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Nearly half of all marriages end in divorce in the United States. That percentage is considerably higher in the Commonwealth of Kentucky as we rank fifth in the nation in divorces. Consequently, Kentucky legislation provides intricate details on litigating the different aspects of a divorce.
One of the main facets of divorce concerns property division. Many variables come into play when calculating the division of property in divorce litigation. This post discusses considerations given to the division of property in a divorce settlement, what impacts that decision, and the importance of retaining a Fort Mitchell property division lawyer if you are involved in a divorce. Call BFZ Law today to schedule a free consultation and discuss your situation with one of our seasoned family attorneys.
Legislation Surrounding Division of Property
Kentucky Revised Statutes § 403.190 dictates the disposition of property in a divorce. Everything acquired during the marriage up to the official dissolution of the marriage or divorce decree is under consideration for division.
The statute considers many factors. However, it does not assign or weigh fault in these calculations. So, a person guilty of adultery would not lose property because of their extramarital relationship.
How Property Division Is Determined in a Divorce Settlement
The property referred to in divorce litigation typically refers to real estate, vehicles, or investments that increase in value. Examples of property that qualifies for division under divorce litigation include the following:
- Furniture
- Art collections
- Stocks and bonds
- Real estate, including vacation homes
- Vehicles, including boats and other recreational vehicles
If a spouse brings assets into the marriage that they acquired before the marriage, those assets are not subject to division. Also, gifts and inheritance received by a spouse are not considered under the division of property statute. However, if the inheritance comingles with joint assets—such as part of an inheritance going into a joint checking account—it becomes marital property.
Prenuptial or postnuptial agreements that outline how specifically to divide property may help with the division process in the event of a divorce. However, these documents must be valid and enforceable. It is imperative to consult a Fort Mitchell property division attorney who will advocate for you, especially when prenuptial or premarital properties are involved.
Factors that Impact the Division of Marital Property
A judge determines how to divide the property in the divorce settlement. The judge doesn’t necessarily divide the property 50/50, but has other factors to consider. Some of what the judge considers include:
- Child custody
- The length of the marriage
- The future needs of each spouse
- The worth of the items awarded to each spouse
- How the division of property would impact the children
- The financial and employment situation of each spouse
- The financial contributions of each spouse during the marriage
- Improper spending during the marriage by one of the spouses, such as a gambling habit or exorbitant spending
The well-being of the children looms large in custody and child support litigation, and it also greatly impacts the judges’ decisions when ruling on the division of property, making the support of an experienced lawyer in Fort Mitchell even more critical.
Ensure Fair Property Division With the Help of a Fort Mitchell Attorney
Property division represents one of the most complicated aspects of divorce proceedings. Even though Commonwealth law provides a helpful guideline, many other factors influence how the judge divides their property and debts. Especially if the two parties disagree, enlisting a skilled attorney to represent your interests is crucial.
Our dedicated legal team at BFZ Law employs appraisers and tax experts to evaluate marital property fairly. We could also ensure that prenuptial agreements are in order. We encourage you to set up a no-obligation meeting with a Fort Mitchell property division lawyer to protect your best interests during your divorce. Call now to schedule your free consultation today.
