Categorizing assets may help during Kentucky property division
Separating two lives that have become intertwined can be a complicated procedure. Any Kentucky resident who has gone through divorce knows just how complex this type of process can be, especially when it comes to property division. In most cases, parties have an idea of what property they would like to keep after the marriage ends, but the outcomes could depend on what assets are marital property and which are considered separate.
One important aspect to remember when it comes to categorizing property is that the name on documentation relating to the asset does not necessarily dictate ownership. Typically, any property obtained during the marriage counts as marital property, which means that those assets will be divided between each individual. Because the state law utilizes equitable division, the assets will be distributed as fairly as possible.
There are exceptions to certain assets automatically being considered marital. For instance, if a person obtains a monetary inheritance, those funds may be considered separate. However, if the heir commingled those funds in a joint account with his or her spouse, the court will likely count the money as marital property to be divided.
Property division proceedings can often result in conflicts, especially due to confusion over marital and separate property. Therefore, Kentucky residents may wish to inventory their assets as best as possible and determine which property they would most like to keep. By having a better idea of what items could be divided, individuals may feel more prepared for their proceedings. Discussing concerns and negotiation strategies with an experienced divorce attorney could help interested parties create a plan for their property division process.
Source: wlns.com, “My Legal | Property Division when Divorced“, Torree Breen, May 9, 2017