23-2802. Division of property.

438 words·~2 min read·/ks/chapter-23/23-2802

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)A decree under K.S.A. 23-2711 , and amendments thereto, shall divide the real and personal property of the parties, including any retirement and pension plans, whether owned by either spouse prior to marriage, acquired by either spouse in the spouse's own right after marriage or acquired by the spouses' joint efforts, by:

(1)A division of the property in kind;

(2)awarding the property or part of the property to one of the spouses and requiring the other to pay a just and proper sum; or

(3)ordering a sale of the property, under conditions prescribed by the court, and dividing the proceeds of the sale.

(b)Upon request, the trial court shall set a valuation date to be used for all assets at trial, which may be the date of separation, filing or trial as the facts and circumstances of the case may dictate. The trial court may consider evidence regarding changes in value of various assets before and after the valuation date in making the division of property. In dividing defined-contribution types of retirement and pension plans, the court shall allocate profits and losses on the nonparticipant's portion until date of distribution to that nonparticipant.

(c)In making the division of property the court shall consider:

(1)The age of the parties;

(2)the duration of the marriage;

(3)the property owned by the parties;

(4)their present and future earning capacities;

(5)the time, source and manner of acquisition of property;

(6)family ties and obligations;

(7)the allowance of maintenance or lack thereof;

(8)dissipation of assets;

(9)the tax consequences of the property division upon the respective economic circumstances of the parties; and

(10)such other factors as the court considers necessary to make a just and reasonable division of property.

(d)The decree shall provide for any changes in beneficiary designation on:

(1)Any insurance or annuity policy that is owned by the parties, or in the case of group life insurance policies, under which either of the parties is a covered person;

(2)any trust instrument under which one party is the grantor or holds a power of appointment over part or all of the trust assets, that may be exercised in favor of either party; or

(3)any transfer on death or payable on death account under which one or both of the parties are owners or beneficiaries.

Nothing in this section shall relieve the parties of the obligation to effectuate any change in beneficiary designation by the filing of such change with the insurer or issuer in accordance with the terms of such policy.