Dividing Marital And Nonmarital Property Can Be Confusing | We Can Help
After years of marriage, most couples no longer know which property is owned by one of the spouses and what property is shared between them. This fact makes division of property one of the more complex and potentially contentious aspects of many divorces. If you are facing a divorce in which significant properties will be divided, make sure you secure representation from a divorce lawyer you can trust to protect your interests and get the results you need.
At The Grinnell Firm, PSC, we can help you. Attorney Eric Grinnell and our entire legal team are committed to protecting our clients’ interests in division of property and other divorce-related matters in and around Florence, Richmond and Lexington, Kentucky.
The Importance Of Separating Marital And Nonmarital Property
Although Kentucky is not a community property state, courts seek to divide property as fairly, though not necessarily equally, as possible. This means that before dividing property, it is essential to determine which assets are shared (called marital property) and which assets are not shared between the spouses (called nonmarital or individual property).
In the most general sense, property that a party owns prior to a marriage remains nonmarital property, but there are numerous exceptions and situations that complicate this general rule. Some of the common challenges we face when separating marital from nonmarital property include:
- Retirement and pension plans: We help clients determine whether pensions, retirement plans, savings accounts, stock options and other investments are marital or individual property. We also have experience dividing retirement and pension plans, including qualified domestic relations orders (QDROs) and military pension plans for military service members in divorce.
- Inheritances: We will look at the manner and timing in which an inheritance was received, as well as whether the assets in an inheritance have been mingled between spouses, to determine what percentages of an inheritance are marital property and individual property.
- Business ownership interests: It can be tricky to distinguish how much of a business is owned by one of the spouses and how much is shared, especially when family funds and talents contributed to the growth of a business over years.
We have the experience and knowledge to help untangle these complications and separate marital from nonmarital property to protect your long-term financial interests.
Bring Your Marital Property Questions To Us
We understand the stresses and challenges you are facing in divorce, especially when it comes to dividing property. Founding attorney Eric Grinnell has been through a divorce and has dealt with these issues both personally and professionally. We will walk you through the steps in the process as we fight to protect your financial interests.
To speak with an experienced lawyer about marital and nonmarital property, call us at 859-DIV-ORCE (859-348-6723), or contact us online for a consultation to discuss your property division needs.