For clients with multiple property holdings and assets of high net worth, determining what should be considered marital property can be one of the most contested issues of the divorce. In many cases, an asset will have both a marital and a non-marital component. If a litigant owned a house prior to the marriage and then continued to pay the mortgage on the house during the marriage, the house likely has both marital and non-marital components.
Under Kentucky family laws, there is a presumption that any asset acquired during the marriage is marital property. This presumption can be overcome in the event of a divorce if a litigant can prove that the asset was 1) owned prior to the marriage; 2) an inheritance; 3) a gift; or 4) protected by prenuptial/postnuptial agreement. The burden of proof is on the party claiming the asset to be non-marital.
There are a number of complex property issues that can arise in a divorce action. These issues sometimes include the following:
Aside from determining whether property should be considered marital property, the true value of the property must be determined. Attorney Winner works with top accounting firms and financial experts to conduct thorough business valuations and other marital property valuations. Seeking an accurate account of all assets may also reveal hidden assetsthat were not reported or transferred prior to divorce in order for a spouse to avoid dividing the true marital estate.
To aggressively protect your rights in complex property division case, please contact Attorney Louis P. Winner.