A significant number of people in Kentucky who have lost a spouse through death or who are divorced, choose to remarry later in life. Invariably, both parties have accumulated assets over the years, and it would only be natural to want to protect those assets. Many of these couples have already been through the property division process after one or more previous marriages, and they will not want their assets landing in the wrong hands.
When it comes to a divorce, Kentucky is an equitable distribution state. The general rule for property divisions is that the spouses must divide their marital assets according to what the court will regard as fair. Divorcing spouses can work out the split themselves; otherwise, the court will do it for them. Sometimes, one spouse might be vindictive and attempt to spend down assets before the property division can take place.
Because the items individuals accumulate over the courses of their lives often hold important meaning to them, it can be difficult to part with those items. In some cases, Kentucky residents may feel a great sentimental attachment to property while other assets may have significant monetary value. As a result, when a married couple chooses to divorce, the idea of going through property division proceedings may seem daunting.
When married people in Kentucky file for divorce, they typically face a variety of challenges regarding several important issues. At the top of the list (if they have children) are matters concerning child custody. Financial issues are also often the subject of disagreement between spouses (even during marriage); thus, property division laws, child support, alimony and other money topics may add fuel to the fire when it comes to trying to reach an amicable agreement.
It's no secret that divorce can be a very messy process. Many in Kentucky who have gone through it know how stressful and complicated it can be to end a marriage in court. From emotional turmoil to financial disagreements and problems regarding parenting plans, it's well and good to hope an agreeable settlement will be achieved in a timely manner, but it doesn't always turn out that way. In fact, many times contentious battles arise, especially when a spouse tries to hide assets to avoid property division.
If you own a home, it is likely so much more than just an "asset." That home contains some of life's happiest memories. It could be where you raised your children, celebrated holidays, played in the yard or sat around the dinner table as a family.
Many couples who marry young do not think about prenuptial agreements, because they do not have many assets. If a divorce occurs years later after accumulating wealth, however, a drawn-out, costly fight can occur.
As Kentucky readers are well aware, divorce brings with it a myriad of financial complications that must be dealt with appropriately in order to establish a strong post-divorce future. Property division is a matter that can lead to acrimony and disputes, leading to emotionally driven decisions. A final settlement should always be based on what is best long term, not temporary feelings of anger or frustration.
Despite your best effort, you and your spouse have decided that your marriage is not working. Choosing to divorce is not an easy decision. What will happen to the kids? What happens to you financially? What exactly is "property division" and what gets divided?
When two people decide to dissolve a marriage in Kentucky, there are countless decisions to make. One of the most hotly contested items in divorce proceedings is property division. While most assets can be divided based upon a prenuptial agreement or by commonly observed laws, one issue that could face a couple when divorcing is how property or money from an inheritance will be divided.