Divorce is a life-changing experience in many ways. While your impending divorce has the potential to alter your personal life, it will also pose various financial issues. If you are preparing to divorce in Wichita, KS, it’s vital to research the financial aspects of the divorce process and what you can expect as your divorce case unfolds. Paying close attention to your finances can make a tremendously positive impact on your future.
A Wichita, KS divorce attorney is the best resource to consult for specific advice regarding your financial concerns about your divorce. Whether you are worried about property division, paying spousal support, or ensuring appropriate child support for your children, an experienced lawyer can help. Before you begin divorce proceedings, your attorney can walk you through the various financial matters your case will involve.
Property Division in Kansas Divorces
Kansas upholds an equitable distribution law when it comes to property division in divorce. This means that when a judge determines property division in a divorce case, they will strive for the fairest possible division of property rather than a 50/50 split. The judge will accomplish this by assessing various financial factors for both spouses. If you are concerned about what share of the marital property you will receive during your divorce, it’s important to evaluate the factors the judge will take into consideration as you and your spouse litigate your divorce. It’s also wise to consider the possibility of exploring alternative dispute resolution.
When you settle property division in court, the judge overseeing your case will evaluate you and your spouse’s respective incomes, job prospects, separate property ownership, child custody rights, and numerous other factors. They will also review the marital property subject to division in your divorce. Once they complete their evaluation, they will split your marital property in a manner they deem most equitable according to the facts of the case.
If you and your spouse agree to alternative dispute resolution, it’s possible to reach a more personalized property division determination. Kansas’ equitable distribution law is flexible, unlike the community property laws upheld in some US states. With equitable distribution and alternative dispute resolution, divorcing spouses can effectively negotiate their own property division terms. For example, while a judge may require divorcing spouses to liquidate certain assets and divide the proceeds equally, mediation can provide an opportunity for the spouses to essentially “trade” property and assets in a mutually agreeable manner.
Spousal Support in Kansas Divorces
Most states that uphold equitable distribution laws tend to avoid long-term spousal maintenance agreements as much as possible. The purpose of spousal maintenance is to provide a lower-earning spouse with the financial support they need to maintain the standard of living they had while married. The amount paid in spousal support hinges on the difference in income between the spouses. Similarly, the length of time payments must continue depends on the length of time the marriage lasted.
If you litigate your divorce, it’s possible that the judge may lean toward awarding a lower-earning spouse a greater share of marital property to offset the need for spousal maintenance. It’s also possible to negotiate a private property division settlement through mediation that would effectively negate the lower-earning spouse’s need for spousal support. Your Wichita, KS family lawyer can help you determine the factors that are most likely to affect your spousal support determination.
Child Support
Divorcing parents must settle not only financial issues between themselves but also ensure financial support for their children. Child support is money paid by one parent to the other each month to cover part of the cost of a child’s basic living expenses. Child support hinges upon child custody. When one parent assumes greater parental responsibilities and retains more custody rights than the other, the custodial parent is likely to receive child support from the noncustodial parent. While income does affect child support determinations, it is possible for a higher-earning parent to receive child support from a lower-earning parent if the higher-earning parent has a significantly greater share of parental responsibilities and physical custody time.
It’s important to remember that child support determinations are flexible. Thus, it is possible for paying parents and recipients of child support payments to request reasonable changes to their support agreements considering unpredictable life events. For example, if you are required to pay child support but suffer a catastrophic injury that leaves you permanently disabled and unable to work, you could petition the Wichita family court for a modification to your child support order that reflects this change in your circumstances.
Important Notes About Divorce-Related Financial Matters
No matter how you intend to handle your divorce proceedings in Wichita, one of the most important things to keep in mind is the importance of being truthful and transparent with all the information you provide to the court. Divorcing spouses sometimes attempt to hide assets or misrepresent their financial situation to manipulate the outcome of their divorce case. However, this has severe consequences. If you lie in your financial disclosure or otherwise interfere with fair property division, spousal maintenance, or child support determinations, you can expect to face significant penalties, including contempt of court or even criminal prosecution.
It is also vital to avoid the mistake of rushing to get the divorce finished as quickly as possible. While you may be anxious to put this difficult situation behind you and move on to the next phase of your life, the financial ramifications of divorce can have long-lasting effects. Devoting the necessary time and attention to these matters as your divorce unfolds can help you ensure a more fulfilling financial future after your divorce is complete. This will also reduce the likelihood that you will need to return to family court in the future for modifications to your divorce order.
The best way to prepare for the difficult financial aspects of the divorce process is by hiring an experienced Wichita, KS divorce attorney to represent you. The right attorney can assist you in handling the various financial issues your divorce is likely to raise. They can also provide ongoing guidance so you can make more informed decisions about the direction of your divorce. Contact an experienced Wichita, KS divorce lawyer as soon as possible to secure the legal guidance and support you need for this difficult process.
