For divorcing couples, splitting up high-value assets like real estate and retirement funds is stressful and complex.
However, deciding how to divide valued possessions including family heirlooms, artwork, collectibles and antiques can be just as difficult. Often, these items hold both financial and sentimental worth.
Determining ownership
In Kentucky divorces, the court aims to divide assets fairly, though not always equally. First, it is important to determine which assets are marital and non-marital. Marital property includes most assets acquired during the marriage. Non-marital property is what either spouse owned before the marriage or recieved as a gift or inheritance.
For example, an antique passed down through your spouse’s family likely qualifies as non-marital property. On the other hand, artwork bought during your marriage is marital property in most cases.
Assessing value
Valuing these items accurately is another important step. The true worth of antiques, collectibles, and artwork might not be immediately apparent. Therefore, a professional appraisal can be helpful to determine the true market value of your items. This ensures a fair division based on the current price of these assets.
Dividing property
You and your spouse may negotiate the division of your possessions, including who keeps certain collectibles, artwork, antiques, or heirlooms. If you cannot agree, the court may decide for you and apply fair division rules. Reaching a mutual agreement can often result in a more satisfactory outcome than leaving the decision to the court.
The court considers several factors in the equitable distribution process. These include each spouse’s earnings and contributions to the marriage, the length of the marriage and how each spouse managed marital and non-marital assets. The goal is to reach a fair distribution that reflects each spouse’s circumstances and contributions.
Understanding these aspects of asset division can help you keep your most prized possessions during a divorce in Kentucky.