Asset Division Attorneys in Manhattan, Kansas
No matter the circumstances, filing for a divorce is an emotional and complicated process. The very nature of divorces means that not only will a relationship end, but the division of everything that the couple accrued together will need to take place. Not surprisingly, dividing assets, real estate property, valuable possessions, and debts and liabilities are one of the most challenging tasks to tackle in a divorce.
If you are considering filing for divorce or have just been served divorce papers and want to understand the asset division process in Kansas, consult with our experienced Kansas, divorce attorneys for detailed guidance. At the Oleen Law Firm, our team has the resources and experience needed to protect your best interests and help you make informed decisions. Proudly serving clients in Manhattan and Junction City, we will fight compassionately to protect what belongs to you and help navigate your divorce as seamlessly as possible.
Marital Property and Separate Property
When understanding asset division, assets will fall into two distinct categories: marital property and separate property.
Marital property includes all assets, property, and debts accumulated by the couple throughout their marriage such as:
Marital home and second homes
Investments such as stocks
Credit card charges
In contrast, separate property is any property owned by either party before the marriage and some property (usually a gift or inheritance) that was acquired during the marriage. Typically, separate property is awarded to the party it originally belonged to. In some instances, separate property can become marital property, especially with the involvement of marital property. In these instances, the property will be marital property at the time of division. Some examples include:
Separate bank accounts
Inheritances acquired during the marriage, if held separately
Gifts to either spouse
Personal injury proceeds
Any property acquired after the dissolution of a marriage
How Assets are Divided?
In Kansas, the division of property during a divorce is administered under the equitable distribution concept. This means that the division of marital property is between spouses concerning their financial situation. In contrast to community property states, where the division of marital property is even, equitable distribution seeks to achieve a balanced settlement proportional to each person's needs and abilities.
Generally, if the parties cannot agree on asset division, like child custody, it is a contested divorce. In addition, contested divorces require court intervention.
The courts usually accept a fair and reasonable property division the parties agree to; however, if the parties cannot agree, the property is divided by the District Court within the Judgment of Divorce.
There are instances where both parties privately agree to the terms of the divorce. This is commonly known as an uncontested divorce. Uncontested divorces do not require attorneys or court intervention.
Factors Considered in Asset Division
When dividing marital property, Kansas courts will consider the following factors:
The age of both parties
The duration of the marriage
Each spouse's present and future earning capacity
The property owned by each spouse
The sources and manner in which property was acquired
The dissipation (squandering) of assets
Family ties and obligations
Tax consequences on each party
Any other factors the court deems relevant
The divorce decree will divide the real and personal property and debts of both spouses. If the spouses do not reach an agreement on their own, the district court will divide the property and debts in a fair, just, and equitable manner, regardless of the source or manner of the property.
Asset Division Attorneys Serving Manhattan, KS
If you are considering a divorce and want to protect your assets, do not wait to seek legal counsel. Our experienced, compassionate asset division attorneys at Oleen Law Firm can review your options with you to know how to proceed and what to expect. We are proud to serve clients in Manhattan, and Junction City, Kansas, and have developed a reputation for quality and compassionate representation in these matters.