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Colgan Law Firm LLC
Serving Wyandotte, Leavenworth, Johnson Counties in Kansas and Beyond

Why divorce can be serious business

When couples in Kansas divorce, negotiating financial issues are typically a top priority. If the couple has a high-net-worth, there could be a lot at stake in the final agreement.

While most people may marry for love, the truth is that marriage involves a contract between two people. When one or both parties decide to end that contract, negotiations over wealth accumulated within the marriage, and in some cases after the end of the union, must begin. Just as former business partners need to protect themselves after ending their partnerships, the same holds true for spouses.

Experts in the management of high-asset divorce recommended that each spouse has a clear goal so that they can appropriately instruct their attorneys. However, each party should keep perspective during what may become an emotionally grueling and adversarial process. It's often suggested that a spouse be willing to compromise when necessary, even if his or her relationship with the future ex deteriorates during legal and financial wrangling.

Spouses are also well advised to assemble a team of professionals, including forensic accountants and financial advisors who can examine the fiscal health of each partner and make recommendations regarding the division of assets and debts. In addition, spouses will have to consider if ongoing support will be necessary. When kids are involved, parenting plans and child support may also need to be negotiated.

Regardless of their finances, individuals who are faced with divorce may benefit from speaking with an experienced family law attorney. The lawyer could review the client's circumstances and offer advice regarding the divorce process, child custody issues and division of assets.

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