Property division is an issue that will need to be resolved in any dissolution of marriage or legal separation. If you and your spouse are able to negotiate or mediate your divorce agreement outside of court, you and your spouse will retain control over how your marital estate is distributed between you and to take all tax consequences into account. If your case is litigated in court, your judge will order how the property will be divided between the parties and the detailed analysis of negotiations may not prevail.

How is Property Divided?

In Kentucky, courts begin dividing property by restoring each spouse’s non-marital property to her/him. To ensure that a client receives all of his or her non-marital property, the attorneys at Sparks Integrative Family Law engage in the non-marital tracing of all non-marital assets. After each party has had his and her non-marital property restored, the court will equitably divide the marital property according to many different factors, including:

• Contribution of each spouse to acquisition of the marital property, including contribution of a spouse as a homemaker;
• Value of the non-marital property awarded to each spouse;
• Duration of the marriage; and
• Economic circumstances of each spouse when the division of property is to become effective

Whether you have much property or do not have many assets, it is important to learn more about how a divorce or separation may affect you, your spouse and your children in this regard.

The process of dividing property is based upon various factors and details, and as a result, can be very time consuming, complex, and emotionally exhausting for those involved. Sparks Integrative Family Law has over 30 years’ experience assisting clients in the allocation of non-marital property and division of marital property. When necessary, we consult experienced financial advisors, accountants, real estate appraisers and business valuators to ensure that our clients achieve the best settlement or trial decision possible.

If you are considering a divorce or legal separation, it is important that you understand your rights. Contact Sparks Integrative Family Law to schedule an appointment to discuss how property division can impact your divorce or separation.