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How can high assets work against you in divorce?

On Behalf of | Jun 13, 2019 | Complex Property Division, Firm News

Kentucky residents like you may run into some trouble with asset division during divorce if you have over a certain amount of assets to your name. Today, Lisa L. Johnson, attorney at law, will discuss the limitations of high assets and how they can create potential hurdles.

First, know that assets don’t just apply to money itself, even if things like savings or retirement accounts are often some of the biggest hurdles for you to deal with. Assets also include things like vacation homes, rental properties, private aircrafts, boats, and any motor vehicles you might own.

In addition to real estate, physical property and stocks or income options, there are also inheritances and family heirlooms to deal with. If wealth has been in your family for some time and you have inherited a lot from your parents, grandparents or so on, some these assets may be up for division during a divorce.

Finally, if you have a family business, splitting up assets can become quite tricky. Who gets what share of the business? Will the profits be split? What about control of any trademarks, trade secrets, or production? These things may have to be decided with the help of a mediator unless you and your spouse are on very good terms.

Dealing with property division in divorce can be complex no matter how much you have to divide, but it certainly gets more complex the more you have to work with. Because of these complexities, having an attorney on your side can be crucial.