Extensive Experience Handling High-Asset Divorce And Related Matters
The division of complex, valuable assets can be particularly contentious in a divorce. It can be challenging to part with valuable items or those that could take considerable time to rebuild.
More About Dividing Marital Assets In Kentucky
In Kentucky, the state utilizes equitable distribution when dividing assets. Couples must divide marital property, assets—as well as debts owned jointly—in a fair manner.
This does not necessarily mean 50/50. Separate property, or assets inherited, given to or gifted to one spouse before or during the marriage, may remain separate.
Determining marital versus separate property can be complex, as many couples with substantial assets have the following:
- A small or family-owned business
- High-asset retirement savings accounts or pension plans
- Stocks, stock options, bonds, mutual funds, etc.
- Multiple real estate or investment properties
- Valuable collections, antiques or heirlooms
- Inheritances from family members
- Assets included in a premarital agreement
Strategic Consideration In Tracing Your Assets
Divorcing couples cannot simply declare what is marital property and what is separate property.
Instead, a couple’s property must be examined via asset tracing to determine how it should be classified. Asset tracing involves examining commingled accounts and accessing joint bank accounts, among other investigation measures.
Decades Of Collective Experience On Your Side
At HP Law, PLLC, our attorneys have extensive experience helping divorcing Kentucky couples with asset division. With four decades of combined experience, we understand the challenges associated with complex divorces.
We have helped individuals properly ascertain marital property, including hidden assets. Whether you own a business that has been in your family for generations, recently received an inheritance you with to protect, or have concerns about the investment properties, we can offer the guidance and advocacy you need during your divorce.
Once we ascertain your marital property, our team can offer guidance on equitable distribution. Dividing assets based on equitable distribution is typically determined by using various factors including but not limited to:
- How long the parties were married
- The children’s needs
- The ability of each spouse to support themselves