When it comes to divorce in Junction City, the division of property is often a major area of dispute. While state law requires a fair division of assets, not every outcome of a divorce trial is equitable. A skilled attorney could help you ensure you are treated fairly during property disputes. In order to offer yourself the best chance of a fair outcome, reach out to a Junction City property division lawyer to go over your options.
It is not the job of the courts to divide every asset owned by two married people during a divorce case. Instead, the courts are only tasked with dividing what is known as marital property. In general, marital property includes the assets and debts that are accumulated by a couple during the course of their marriage. Separate property largely consists of the things each spouse owned prior to marriage, but there are some exceptions that apply.
There are cases where property obtained during the course of the marriage is treated as separate property. For example, the courts will consider family inheritance to be separate property even when it is obtained during a marriage. Separate property, which is defined under Kansas Statute §23-2601, is not divided by a judge during divorce proceedings.
It is also worth noting that premarital agreements can impact what property is considered marital or separate. A Junction City attorney could help a party understand the nature of their assets during property division.
Before a judge can divide marital assets, they must first identify their value. Without valuating each asset, there is no way to accurately and fairly divide marital property. The value of certain assets like stocks is relatively easy to place a monetary value on. That is not always the case, however. Some assets can be trickier to assess or have a subjective value.
In many cases, it is necessary to rely on the guidance of a financial expert, such as an appraiser, to determine the value of an asset. This is the case for a wide range of properties, including rare art or real estate. A Junction City property division attorney could work with the necessary experts to determine the value of marital assets.
Once the court has identified the value of the marital assets, it is time for the judge to divide them among the spouses. State law requires equitable division, which means the judge must split these assets in a way that is fair. That does not always mean an even split, as there are situations where the equitable outcome involves one spouse getting more than the other.
The court will take a variety of factors into consideration when dividing assets, including the spouses’ age, how long they were married, and their future earning capacity. To ensure that they are treated fairly during the property division process, parties should always work with an attorney who could advocate for their rights.
If you are going through a divorce, it is understandable to worry about how the division of marital property might play out in your case. Having a seasoned legal professional in your corner during divorce proceedings can be instrumental in getting you the outcome you deserve. Do not wait to seek counsel in your divorce; call our office today. A Junction City property division lawyer is ready to guide you through the asset distribution process.