When it comes to divorce, you need to go over a myriad of issues, especially if you have a high net worth. The way in which you handle divorce matters will play a key role in your financial future and could affect other aspects of your life, whether you are a parent or worry about how the divorce process could affect your life.
It is especially important to take a careful look at property division laws in order to prepare yourself for what could lie ahead. For example, you should understand factors that courts go over when distributing marital property and whether certain assets are subject to division.
Property acquired before the divorce process is complete
According to the Kentucky Legislative Research Commission, property that one acquires after getting married but prior to the issuance of a divorce decree counts as marital property. As a result, this property is subject to division, whether both parties share co-ownership or one party holds the title on an individual basis.
However, there are exceptions. For example, if both parties sign a valid agreement that excludes property, one party acquires property as a gift or one acquires property in exchange for another property that they possessed before their marriage, the court may not deem this as marital property.
Preparing for property division
It is very important to prepare yourself financially and emotionally for the impact of property division. Familiarize yourself with your options and carefully get ready for court in order to increase your likelihood of securing the most favorable outcome. The way in which the court divides property could affect you for years to come.