Covington Asset Valuation & Property Division Attorneys During a Divorce

Specific laws govern the division of marital property, and marital debt, during a divorce. The process of determining which assets and debts belong to the marriage, and which are separate, can be complex. Asset valuation and property division are often among the most disputed aspects of the divorce process. Without help from an experienced divorce lawyer, you run the risk of being forced into accepting a bad deal due to pressure from your spouse's divorce lawyer.

Fox & Scott, PLLC is a small professional law firm located in Covington, Kentucky. Our attorneys offer ten years' experience managing the divorce process, including negotiations or lawsuits regarding property division, on behalf of husbands and wives throughout Greater Cincinnati and Northern Kentucky. Contact our office to schedule a free confidential initial consultation.

Ohio and Kentucky Are 'Equitable Distribution' States

The divorce laws of both Ohio and Kentucky state that marital property will be divided according to a process called equitable distribution. Under the rules of equitable distribution, division of marital property will be not necessarily be a 50-50 split. Instead, the distribution takes into account the financial circumstances of each spouse in determining who should be awarded specific marital assets.

Equitable distribution is often a more fair method of property division. However, because the rules are more vague, it can be more difficult to anticipate how a family court judge will rule on property division issues. This leaves a lot of room for negotiation between the spouses and their attorneys.

If property division during an impeding divorce is a major concern for you, consult a knowledgeable divorce lawyer to find out how to protect your rights effectively and create a stable financial future.

Marital Property Versus Non-Marital Property

Ohio and Kentucky divorce laws state that each spouse will retain ownership of all "private" property, also called non-marital assets. Examples of non-marital property include real estate obtained before the marriage, an inheritance, and stocks or bonds obtained before the marriage.

Just as the spouses' assets must be examined to determine whether each one is marital property or non-marital property, so too must the parties' debts be examined. Debts, like assets, must be marked as either marital or non-marital property. Then, like asset allocation, debts will be allocated between the husband and wife according to the principles of equitable distribution.

Get Practical Answers to Your Questions About Marital Property Division

Contact Fox & Scott, PLLC for a free initial consultation with one of our experienced divorce attorneys. In Cincinnati, call 513-591-2000; in Kentucky, call 859-291-1000. Or, send us an e-mail to request an appointment.