Property Division Attorneys in Louisville
Understanding Property Division Process in Kentucky
The division of property is governed by Kentucky law KRS 403.190. This statute explains how property is to be divided between spouses in a divorce and sets out which factors should be considered “relevant” for property division. It is noted that fault in the divorce or “marital misconduct” should NOT be considered in the process of dividing property. Kentucky is a no fault state.
On the other hand, factors that should be considered include:
- How each party contributed to the accumulation of property and assets during the marriage, including the contribution of homemaking
- The value of the property set aside for each party
- How long the marriage lasted
- The financial circumstances of each party at the time the property division will occur, with consideration to whether or not the family home should be granted to a custodial parent—whether to own or to live in
Kentucky law also discusses the meaning of “marital property,” which is defined as all of the property acquired during the course of the marriage with a few exceptions. Property acquired during the marriage is assumed to be marital property unless proven otherwise.
The exceptions to the definition of marital property named above are:
- Property obtained by gift, devise, bequest, or descent and income received therefrom, unless the activities of the other spouse significantly affected the accumulation of value on or income earned from said property
- Property obtained in exchange for separate property
- Property obtained after the couple was legally separated
- Property named as excluded from division in a prenuptial agreement or similar arrangement
- Increase in value on separate property unless the other spouse’s efforts significantly contributed to that increased value
Protecting Client Interests in Property Division
The division of marital property in a divorce can quickly become complicated. Most clients are surprised to learn that assets are not automatically divided in half in Kentucky. As such, it's important to have an experienced advocate who understands the complexities of the law and how to apply it to your specific situation.
Types of property division Winner Law Group, LLC assists with include, but are not limited to:
- Complex estates
- Private practices
- Closely held businesses
- Significant retirement assets
- Stock options
- Restricted stock units (RSUs)
- Other important assets
After reviewing their particular situations, Attorney Winner provides clients with sound counsel on what "just proportions" may look like in their unique cases. Where necessary, he also utilizes the appropriate experts to ascertain proper business valuation and the valuation of other assets, to discover hidden assets and to otherwise uphold the equitable distribution of all marital property. We encourage you to learn more about your case by contacting our office.
Attorney Winner Law Group, LLC has extensive experience handling property division cases for clients in Louisville and the surrounding areas. In his years as a trial lawyer, he has built a reputation for effectively protecting his clients' interests in property matters. You need the right Louisville divorce attorney on your side throughout this process. Don’t hesitate to contact Winner Law Group, LLC for elite representation.
Contact a Louisville property division lawyer to discuss how to protect your interests in marital property division. Call (502) 812-1889 for a consultation. Please note that we charge a flat fee for the initial consultation.
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