In situations where property division difficulties exist, obtaining legal support is vital. Kansas residents can ensure their personal rights are protected by retaining the services of a seasoned family law attorney.