Property division is often one of the most contested matters in divorce. Even if the separation is amicable, ensuring competent and vigilant legal representation managing your assets is crucial to protecting your property and guiding fair proceedings.
A Lincoln County property division lawyer understands what is at stake and what steps must be taken to protect your rights and interests throughout your case. A tenacious family attorney at Addair Law could work diligently to facilitate an agreement that safeguards your financial interests.
Property Subject to Division in a Divorce Case
Regarding the distribution of marital property during divorce, states typically fall into one of two categories: equitable distribution or community property states. Kansas follows equitable distribution, meaning that while a marital property divide may not be equal, it should be done fairly.
Marital property refers to assets and debt acquired during a marital union. Property acquired by either spouse before the couple married is typically considered separate property and is not covered by equitable distribution. An individual with assets before the marriage would retain the prior, separate property to themself.
Separate property can also include assets like gifts or inheritance money. However, separate property may become marital property during a marriage. Given that the state’s equitable distribution laws cover assets and debts that the divorcing couple accumulated while married, these procedures can encompass a wide range of property concerns. Property subject to division may include:
- Bank accounts
- Investment accounts
- Retirement accounts
Debt subject to division may include secured liabilities like mortgages and unsecured liabilities like credit card debt. Distinguishing marital assets and debt and achieving a fair property division can be convoluted and contentious, so hiring a qualified Lincoln County asset division attorney with a broad range of experience in these proceedings is vital.
Factors Impacting Property Division
Aside from determining which assets and debts are marital or separate, various factors affect property division during divorce, including:
- The age of each spouse
- The length of the marital union
- The financial situation of each spouse
- The potential earning power of each spouse moving forward
- The custodial arrangement is involved if the divorcing parties share minor children
- Any action by either party during the marriage that changed the value of the assets or debts at stake
A knowledgeable lawyer could help someone navigate the property division process in Lincoln County while ensuring that all relevant factors are raised in these proceedings, whether at the negotiation table or in court.
Seek Assistance From a Lincoln County Property Division Attorney
The property division process differs for every case. Whether your case is settled during the negotiation phase or requires extensive advocacy in a courtroom environment, a skilled Lincoln County property division lawyer could provide the guidance you need.
A seasoned legal professional could also alleviate the burden that often accompanies these legal matters by handling everything—from investigating the full scope of assets involved, working with appraisers and valuation professionals, and finalizing the details of the divorce decree. Call now to speak with an Addair Law attorney about your case.