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Property Division Archives

Protecting inheritances in divorce

When you set about negotiating a fair division of property in divorce, you may worry that your inheritance is in danger of getting divided like the rest of your property. Fortunately, inheritances generally enjoy an extra layer of protection from property division, but there some important exceptions to consider.

Dealing with a mortgage in a divorce

When two people divorce, the split will always be personal — after all, you're dissolving a serious relationship. However, the law is innately impersonal, and treats your marriage like a business relationship. Because of the official nature of your personal relationship with your spouse, some parts of the process can be surprisingly complex. One of the most common areas of difficulty that divorcing couples encounter is what to do with a mortgage.

What counts as marital property?

Many couples, swept along by the tide of expectation and hopeful feelings, do not enter into marriage with a solid grasp on exactly what being married does, and what marital property is. In the eyes of the law, marriage is very much a business contract, meaning that the person you marry generally may have a right to at least a portion of your belongings, especially those you acquire after being married.

Kentucky asset division

No matter what kind of marriage you may have, or how long it has survived, a divorce will mean determining a fair division of assets that must be approved by a court before the relationship can be legally dissolved. Kentucky, like most states in the union, operates on the "equitable division" system, meaning that assets and liabilities that are deemed to be marital property are to be divided "fairly" rather than "equally."

What are tax implications of divorce?

If you're getting divorced, there are many things that you will be trying to sort through. Being able to sit down and sort out the particulars of moving on can be quite difficult, but you may be saving yourself a great headache later on by biting the bullet and doing it now. One of the most important things to discuss are the tax implications of a divorce, which can vary widely from marriage, depending on how complex your assets are and whether or not their are dependent children to be considered.

Must I split a private account in a divorce?

Divorce can bring up questions that you never thought to ask yourself while you were married. When it comes to equitable asset division, the rules for which assets may or may not be split during divorce proceedings can get a bit tricky, especially depending on the state where you are residing. Kentucky is an "equitable distribution" state, so the odds are already better for keeping more of what you believe is rightfully yours.

What factors will a judge consider in property division?

Dividing assets and property fairly through divorce proceedings is simplest when the spouses who are separating can decide between themselves how the division will be accomplished. However, often, in the course of a divorce, it becomes necessary for a court to dictate and enforce how property and assets are divided. If this becomes a necessary component of your divorce, it will be helpful to know the factors a judge will consider as he or she reviews your case.

Dividing sentimental assets in divorce

The fair division of assets can be one of the most frustrating sticking points any couple faces when separating. While the large, valuable items may seem like the most difficult to divide, sometimes this is not the case. A court will usually distribute valuable items as it sees fit if a couple cannot agree on how to do so, but items that have more sentimental value than market value can become vicious points of contention in a separation, dragging out an already emotionally and financially draining process.

Unusual assets to remember during divorce

At the end of a marriage, you'll begin to think about the assets you want to gain during a divorce. Marital assets are generally divided between individuals, but you have to know what those assets are before you can make a claim. Forgetting about any assets can make it difficult to claim them later, which is why you should work with your attorney to write down all the major and minor assets you are aware of.