One of the most complicated parts of getting divorced is figuring out how to split property. That is especially true when couples have high net worth and possess significant assets. Oftentimes, couples can negotiate agreements to divide their possessions and debts. However, when settlement is not possible, it is important to enlist the help of a skilled family litigator to represent you. You do not need to worry about your possessions and assets alone.

Our capable team of legal professionals will fight aggressively to protect your hard-earned accomplishments. The attorneys at our firm have decades of experience and will engage the expertise of appraisers, tax experts, and business valuators to gain a full understanding of your intermingled finances. If you have an existing prenuptial agreement, our team will work hard to ensure that your possessions are protected. An Erlanger property division lawyer could aggressively support you and guard your assets during your divorce.

What Property Is Subject To Division?

Marital property is property or assets acquired after a couple is legally married, including income earned by either spouse and any property purchased with that income. Under Kentucky law, marital property is subject to division in the event that the couple gets divorced. For example, this kind of property can include:

  • Cars
  • Boats
  • Jewelry
  • Furniture
  • Real estate
  • Art collections
  • Vacation homes
  • Stocks and bonds

Assets brought into the marriage by each spouse, also known as premarital assets, and those received as gifts or inheritance during the marriage are not considered marital property. Nonmarital property can become marital property if it is commingled with marital property. For example, if one spouse inherits money and deposits it into a joint bank account, it may lose its separate status and become joint property.

Prenuptial or postnuptial agreements that outline how property should be divided in the event of a divorce come in handy in the case of divorce. These agreements can play a significant role in making the process less contentious, provided they are valid and enforceable. A dedicated lawyer in Erlanger could fight tenaciously to protect assets in the event of property division during divorce.

How Assets Are Divided in Erlanger

In the Commonwealth of Kentucky, courts utilize an equitable distribution model when splitting a couple’s assets. Under this standard, the judge has the authority to determine what is fair. In other words, things are not necessarily divided equally but fairly. Some factors that a judge considers include:

  • Child custody
  • Length of the marriage
  • Future needs of each spouse
  • Each party’s financial situation
  • The worth of the items allotted to each party
  • What qualifies as marital or nonmarital property
  • Whether one spouse has improperly spent or disposed of marital assets during the marriage
  • Each party’s contribution to property and assets—contributions as homemakers can be considered
  • Other considerations, such as what division of property would be to a child’s benefit

Fault or marital misconduct, like adultery, is not considered by a judge when splitting property. In addition to dividing assets, the court may also divide marital debts. Debts incurred during the marriage are typically considered marital debts and may be equitably distributed between the spouses.

An Erlanger property division attorney could further explain how a judge fairly distributes property based on specific circumstances.

Schedule a Consultation With a Property Division Attorney in Erlanger

Your finances and assets can be at risk even under the most ideal of circumstances. Disagreements can arise at any time during the legal process. A committed Erlanger property division lawyer could support you through the legal process, protect your assets, and handle all disagreements. Call our firm today for an initial consultation.

Busald Funk Zevely PSC

Busald Funk Zevely PSC