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Know how to handle property division matters in divorce

| Apr 7, 2020 | divorce |

Kentucky uses the principle of equitable distribution for property when a couple divorces. This means that things are divided based on what’s fair without consideration about whether the terms are equal for both parties. While it might seem as though one party might get a worse deal that the other person, this standard usually makes it easier to work through these matters without having to go through a divorce trial.

Many people choose to try to work through the property division process via mediation or a similar method because they have some control over who gets what. If you have to let the court decide, you lose that ability.

Before you try to split things up, you need to know exactly what needs to be divided. Getting a list of assets and debts together can help with this. If you have a prenuptial agreement, you should also grab it. Anything that’s listed in the prenup will be handled according to those terms. You can then focus on the other items.

When you start dividing the assets, it might help to start with the more valuable ones. Think about real estate, vehicles, high-value collections and similar resources. After those are assigned, you can use the smaller items, such as lower value investment accounts, the household furniture and similar things to balance everything out.

Remember, you also have to divide the debts of the marriage. This can be handled in a few different ways, so be sure to evaluate what’s possible in your case. Your goal should be to walk away from the marriage on the best financial footing possible.