Full question:
What if the husband and wife both want to divorce but do not want to split up assets that were acquired during marriage. The assets involved are land with significant oil and gas revenue. Both parties are not interested in dividing up the land because of the estate plan for their children. But they are interested in seeing an equitable solution for existing income division if possible.
- Category: Divorce
- Subcategory: Property Settlements
- Date:
- State: Kansas
Answer:
Kansas is an equitable distribution state, meaning property and debts are divided fairly but not necessarily equally. Courts consider several factors, including:
- Age of the parties
- Duration of the marriage
- Property owned
- Present and future earning capacities
- How property was acquired
- Family ties and obligations
- Maintenance considerations
- Dissipation of assets
- Tax consequences
- Any other factors deemed necessary for fair distribution
In Kansas, postmarital agreements can be upheld, especially if one or both parties have significant assets or wish to maintain separate property. These agreements can clarify asset ownership, support estate planning, and minimize conflicts during divorce.
For a postmarital agreement to be valid, it must meet these criteria:
- Entered voluntarily
- Each party had the chance to consult their own attorney
- Full disclosure of assets and liabilities
If these conditions are met, the burden of proof shifts to the other party if they challenge the agreement. Courts will assess if the agreement was unconscionable at the time of enforcement.
Postmarital agreements may be invalidated if:
- They are unconscionable
- Both parties did not have independent legal counsel
- There was incomplete or false information
- They contain invalid provisions, especially regarding child support
- They were signed under undue pressure
- They are not in writing
Essential requirements for upholding a postmarital agreement include:
- Full disclosure of financial information
- Representation by separate attorneys
- Fairness of the agreement
Parties should have adequate time to review and negotiate the agreement, ideally six to eight weeks, to avoid claims of pressure or duress.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.