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Division of property: What are your options?

On Behalf of | Apr 17, 2024 | Property Division

Property division is one of the many complex issues you must navigate after a divorce. You and your ex-spouse will decide how to split your marital possessions during this process. To prepare for this step, you should explore all options for settling a reasonable share of debts and properties.

Dividing marital properties in Kentucky

You and your ex-spouse can decide how to divide your property through a settlement agreement. In this scenario, the two of you will assign items to each other, sell property and split the proceeds equally. You can also work with a mediator to help you develop a settlement agreement.

On the other hand, if the two of you cannot agree on how to divide your property, you can ask the court to decide. The judge will examine the following factors when determining the final arrangement:

  • Value of the assets and property
  • Financial status of you and your former spouse
  • Duration of the marriage
  • Individual contributions of the two parties to the acquisition of assets and debts
  • Custody arrangements, if applicable
  • Imprudent actions of any involved parties that may have contributed to debts

You can also continue sharing a property with your ex-spouse even after separation. This option can be a practical choice among couples with children who are about to graduate. In these cases, the two parties may keep the family home and decide later.

Know your options during a property division

Divorce is an emotionally taxing legal process that can also quickly deplete your financial resources. Knowing all your options during property division can help you get back on your feet.

Consider seeking legal counsel to learn and understand your legal options during and after the divorce.