If you are divorcing, you may be wondering who should receive the house, the car, the business and other property. Division of marital property involves careful planning and consideration of your financial situation. Effective legal representation can ensure an equitable distribution of property and assets. Both Ohio and Kentucky are equitable distribution states. Property is not necessarily divided equally (although it can be), but rather divided according to worth and in the interests of fairness. As a result, the person awarded the home may receive less physical property than the other spouse, with the goal being to reach an equitable settlement.
Marital property is generally all property that was accumulated during the marriage, although property acquired prior to the marriage may be considered mixed if it increased in value during the marriage. In addition, inherited property or gifts are usually considered to be non-marital property, which means they are generally not subject to marital division.
Division of marital property involves more than determining who receives the marital home and other large assets. It involves careful planning and consideration of your financial situation. All marital assets, including pensions, 401(k) plans, bank accounts and businesses are subject to division. Marital debt is also subject to division, even if that debt is only in one party’s name. Our experienced family law attorneys will gather financial information about all property, including any hidden assets or those in foreign accounts.
If one party is able to show evidence of serious economic misconduct, the court may deviate from an equal division of property. Examples of economic misconduct may include wasting marital assets by gambling, or spending it to the detriment of the marriage. In addition, when one spouse owns substantially more non-marital property, the court may decide it would be inequitable to divide the property equally.
Contact RKPT today for a consultation regarding how we can help achieve a fair division of your financial assets and debt.