MULTIMILLION DOLLAR DIVORCES
High asset divorces are not ordinary divorces neither are the attorneys who handle them, especially when it comes to a division of the assets and property held by the divorcing parties. RS Law is the go to law firm in KC metro for divorces that involve business and/or professional licenses.
Part of divorce is the equitable division of the assets and property between the spouses. However, this split doesn’t affect all property. Rather it generally affects the marital property. Marital property is property which is acquired during the marriage.
Non-marital property is property which is generally acquired prior to the marriage. It could be thought of as separate property belonging only to one spouse. The other spouse would have no rights to it.
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However if a car or a home was purchased one week prior to the marriage of two parties, and the majority of the payment came after the marriage, this property would be susceptible to that equitable division in Kansas. Kansas calls this the “source of funds” rule.
Gifts that were given during a marriage also constitute non-marital property. Substantial evidence that a property was given as a gift is necessary in order to claim that it isn’t marital property. This even applies to gifts given between the spouses. In order to prove that a property is a gift, a party must show: (1) a donative intent on the part of the gift giver, (2) delivery to the person accepting the gift by the gift giver, and (3) acceptance by the person getting the gift.
In the State of Kansas, something which was inherited, even during a marriage, also constitutes non-marital property.
Property that was acquired after spouses legally separate, not divorce, is also considered non-marital property.
Finally, property can be designated as non-marital if spouses agree on a pre-nuptial agreement prior to the marriage, which would lay out explicitly what is and isn’t separate or non-marital property.
RS Law will work closely with you to take the confusion out of property and asset division.
This is where the skills of a high stake divorce lawyer really make a difference.
There is a commonly held belief that in a divorce, property is split between the spouses evenly. However, in Kansas this isn’t always the case. That’s because Kansas is an “equitable distribution” state. That is, Judges will split the property in a way which they believe is fair. It is possible in Kansas for a Judge to believe that a 65%/35% split of marital property between the spouses is equitable or fair. There have also been cases where a Judge believed 100% /0% was fair.
There are factors courts consider in deciding what would be equitable. Courts will look at the spouses’ economic circumstances at the time of the divorce. That is, how the spouses are doing financially and how they will likely be doing in the future based on their ability to earn. Courts will also look at contributions by each spouse to the acquisition of the marital property. Another factor is the value of either spouse’s non-marital property. If the husband has a Bugatti and the wife has a 1991 Honda Civic, this could certainly affect the distribution of the property in favor of the wife.
Courts look at the behavior of the spouses’ during the marriage. If the wife has a history of squandering marital assets by gambling, this could have an effect. Finally, courts will also look at the custody arrangements for children born by the spouses, if there are any.
Marital debts are also apportioned between the two parties.
If the spouses want to avoid having a judge determine the split of their marital property, they can reach a property agreement with their spouse. RS Law works closely with our clients to reach these agreements in a reasonable and fair manner. RS Law understands the laws that affect the distribution of property and work diligently to tip the scales of fairness toward our clients while making sure that our clients fully understand their rights to marital property. Not having RS Law represent you in a high stakes divorce could be the most expensive mistake you can make. Our experience and skill in a court room can make a huge difference on how much of your marital assets you retain in a divorce.