Property Settlements in a Divorce are normally settled with each side getting half of the divorce assets and one half of the debts. However, fair does not always mean 50%. Other percentages are allowed if they are equitable.  It is seen as if the parties were in a business partnership.  Each person may have premarital property or nonmarital property.  Premarital property is a type of nonmarital property -- the property you had going into the marriage.  Other nonmarital property is property you inherited or were gifted during the marriage or retirement benefits which accrued before the marriage.  Nonmarital property is typically kept by the party acquiring it but the judge has the right to give your nonmarital property to your ex-spouse; however, that is rarely done.   

You need to make certain that all of your property is disclosed to the other side.  While it it is tempting not to disclose all of your property, property settlement agreements can be later revised if you failed to disclose assets.   Beginning in 2001, there are preliminary and final financial disclosure statements that are used throughout Kentucky.  These documents supersede the Mandatory Case Disclosures formerly used in Louisville; however, some judges may still accept accept the Louisville Mandatory Case Disclosures.

By filing the financial disclosure statements, you show the judge and your spouse all of both parties property and debts to the extent you know them.  If the property was properly and fully disclosed, then the other side cannot later claim that the property settlement was fraudulent because of an asset they did not know about it.  When you choose an attorney you may need an attorney that is not just part psychologist but also part accountant, auditor and detective in uncovering assets that can be hidden in plain sight.

The Divorce Manual fully discusses property settlements.   Download your free copy.  This is an advertisement for the Divorce Manual.  This is not legal advice.  It is for informational purposes only.

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