On behalf of Stange Law Firm, PC posted in property division on Thursday, October 3, 2019.
Property division may not always be as straightforward as divorcing couples would like which is why they should be familiar with how the property division process works and can help them address concerns including investments and retirement accounts and the division of a family home. Since the 1990s, divorce rates for those over 50 years old have over doubled which is why concerns like how a marital home will be divided during divorce are understandably important concerns.
In general, equitable property division rules are followed in Kansas and Missouri which calls for a fair division of property when couples divorce. Marital property is generally the category of property that is divided which can include the equity in a family home. One option is for the family home to be sold and the proceeds divided between the divorcing couple according to equitable property division rules. Another option is for one spouse to remain in the marital home and to buy out the other spouse.
Concerning retirement accounts, such as an IRA or 401(k), a qualified domestic relations order can be filed to help the account or accounts be divided during the divorce process. Pensions can also be divided so it is helpful for divorcing spouses to know how they are handled as well. Social Security is another aspect of property division divorcing couples may want to address and should know how it will be divided.
Divorcing couples will likely need help with complex assets and high value assets during their divorce. They may also need help dividing retirement accounts and the family home which can be both stressful and challenging for divorcing couples. As a result, they should be familiar with how the family law process can help them address some of their most important property division concerns.
