Understanding equitable property division may help in Kentucky

Incorrect information can cause considerable problems for anyone in a variety of situations. When Kentucky residents have the wrong idea about how property division proceedings will be carried out during divorce, they may be in for a rude awakening once the process begins. Therefore, they may wish to prepare for such aspects of their cases and assess what outcomes could potentially occur.

One important bit of information that could help many individuals is understanding what equitable division means. Some parties may simply think that “equitable” and “equal” have the same meaning, and that is not the case. When assets are divided equitably, it means that property is divided fairly but not necessarily evenly. If parties go into their division proceedings thinking that each person will walk away with the same amount of assets, they may feel caught off guard when division begins.

They may also want to remember that only marital property is divided during these proceedings. Assets obtained before the marriage are considered separate property, and therefore, those assets remain the property of the original owner. However, assets obtained during the marriage fall into the marital property category. Parties may wish to assess their marital property before proceedings begin.

Finding the right information regarding legal proceedings can prove difficult for many Kentucky residents. Individuals who are interested in ensuring that they have reliable knowledge may wish to consult with legal professionals. Experienced attorneys can give interested parties insight into what they may face when going through property division and how they could strategize for obtaining property they desire in the settlement.

Source: seekingalpha.com, “Common Financial Mistakes Divorcing Women Make“, Russ Thornton, June 20, 2017