Marital property is all property, including cash, which is purchased or obtained during the marriage. Kentucky law specifies that marital property is to be divided in just proportions.
You should be honest and open with your attorney about all property in your or your spouse's possession. In order to carry out a fair and just division of property, it is important for the attorneys and the court to know every piece of property a couple owns.
Marital v. Non-marital
Before marital property is divided, a court will apportion each party the property that they owned prior to the marriage. This property is termed ‘non-marital.’ However, apportionment of non-marital property is not always this simple. There are many ways that non-marital property can be converted, either partially or totally, into marital property. For this reason, it is vital to retain an attorney skilled at categorizing non-marital and marital property.
Valuation of Property
Many items of property have values that are easy to calculate. Unfortunately, much marital property has little resale value and is worth more to the person in possession than to anyone else. For most personal property, it is best if the parties can agree to a division without seeking a division by the court. If no agreement is reached, the property must be appraised.
Don’t Overlook Important Assets
Often overlooked items include vacation pay, stock options, timeshares, tax refunds and prepaid insurance. It is also important to understand the value of antiques and artwork that the couple may have acquired. At Barrow Brown, PLLC, it is our job to work with you to categorize and value your property so that we can take a comprehensive approach to reaching a fair property division.
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