Divorce can be an incredibly difficult time, no matter the unique details each case entails. Tough conversations tend to arise regarding topics such as child support and custody, alimony, and the division of assets and property. If you are considering a divorce or are already in the midst of filing, it is essential that you understand how to safeguard your assets and financial interests. An experienced Wichita, KS, divorce lawyer has the knowledge to support you through this process.
Many individuals facing a divorce find themselves wondering how they will protect their assets. Often, these situations seem incredibly difficult. However, an experienced attorney can guide you through the ins and outs of prenuptial agreements, what to do if your spouse is hiding assets, and how to protect your hard-won property. This path can seem intimidating, but you don’t have to navigate it alone.
Common Types of Assets in a Wichita, KS Divorce
When dealing with a divorce, the first step to take in protecting your assets is understanding how they are each defined and treated under state law. Generally, during a divorce, the assets held by the divorcing couple are sorted into two main categories. These categories include:
- Marital Property: This includes the assets that were obtained by either spouse during the time of the marriage. These assets typically include items such as vehicles, the family home, bank accounts, and retirement accounts. Typically, it doesn’t matter whose name is on the asset itself. If the asset was acquired during the course of the marriage, it is considered to be marital property and is, therefore, subject to division.
- Separate Property: These assets typically include those that were owned by one spouse or another before the marriage took place, as well as assets that were acquired as a gift or inherited by one of the spouses during the marriage. Separate property can also include items that were exchanged for or purchased with separate property. For these reasons, it is essential that you keep detailed records of the origins of your separate property.
Sometimes, the line between these two categories of property can become blurred. For example, if you received an inheritance during your marriage and deposited that money into a joint account, a portion of these assets may be subject to division as marital property. Likewise, if the value of your separate property increases during the marriage due to the financial assistance or efforts of your spouse, they might then be viewed as marital property.
Additionally, all debts accumulated during the marriage, like mortgage loans or credit card debts, will be considered and possibly subject to asset division during a divorce.
Ways to Protect Your Assets in a Divorce
The unfortunate reality is that most divorce cases can be fraught with tension and contention, leaving both parties feeling overwhelmed and mentally exhausted. The divorcing spouses can become impulsive, making decisions and moves based on emotion alone. This can lead to asset hiding or full-on depletion of marital assets to spite the other party. It is important that you are proactive and plan a strategy that can protect your assets. A few ways to do this include:
- Keep Certain Accounts Separate: One way to help ensure your assets are protected is to maintain separate accounts for any assets or inheritances that were acquired before the marriage, as well as inheritances received during the marriage. Mingling these funds can make it difficult, should a divorce arise, to know whose money and assets belong to which party, and this property may then become marital property.
- Prenuptial or Postnuptial Agreements: Perhaps the most common way to protect your assets is through a prenuptial agreement, which can be done even before the marriage takes place. It’s also possible for couples who are already married to create a postnuptial agreement. These legal documents can define what will happen to certain assets should a divorce occur, and they can include clear distinctions regarding what is and isn’t defined as marital property.
- Identify Property Owned by You and Your Spouse: If you find yourself filing for divorce, it is vital that you begin to record a full inventory of all the assets and property owned by yourself and your spouse. This should include all property owned jointly, calculations of your net worth, all debts and liabilities, and the money that is held in your accounts. It can also include things like:
- Vehicles
- Pensions
- Real estate
- Shared investment accounts
- Retirement accounts
- Cryptocurrency
- Any personal property
- The family home or other places of residence
- Bank accounts
FAQs
Q: What Financial Records and Documentation Should I Gather to Support My Property Division Case?
A: In Kansas, you may need to collect several documents and financial records in order to support your property division case. These items might include current income information such as pay stubs, rent/lease agreements, investment properties, interests, dividends, and royalty payments. You will also want to gather copies of your retirement plan and insurance policies, as well as loan statements and statements from investments, checking, and/or savings accounts.
Q: How Much Does a Divorce Lawyer Charge in Wichita, Kansas?
A: In Kansas, it can be difficult to assign an estimate of how much a divorce lawyer will charge, as several unique factors may be involved in divorce cases. Examples of factors that will impact the final cost of your case include the complexity of your case, the cooperation of the divorcing spouses, and the experience of your attorney.
Q: What Steps Should I Take If My Spouse Is Hiding Assets?
A: If you believe your spouse to be hiding assets from you during a divorce, it is paramount that you speak to an attorney as soon as possible. In these situations, it is always smart to act quickly to avoid the loss of whatever assets you can still protect. An attorney can help you find hidden assets and prove your spouse’s intentions.
Q: How Does Kansas Address the Division of Property During a Divorce?
A: Kansas is known as an “equitable distribution” state. This does not mean that all property will be divided equally between the two spouses. It means that the courts will take certain factors into account when determining how the property will be divided. These factors can include the age of the divorcing parties, the duration of the marriage itself, the property that is owned by the spouses, and the present and future earning capacity of both parties.
Contact a Trusted Wichita, KS, Divorce Lawyer Today
Going through a divorce is never an easy task. Between child custody, alimony, and the division of property, there are many factors to navigate. Luckily, there are ways to protect the assets you have worked hard for. At Stange Law Firm, our attorneys can offer their support in helping you protect these assets. Contact our offices today.
