The division of marital property can be a thorny issue in divorces. For couples with complex or substantial assets, the stakes are higher, and the process can be fraught with tension and conflict.
In Kentucky, marital property typically encompasses any assets the spouses acquire during the marriage. This includes real estate, financial investments, retirement accounts and even personal belongings. Assets acquired prior to the marriage or inherited during the union could be separate property and might not be subject to division.
Equitable distribution
Kentucky follows the principle of equitable distribution when it comes to dividing marital property. The court aims to divide assets fairly, though not necessarily equally. Factors such as the length of the marriage, each spouse’s financial contributions and the economic circumstances of both parties come into play. In high-conflict divorces, determining what constitutes a fair division can be contentious.
Complex assets
High-conflict divorces often involve complex and valuable assets, which can complicate the division process. Businesses, professional practices, stock options and investment portfolios can all fall under the scrutiny of the court. Valuing these assets accurately may require the expertise of financial professionals or appraisers to ensure an equitable distribution.
Hidden assets
In some contentious divorces, one party may attempt to conceal assets to avoid sharing them with their spouse. This unethical practice can further intensify the conflict and delay the resolution. Courts in Kentucky may penalize the party responsible for hiding assets.
Prenuptial agreements
For couples with substantial assets, prenuptial agreements can be a useful tool to delineate property rights. These agreements can simplify the division process, but they are subject to judicial review. A well-drafted prenuptial agreement can help alleviate conflict in high-stakes divorces.
High-conflict divorces often benefit from alternative dispute resolution methods such as mediation or negotiation. These approaches can empower couples to have a say in the division of their assets and reduce the emotional toll of a courtroom battle.