The Division Of Property In A Divorce: Protect Your Interests
At Frye, Troxler & Davis, PSC, based in Russell, our lawyers are passionate about helping families move through the transition of divorce. With more than 40 combined years of experience, they serve clients in Kentucky, West Virginia and Ohio.
Our attorneys understand that every divorce is unique, and they’re committed to providing personalized legal guidance and knowledgeable support throughout the process. In any divorce, one of the most critical aspects of divorce is the division of property, which can be complex and emotionally charged. However, an experienced divorce property division lawyer can help you understand the laws and protect your rights throughout your divorce.
How Is Property Divided In A Kentucky Divorce?
In Kentucky, property division is guided by the principle of equitable distribution. This means that marital assets and debts are divided fairly, but not necessarily equally, between spouses. To determine what’s fair, Kentucky courts consider several factors, including:
- The length of the marriage
- The age and health of each spouse
- The earning capacity of each spouse
- Contributions to education or career advancement
- The economic circumstances of each party
The first step in property division is to identify what’s considered marital property and what’s separate property. Marital property includes assets acquired during the marriage, such as real estate, retirement accounts and business assets. Separate property, on the other hand, includes assets owned by one spouse before the marriage, inherited property and gifts received by one spouse.
Marital Debt And Debt Allocation Strategies
Marital debt, including credit card debt, mortgages, auto loans, student loans and medical debt, must also be divided equitably in a divorce. Our divorce attorneys understand the importance of protecting clients from unfair debt allocation and how this can affect your future. They will work with you to develop a strategy that takes into account your financial situation and goals so that you are not left with an unfair burden of debt.
Utilizing Mediation To Reach A Settlement In Your Divorce
Mediation can be a cost-effective approach to property division, allowing you to maintain control over the outcome while reducing legal expenses. Our founding attorney, Tracy Frye, is a trained mediator with extensive experience in property division matters. In mediation, our experienced family lawyers will work with you to identify areas of agreement and negotiate a settlement that works for both parties.
This process can help you avoid the uncertainty and expense of litigation, while also maintaining privacy and reducing stress. The added privacy is especially an advantage for divorcing couples with high net worth who do not want their financial details to become part of a public court record.
Schedule A Free Consultation With A Property Division Divorce Lawyer
If you’re considering divorce and concerned about property division, our team is here to help. Our experienced attorneys offer a free initial consultation to answer your questions and provide guidance on the next steps. You can schedule an appointment by calling 606-833-8400 or sending us a message through our website. Our lawyers are committed to providing personalized support and knowledgeable guidance throughout the divorce process. Contact us today to learn more about how they can help you protect your interests and achieve a fair property division settlement.