Calling it quits on a long-term marriage often means many challenges lie ahead. Dividing property during a divorce may likely be tedious and complicated, especially if there are valuable assets involved. However, the process can be made easier if spouses in Kansas agree to reach a settlement on their own without having to go to court where precious time and money will be spent. Here are a few more tips on how to make property division go smoothly in a high-asset divorce.
This process usually begins with taking inventory of all property and assets the couple has acquired during the marriage. Anything a spouse owned or inherited before the marriage will not count as marital property. A word of warning: be honest and never try to hide assets or property. This will only prolong and complicate the property division process. Plus, divorce attorneys are very good at finding and identifying assets that are hidden and out of sight.
It is also recommended that each spouse learns how the legal system categorizes assets. This may be particularly helpful should the couple require the court to reach a settlement. Property acquired during the marriage is categorized as either separate property or marital property. Separate property is individually owned property that was acquired before marriage or gifts that were received during marriage. Marital property is property that was obtained or acquired during the marriage, such as physical property, retirement earnings or money in joint accounts.
It may be a challenge given the circumstances, but cooperation is vital when dividing assets and property in a divorce. There may be some difficult situations, but a high-asset divorce does not necessarily mean couples need to fight it out in court. Kansas residents who have questions or are anticipating a high-asset divorce could benefit by seeking the services of a legal representative. An experienced and knowledgeable attorney can provide clarity and ensure that personal rights are protected throughout this experience.