Property And Asset Division
When a couple is going through a divorce or dissolution of marriage in Kentucky or Ohio, it is necessary to divide up all assets and debts accumulated during the marriage. The courts divide both marital assets and marital debts in a fair and equitable manner. In order to determine what is fair and equitable, it must first be determined what assets exist and their value, and what debts exist and their balance.
Our lawyers at Dietz & Overmann, PLLC, understand how every couple’s financial situation is different. We sit down with our clients to craft a custom solution to asset division in order to ensure a secure financial future for themselves and their children.
Asset Division: The Basics
After all of the assets, property and debts are identified, they must then be properly characterized as marital and non-marital. Generally, non-marital assets include property, inheritances and gifts acquired before the marriage, while marital property is property accumulated during the marriage — regardless of which party is identified as the owner.
Likewise, non-marital debts are generally debts incurred prior to the marriage, while marital debts are debts accumulated during the marriage regardless of whose name is listed as the liable party.
Property and asset division is often an involved process. Many clients benefit from experienced divorce attorneys who will do the research and hard work necessary to account for all property and assets so that their clients’ interests are preserved. Call our legal team today at our Edgewood offices by calling 859-757-2978 to schedule a consultation about your case. You can also email us your contact information via our secure form to start the process.