When a couple in the state of Kentucky decides to divorce there are multiple factors that may need to be addressed, including how assets will be divided. Depending on the specific circumstances surrounding a divorce, it is possible that the division of assets will be the matter the parties to the divorce will be most concerned about. In these situations securing a fair settlement is of utmost importance. Giving away too much or not securing enough could make the start of the next part of your life more difficult than it needs to be.
In the state of Kentucky, only those assets that are determined to be marital assets will be included in what needs to be divided. Separate property acquired via an inheritance or gift, outside of the marriage or in an exchange or sale of property, will not be a part of that division. In the course of the divorce proceeding the participants will work through an equitable-not necessarily equal-division of the marital assets.
While some couples will be able to work through this process in a fair manner situations will arise where this is not the case. Sometimes individuals will try to hide assets so they are not included in the marital assets to be divided. This could be detrimental to the other spouse and result in them failing to get all they are entitled to. Though cases of serious fraud are not common, when they do happen, a lawyer who can identify situations in which this may be occurring can be a great help. In our next post we will address some of the signs this may be occurring.