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Property Division Archives

Family court ruling may not trump a bankruptcy court's order

When Kentucky couples decide to divorce, they should be aware of how a bankruptcy may affect their property division. A case that was decided by a federal bankruptcy court in Georgia demonstrates that family court orders that state property divisions are not subject to bankruptcy may not override a bankruptcy court's ruling.

How property is divided in Kentucky divorces

Kentucky residents who are planning to divorce will necessarily have to divide their property as a part of the process. If you are one of them, you will need to first figure out which property is marital and which is nonmarital. Only the marital property will be divided in your divorce.

How to keep trust assets safe in a divorce

When a Kentucky couple goes through a divorce, marital assets are divided based on state law. Depending on how a trust is written, it is possible that a spouse could lay a claim to assets inside of a trust created by the family of the other spouse. One way to prevent this is to create clear language that those assets are not to be considered marital property or used to calculate alimony.

Student loans and divorce

Kentucky courts follow the rule of equitable distribution when dealing with the division of marital assets during divorce proceedings. This also applies to marital debts such as student loans. However, as is the case with other indebtedness, the decision could hinge upon when the student loan was taken out.

Dealing with the family home in a divorce

When a Kentucky couple agrees to get a divorce, one or both individuals may have their eye on the house, especially if they have lived in the home for years or raised children there. However, if no agreement regarding this large asset can be reached, the judge may make the final decision.

Dividing Assets In Indiana

The process of ending a marriage is generally stressful for all parties involved. Undoubtedly, working through what will happen to the marital assets is one reason people in the state of Indiana feel that way. This is understandable when one considers the approach used in the state to make this determination.

Options for the marital home following divorce

While no two couples are exactly alike, it’s fair to say there are certain types of assets that commonly need to be divided when a marriage ends in divorce. Real estate is usually of the greatest value. In the state of Kentucky, any real estate acquired during the marriage will be considered “marital property.” Under some circumstances, so too will the increase in value of an asset brought to the marriage by one of the spouses. Most commonly the real estate that will need to be addressed is the family home. There are several situations that might arise.

Receiving a fair financial settlement in a divorce

For most people, dividing property in a divorce is undoubtedly one of the most stressful aspects of the process. The first step is determining which property needs to be divided. In the state of Kentucky, marital property will be divided. Many different types of property fall under this umbrella and at times there is ambiguity about whether something should be categorized that way.