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.
The following types of assets are generally included in marital property:
- Property acquired by the couple in the course of the marriage
- Jointly held property such as real estate
- The increase in value to property that is separate, but was influenced substantially by marital contributions, such as the value of a business
When there is a question as to whether property is part of the marital estate, things can get contentious.
The way in which the property will actually be divided varies from couple to couple. Among other things, the assets they share and the wishes of each party will be relevant. Accordingly, the division is deemed to be equitable, not equal. While couples working together are provided a fair amount of flexibility and there is a no “right” way that a final settlement should look, the process can nonetheless be difficult.
Those difficulties are often eased by working with a lawyer who has experience in handling such matters. He or she should understand the nuances of the situation and may have ideas about approaches that could be effective. Attorney Kevin Moser handles cases of this nature. To learn more about his practice and how he may be of service, please see his website.