In a marital separation, the process of property division can be overwhelming. In Kentucky, there is no measure in place that automatically grants half of a couple's joint possessions to each spouse. Instead, parties involved must come to agreement on the shared possessions, or marital property.
The basic specifications involved in property division depend on elements such as each spouse's contributions involved in acquiring the marital property, the property's value, marriage duration and the economic circumstances of each spouse when the property division is resolved. Any misconduct or mistreatment by either spouse has no effect on the division of property in Kentucky.
All possessions that are owned individually remain in the ownership of the respective spouse at the end of the marriage, however. Things such as gifts and possessions acquired before or after the official marriage are off limits when it comes to property division.
Of course, through all of this, the most important motivation in property division is protecting your assets during a time when they are perhaps most at risk. While your individual assets are protected, if you feel you have made a considerable contribution to acquiring marital property, you can claim all or part of that asset in the property division. Having an experienced attorney to advocate for you in this process could help you gain the assets that are most important to you.
Indeed, having an attorney through this process could be even more relevant if you are involved in a settlement that involves many assets or valuable assets, such as investments and stock options. The attorneys at Louis P. Winner could help you have a smooth and successful property division, no matter how much marital property is at stake.