Florence Property Division Lawyer

When a married couple goes through a divorce, dividing assets is one of the most hotly contested issues. These disputes can become even more complicated if the couple’s financial situation changes drastically during the marriage. An experienced family attorney could help navigate these complexities, protecting your rights and ensuring a fair resolution.

If the dispute makes it to court, a judge will consider a wide range of factors when determining how to divide a married couple’s assets upon divorce. You should consult with a Florence property division lawyer when preparing for divorce proceedings within the Commonwealth.

Commonwealth Imposes Equitable Distribution

The Commonwealth follows the policy of equitable distribution when it comes to dividing marital property. It is important to note that equitable distribution does not necessarily mean that a court will divide a married couple’s assets 50-50.

According to Kentucky Revised Statutes Annotated § 403.190, the court will consider a wide range of factors when making determinations on how to divide a couple’s assets upon divorce. These factors include:

• How long the marriage lasted
• Each spouse’s contribution to acquiring the marital property
• The value of the marital property with respect to each spouse
• The economic position of each spouse following the property division

The rules require that the court also factor in a spouse’s contribution as a homemaker when considering each spouse’s contribution to acquiring marital property. Further, the court must determine whether awarding the right to live in the family home to the spouse with child custody serves the family’s best interests.

However, courts will not consider accusations of marital misconduct when making determinations on how to divide a married couple’s assets. A Florence property division attorney can explain the factors a court will consider during equitable property distribution.

What Is Considered Marital Property

The court does not classify all assets owned by a married person as marital property under Ky. Rev. Stat. Ann. § 403.190. Generally, a court will only view assets acquired by the couple during the marriage as marital property.

This means that property acquired prior to marriage is not subject to division upon divorce. A Florence lawyer can provide advice about which assets are excluded from marital property during division, such as:

• Property acquired after a legal decree of separation
• Property acquired by exchanging non-marital property
• The increased value of property acquired before marriage
• Property excluded by a legal agreement between the couple, such as a prenuptial agreement
• Property acquired by gift, bequest, devise, or inherited during the marriage (and income derived from such property)

Despite these exceptions, the rule states that a court may consider a spouse’s contributions to the increased value of certain non-marital property. Even if spouses are moving towards divorce, the court classifies property acquired before a legal separation decree as marital property.

When a Couple Has a Community Property Trust

Although the Commonwealth does not adhere to community property distribution, the Kentucky Community Property Trust Act allows spouses to designate that the court distributes their marital property in this manner.

Ky. Rev. Stat. Ann. § 386.622 allows spouses to designate that marital property transferred to a community property trust is distributed 50-50 upon divorce or death. Spouses should consult with a Florence asset division lawyer to make sure their community property trust complies with applicable laws, which require that:

• The trust has at least one trustee
• Both spouses transfer property to the trust
• The agreement creating the trust is signed by each spouse
• The agreement creating the trust explicitly states that it is a community property trust
• The document creating the trust must contain certain language regarding the consequences of signing the document

Aside from the distribution of property, the trust agreement may also address issues such as how to manage assets in the trust or which law governs the trust.

Connect With a Florence Attorney Today About Marital Property Distribution

You should speak with a Florence property division lawyer as soon as possible if you have questions about how the court divides your assets during divorce. Our legal team has decades of experience handling these matters.

Our team is ready to aggressively fight on your behalf to achieve the best result for your divorce proceeding. Call us today for a free consultation.