In Kansas divorce cases, marital property is divided equally in most instances. However, certain factors may apply to how the court chooses to divide these items. Among these factors are the efforts of each party to acquire the property in question. A Law Firm Junction City KS could help to identify all applicable factors.
Dividing Marital Property
The court reserves the right to split marital property in half. This allows each party access to fifty percent of these assets. This could result in an award of a specific property to each party. It could also result in one party acquiring the property in exchange for providing their spouse a settlement. In some cases, the court may order the sale of the property. Any properties or assets that are sold allow the parties to receive fifty percent of the profits. To fight marital property division determinations, contact a Law Firm Junction City KS now.
How This Works
The court reviews the age of the parties and the length of the marriage first. This helps to determine what party has put forth the most effort to secure the property. It also determines if they have the capacity to complete a mortgage loan program in the future.
The court determines what parent is the legal owner of each asset. All properties inherited from a family goes to the identified heir. Any property that is financed by a family member remains in the same family.
The court also looks at the tax implications of a title transfer. They review the earning capacity of each party. They determine how the property was acquired. These factors are relevant to property division. To re-evaluate the renderings of the court, contact a Oleen Law Firm now.
When dividing marital property, the court could assign alimony to compensate for asset loss. The point of division is to ensure that both parties receive their fair share. When either party lacks the earning capacity to maintain the same lifestyle achieved previously, alimony is used to lessen the blow. Parties who wish to seek an amicable division of their assets should contact the Oleen Law Firm in Junction City KS or browse the website now.
