In order to divide non-monetary assets, you may need to have a valuation done. The assets could be worth more or less than you paid for them, so never assume that purchase price determines their worth.
When divorce arrives on the scene of any marriage, it is not always easy to know where to draw the line between legitimately protecting your interests and treating your divorce fairly. This is particularly difficult for spouses who own a business. Unlike other assets, businesses often support many others outside of a marriage, so it is often very difficult to fairly divide a business as an asset without seriously affecting many other individuals, such as employees, vendors or customers.
When a couple who owns a home divorces, determining how to address this significant asset is often one of the most crucial aspects of the entire process. For many couples, the home they bought as a part of their married life together is the single largest asset either of them has, making it very difficult to fairly divide the asset and finalize the divorce.
Even if a couple enters into a prenuptial agreement before marriage, the process of planning a divorce may prove that the agreement is invalid. If the agreement is not written fairly, one spouse or the other may successfully challenge it and secure different terms.
Here in Kentucky, we use equitable distribution guidelines to govern how couples split their assets and liabilities when they choose to divorce. Unlike several other states like Texas, New Mexico and California, which require spouses to split up their marital property evenly, spouses in Kentucky enjoy some flexibility in their property division negotiations.
Until a marriage begins to fall apart, many spouses see no reason to concern themselves with which of them legally owns what. After all, part of the appeal of marriage is the "what's mine is yours and what's yours is mine" aspect of the relationship. Unfortunately, this often makes things much more difficult when it comes time to separate property in a divorce.
If you own a pet, you understand that they are as much a part of the family as you or your spouse or your children. In fact, to many spouses, pets are the de facto children in the marriage. This can make divorces especially difficult when it comes time to decide who should keep the pet in a divorce.
If you and your spouse have decided its time to draw up papers and move forward with your divorce, reaching fair agreements about property division can be one of the most difficult aspects of the process. Even more difficult than determining who keeps the car and who gets the record collection is who legally has the right to keep a family pet. For many divorcing couples, a pet is much more like a family member than a piece of property, and this can lead to spouses entering into a sort of custody negotiation over an animal companion.
If you and your partner live together before or instead of getting married, it is wise to consider creating a cohabitation agreement that outlines who gets what pieces of property and how you'll divide commingled funds if you split up. Unfortunately, many people confuse cohabitation agreements with prenuptial agreements, which is a risky mistake to make.
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.