Helping You Keep Your Fair Share Of Marital Property
After you’ve made the painful decision to end your marriage, a host of other decisions must be made regarding valuable property, debt and personal belongings. Kentucky law calls for an “equitable” distribution of assets, but equitable does not necessarily mean a 50/50 split. Equitable means fair based on the circumstances of each spouse at the time of the divorce. The court looks at a variety of factors in determining how to distribute marital property and debt, including:
- Income of each spouse
- Financial situation of each spouse
- Age of each spouse
- Health of each spouse (and any minor children)
- Custody agreements (if minor children are involved)
- Length of the marriage
The division of your marital property can have a long-term impact on your financial health. I can advocate on your behalf to help you secure the property you value most in the final settlement.
I have represented clients in Bowling Green and throughout South Central Kentucky for more than 30 years. My goal is always to keep your divorce as affordable as possible and leave you in the best financial situation we can achieve. Please call my office at 270-936-8123 or complete my confidential contact form to set up a consultation.
Equitable Distribution Of Debt And Marital Property
Many couples are surprised to learn that selling assets like real estate and other high-value property may be required to ensure an equitable distribution of assets. Ideally, there will be no joint assets or joint debts after the final decree. Most couples do not have the financial means to pay off debt at the time of divorce, leading to tough decisions about selling assets and real estate to settle debts.
Following are assets and debts that may need to be considered:
- Real estate
- Investments and retirement savings
- Business assets
- The family home
- Mortgage and car loans
- Unsecured debt
It’s important to remember that if the court orders both you and your ex-spouse to pay on joint debt, both of you remain legally responsible. That means if your ex-spouse fails to make payments, you may still be legally responsible for any unpaid portion of that debt. To address these nuances effectively — to ensure a fair division of marital property — it’s important to have legal guidance and representation every step of the way. I work hard to protect your financial and property interests so that you can have a bright and stable future after divorce.
Contact Walton Law P.L.L.C. To Discuss Your Divorce Situation
If you live in South Central Kentucky and need guidance through your divorce, please call me at 270-936-8123 or complete my confidential contact form. I can explain your options and help you seek a favorable outcome.