When a marriage ends, there are usually many challenging decisions to make. Common areas of contention in most Kansas divorces concerning dividing marital property and assets. Ideally, spouses can work together to make decisions on how property, debts and assets are divided. However, when there are disputes or complexities involved, it’s not uncommon for the couple to go to court and ask a judge to divide the marital estate. Here are some factors that are used in property division amid a divorce.
Types of property
Property and assets among spouses basically fall into two categories: separate property and marital property. Separate property belongs only to one spouse. These are things that the spouse owned before he or she was married, like investments or a home. Marital property is essentially everything that both spouses acquire or earn during the marriage. Marital property may be things like wages earned from a job or a family home bought during the marriage.
Laws in the couple’s state of residence will determine how property is divided. Kansas is known as an equitable distribution state. When spouses in Kansas divorce, equitable distribution means that property and assets are divided fairly but not necessarily equally. In some cases, it may be required that one spouse pays a greater share to make the settlement fair to both spouses.
The division of property and assets is often one of the most difficult parts of a divorce. The process can get complicated and sometimes creates conflict among spouses who are seeking to end their marriage. Those in Kansas who may be heading into a divorce could obtain much-needed guidance by consulting a legal representative. An experienced attorney can ensure that personal rights and financial interests will be fully protected throughout the divorce process.