The complexities of the property division process are important to understand because familiarity with the process can help divorcing couples know what to expect and hopefully make their property division process less complicated. There are a variety of different types of property to take into account during the property division process, and a number of different family law rules to help.
It is beneficial for divorcing couples to understand the property division process so they can identify assets they want to prioritize. This, in turn, can lend itself to a smoother property division process and oftentimes a settlement agreement with which both parties can live. While the family law process provides a variety of resources to help couples resolve their divorce-related concerns, those going through marriage dissolution are always encouraged to reach agreements that work best for them and for their family.
Equitable property division rules apply to marital property in Kentucky, which means that property should be divided as fairly as possible. Some of the property division issues that couples will need to address include the value of a family home and how that asset will be handled; secured and unsecured debts; liquid assets; and retirement assets. Assets may be considered marital property or separate property, and the classification of an asset can have a profound impact on whether it is subject to property division during divorce. Therefore, it is essential to be familiar with these designations and how they are determined.
It is also important to be prepared to address concerns related to hidden assets and other challenges that may come up during the divorce and property division process. Family law resources and tools are available to help guide couples through their property division negotiation and settlement process.