Complex Property Division Attorney
Louis Paz Winner - "Louisville Family Law®"
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.
Dividing Complex Marital Property
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:
- Closely held businesses or private practices — In some situations a professional practice may not have a high value because the only major asset is the professional's personal goodwill. In other situations, the most valuable asset in a marriage can be one spouse's ownership interest in the business.
- Stock options, restricted stock units (RSUs) and performance grants — In today's corporate world, many companies compensate their highly regarded employees with stock. The manner in which the stock is transferred to the employee can vary greatly depending upon the employee and a vesting schedule.
- Performance bonuses — In many cases an employee can receive as much in incentive bonuses as he or she is due under his or her salary.
- Retirement benefits — Many people are fortunate to have significant assets in the form of either 401(k)s, pensions, traditional IRAs or SEP IRAs. These assets, if earned during the marriage, are usually part of the marital estate, and are divisible in the event of a divorce.
- Multiple real property holdings
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 assets that 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 Winner Law Group, LLC.
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