When going through a divorce, one of the most important issues that you have to deal with is the division of your marital assets. The way that marital assets are divided can profoundly affect the way that you are able to live your life after the divorce. Asset division at divorce is subject to state law, with states either recognizing community property or dividing assets equitably.
Most people have certain items that they hold an emotional attachment to. This could be a piece of furniture that you received as a wedding gift or jewelry that you bought to celebrate a key moment in your life. These items may not have a high market value, but to you, they are priceless.
When going through a divorce, it is important to have a good understanding of how assets are divided in your state. This is because there are differences regarding how assets are divided depending on the state of your residence. In Kentucky, community property is not recognized. This means that the legal theory of equitable distribution is used to determine how marital assets are divided in divorce.
When spouses divorce, they need to go through the process of severing ties, both financially and emotionally. In today's world, we have become increasingly dependent on digital assets such as family photo albums, Instagram accounts, purchased music and video files and perhaps bitcoin accounts.
Divorce is never easy. It doesn't matter how challenging your marriage is or if you knew the divorce was imminent. It's a difficult experience to encounter in life. The situation can be made much worse if you think that your spouse is hiding assets from you. All assets must be disclosed in a divorce. If any hidden assets are found, things can get even more difficult for you and your spouse.
When your marriage hits a rough patch you will likely do everything possible to fix the underlying issue. But, what if the problem cannot be resolved? This happens all too often to couples all throughout Kentucky. Marriages just simply don't work out for one reason or another. When you prepare to file for divorce, it's important to understand how debt is divided so you know what to expect.
Owning a home while going through a divorce can be detrimental to your situation, especially your taxes. Many couples will keep the marital home even after the divorce has been finalized, with one of the spouses living in it with the children. Others will sell the home after the divorce. It's even better for you to sell the marital home prior to the divorce, and we explain why in this post.
Property division is an important part of divorce in Kentucky. It can also be a very challenging and stressful part of the process, especially if you and your spouse are nowhere near on the same page. One asset that is not considered marital property when going through a divorce is an inheritance unless it meets certain criteria that makes it eligible to be divided.
Going through a divorce is never easy. Even if you knew it was coming you still might struggle with the idea of ending the marriage. Either way, you need to be prepared for all that comes with getting a divorce in Elizabethtown. One way to prepare for divorce is to tighten your spending. If you continue to spend money on items that are not necessities, you could risk losing more in the divorce.
No matter how long you've been married it's always difficult when your spouse says that it's time to file for divorce. Whether it's a total surprise or you knew it was coming, divorce is never an easy situation to handle. There's a lot of items that you need to divide, including money and collectibles. But, what if you have a lot of artwork? Let's explore how you can divide the artwork from your marriage in a Kentucky divorce.