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Determining whether your assets are marital property or not

As you and your former spouse begin working through divorce proceedings, it will be necessary for you to separate assets, finances and property as fairly as possible. Often, this portion of a divorce is the most time consuming and contentious. However, if you go into proceedings with an understanding of how marital property is determined, you may feel more confident going into mediation. At Fowler Bell, we are experienced in dealing with the complications that are often present during a divorce in Kentucky. 

According to Live About, most all property is considered marital property. There are however, some exceptions including property that was gifted to you, given to you by your spouse before you were married, property that neither you or your ex consider to be shared, property you have received after your separation was made legal and property you have acquired through descent. 

When courts are deciding whether or not your property is considered marital or not, here are some of the things they consider:

  • Post-nuptial agreements you may have previously made.
  • The value of your property.
  • The needs of your children (including custodial arrangements).
  • How long your marriage lasted.
  • The economic circumstances and financial stability of you and your former spouse. 
  • How much you and your ex contributed to the acquiring of certain pieces of property.

With a firm understanding of how courts make decisions regarding your property during divorce, you may feel more at peace with the decisions you will soon need to make. For more information about divorce, visit our web page. 

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