The accumulation of marital assets over the years can lead to some challenging issues during property division in divorce proceedings. However, no one who is in an unhappy marriage should avoid filing for divorce because of those challenges. Instead, learning more about potential hurdles that may arise can help put one’s mind at ease.
Considering real estate
For many couples in Kentucky, the family home is among the most valuable joint assets they own. Deciding what to do with this property is not always easy. There is often an emotional attachment to the family home, and either spouse who wants to keep the property will need to consider things like the mortgage and upkeep costs. Other types of real estate that tend to show up during property division include:
- Vacation homes
- Business properties
- Commercial properties
Looking for debt
Marital debt also gets divided up during a divorce. It is important to make sure that all sources of joint debt are on the table at the time of property division, otherwise one person might end up with an unfair share to pay back. One way to find potentially hidden debt is to review one’s credit report.
Marital property is divided equitably in Kentucky, which means that both spouses should end up with a portion that is most fair. Achieving an equitable division of assets is only possible when all assets are on the table though, including things like real estate, financial assets and debt. Those who are worried about the potential for hidden assets during divorce may want to seek guidance about their next steps from a knowledgeable attorney.