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Property Division Basics in Kentucky
In a dissolution proceeding, the parties must first identify all the assets and liabilities. This can be a problem, especially if one of the parties has not been forthcoming regarding their assets or liabilities or has been secretive or deceptive regarding the matter. Hiring competent legal counsel with an ability to investigate and discover those matters is very important in those types of situations.
After the property and debts are identified, the items of property and debt must be determined to be either marital property or separate (non-marital) property. Generally speaking, non marital assets include property inheritances and gifts obtained before the marriage. Marital assets and property are those assets and property accumulated during the marriage. In some limited circumstances, property received during the marriage by means of inheritance or gift may be considered to be non-marital.
Marital debtors are those debts incurred by either spouse during the marriage relationship and non marital debts are accumulated before the marriage or after the separation of the parties.
After the property and debts are identified, the items of property and debt must be determined to be either marital property or separate (non-marital) property. Generally speaking, non marital assets include property inheritances and gifts obtained before the marriage. Marital assets and property are those assets and property accumulated during the marriage. In some limited circumstances, property received during the marriage by means of inheritance or gift may be considered to be non-marital.
Marital debtors are those debts incurred by either spouse during the marriage relationship and non marital debts are accumulated before the marriage or after the separation of the parties.
If you are ready to move forward with the property division process, we ask you to consider using our services.
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Disclaimer: All articles and blog posts are for informational purpose only. This information was current as of November of 2016. The information does not constitute legal advice and should not be relied upon as a substitute for your hiring an attorney to review your specific legal issue. By reading this blog site you understand that there is no attorney client relationship between you and The Fogelman Law Firm LLC. To form an attorney client relationship, you must contact us, appear for a consultation, and sign a retention agreement before this firm will represent you.
Disclaimer: All articles and blog posts are for informational purpose only. This information was current as of November of 2016. The information does not constitute legal advice and should not be relied upon as a substitute for your hiring an attorney to review your specific legal issue. By reading this blog site you understand that there is no attorney client relationship between you and The Fogelman Law Firm LLC. To form an attorney client relationship, you must contact us, appear for a consultation, and sign a retention agreement before this firm will represent you.
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