Property division after a divorce can be a complex affair no matter how much property a couple owns. However, this is especially true for couples with valuable assets and property holdings. In these situations, property divorce can become particularly contentious.
Per Kentucky law, it is assumed that any property obtained while the couple was married is marital property, and is thus subject to equitable division after a divorce. However, there are exceptions to this. Property owned by just one spouse before the marriage, gifts made to just one spouse and inheritances made to just one spouse can in some circumstances be considered separate property. In addition, couples can create either a prenuptial or a postnuptial agreement that designates a piece of property as either marital or separate. The burden of proof when it comes to overcoming the presumption that property obtained during the marriage is marital lies with the spouse that believes a piece of property should be considered separate.
High asset divorce cases often involve complex pieces of property. Such property may include closely held family businesses, stock options, retirement accounts, performance bonuses and multiple real estate properties.
The law firm of Louis P. Winner has helped many couples divide marital property in their divorce. Our firm understands that it is important to gain an accurate valuation of each piece of property. It is also important to uncover hidden assets that may affect the value of the estate. By working with professionals it is possible to accomplish these goals. Our property division overview may provide readers with more information about complex property division in Kentucky.