On behalf of Stange Law Firm, PC posted in property division on Thursday, September 19, 2019.
Marital property and what it includes is important to be familiar with because it determines what property is divided during divorce. Marital property is subject to division during the divorce process, while separate property, which it differs from, is not subject to the property division process during divorce.
Different states follow different property division rules during divorce. States are divided into either community property or equitable property division states depending on how property is divided when couples divorce. Kansas is an equitable property division state which means that it follows equitable division principles when property is divided between divorcing couples. In general, equitable division refers to fairly divided property while community property division refers to property being divided in half between the divorcing couple.
Marital property and what it is plays such an important role in this process because, as a general rule, only marital property is divided when a couple divorces. Marital property typically refers to assets and property acquired during the marriage. Separate property, commonly not subject to division with some exceptions, includes property one of the spouses entered the marriage with, inheritances, gifts and personal injury awards. Debts are also fairly divided but there are some exceptions of which divorcing couples should be aware.
A third category of property, commingled property, can also impact the divorcing couple’s property division process so it is helpful to be familiar with how property can be commingled. Property division, though it can have certain complexities, is generally straightforward to understand and is something divorcing couples should understand so they can anticipate how to best resolve their property division agreement according to the process followed in their state.