When It Comes To Division Of Assets And Debt, How Are Those Factors Set Up In Kansas When It Comes To A Divorcing Couple?
Kansas is a marital property state, and anything accrued during the marriage is considered marital property. Thus, if the parties had a house and its equity increased during the marriage, that would be considered marital property. If they have retirement accounts or other accounts that gained value during the marriage, the amount earned would be considered marital property. Gifts, assets, or items from other sources such as in a will, trust, or outright gifts are usually not marital property. The person that’s going through a divorce has to make sure they pick the right attorney to value these assets. We use a very careful spreadsheet that we develop for each case. The spreadsheet lists the marital and non-marital property as well as all the bank accounts, vehicles, retirement accounts, and any other assets they may have. This includes stocks, bonds, and annuities. Everything is carefully evaluated by how much they’re worth when they started, how much they accrued in equity during the marriage, and how much each spouse is entitled to upon divorce.