In Kentucky, whenever a divorce is initiated, the courts are required to do an equitable division of marital property. Many people ask, first, what is included as property, second, what is considered marital property, and third, what would the court consider an equitable division?
Property in Kentucky includes, but isn’t limited to, real property, retirement accounts, vehicles, and some cases even get down to listing out pots and pans. It is extremely important that a person going through a divorce first understand what his or her property (and that of the other party) is, but also whether or not that property is included in the divorce. As a general rule, property acquired before the marriage, or during the marriage through a gift or an inheritance, is not marital property, and therefore is not divisible. At Craddock Law, PLLC, we use tracing methods to set aside non-marital property for our clients to make sure non-marital interests in property are properly protected during the divorce.
Finally, after the above two steps are completed, we will set out to determine what will be an equitable division of the marital property. Many people assume that equitable means equal; however, it does not, and the courts have a broad discretion to give more or less of an asset, or the overall value of the assets, to one party over the other based upon a list of factors.
Please contact us today to schedule an appointment to discuss the options available to you. We are happy to offer telephone and evening consults. Ascertaining and then dividing property in a divorce can be confusing and daunting; contact Craddock Law, PLLC today to begin making a game plan for your future, and which property you will have moving forward post-divorce.