In a high asset divorce, it can be challenging to resolve certain complex issues. Property division in Kansas operates under equitable division laws like most other states. The court's discretion will not be able to help devise a fair and agreeable division, however, if one of the spouses involved is hiding assets.
Kansas residents who are fans of the reality TV show, "Married to Medicine" are no doubt aware that one of the show's star couples, Quad and Dr. Greg Lunceford, were having some serious marital problems last season. The latter was suspected of infidelity, which may have been a key factor that prompted the former to file for divorce. Not only has Lunceford contested his wife's petition, he has filed a contempt motion that claims she has violated a standing court order in divorce cases regarding property division.
If a Kansas resident is currently preparing for divorce, he or she may be hoping to find the best way to handle everything without going to court. When spouses are still on good terms and can discuss important issues in amicable fashions, they may be able to achieve a fair settlement through divorce mediation. In fact, this alternative dispute resolution process may be the key to successful property division.
Nobody can predict exactly how many people will get divorced in Kansas this year. However, it's logical to assume that a number of spouses will run into property division problems in divorce. A particular issue that often causes delays in settlement is hidden assets. Hiding assets in divorce is not only unfair -- it is also illegal.
In our last post, we talked about how debt is divided among the splitting spouses in a divorce. This is part of the property division process, even though most people wouldn't consider debt to be an "asset" or a piece of "property." This process is integral to divorce, and it is imperative that the spouses involved in the divorce take it seriously.
When couples decide to divorce, they look at their assets and property to determine how it will be divided. But how does a divorcing couple divide debt incurred while married?