Nonmarital Property Versus Marital Property In Kentucky
The first step to protecting assets in a divorce involves determining what property is subject to asset division proceedings.
Kentucky is not a community property state. This means that individuals are able to retain ownership over their own separate property as they go through divorce proceedings. Separate property includes that which was acquired outside of the marriage, through gift or inheritance, or through the sale or exchange of separate property. Furthermore, any property defined as separate in premarital or post-marital agreements is not subject to division.
Property division in a Kentucky divorce only includes marital property, and divorcing couples must determine how equitable division of marital property will take place. Marital property can include any property acquired during the marriage (that is not defined as separate property), jointly held property (i.e., real estate), and value increases in separate property that were substantially influenced by marital contributions (i.e., the value of a business).
Equitable Division Versus Equal Division
In Kentucky, property does not need to be divided precisely down the middle and split between the divorcing parties. Kentucky courts recognize that each family may have unique value placed on specific assets, or may benefit from a more flexible agreement.
For example, one party may take on the burden of providing insurance benefits for children, while the other party accepts the burden of educational savings accounts. Furthermore, couples may not want to sell large assets like the family home, but instead may want one party to accept full responsibility for those assets. These circumstances are unique to every family and must be handled with personal attention and a thoughtful approach to legal proceedings.
An Experienced Lawyer To Protect Your Property
At Omega Law PLLC, we can work through these issues with you, protect your rights, pursue your goals and ultimately help you arrive at a favorable outcome so you get what is fair and just when all is said and done.
Contact our office in Florence to schedule an initial consultation. We work with clients throughout Northern Kentucky and southern Indiana. Reach us online or by telephone at 859-905-0814 (toll-free at 866-586-7577).