You and your spouse have enjoyed the finer things in life, and you have worked hard to achieve this level of comfort. Nevertheless, now that you are facing divorce, you also have the overwhelming task of separating your marital property.
While some assets may be easy to value, others have more complex components that may need the appraisal of experts. Having a legal representative who has access to these resources will be critical to obtaining a full and fair share of assets during property division.
Not all animals are pets
Of course, you will have emotional decisions to make when it comes to your family pets. Unlike a few other states, Kentucky still considers pets to be property, and nearly 90% of pet owners who divorce find the custody of their pets to be a source of contention.
On the other hand, if you and your spouse have invested in horses for showing, racing or breeding, you are dealing with a much more financially complex issue. In addition to considering the cost of feeding, maintaining and insurance these animals, you will want to be diligent in calculating the full value of your horses, including the following:
- The right to breed
- The cash considerations for breeding
- The value of any frozen semen your horses may already have donated
- The rights to any offspring your horse may sire or foal
- The right to show or race your horses
- The potential prize money from any shows or races
- The right to the horses’ DNA if you have future plans to clone them
Overlooking any of these or other details may result in lost assets, so having an experienced attorney on your side can improve your chances of obtaining what you deserve.
The fair value of other assets
It is likely that you have other complex assets to divide with your spouse. This may include antiques, real estate, intellectual property, precious metals or vintage wines. If you and your spouse are able to negotiate a settlement, you may find ways to offset the ownership of assets you would like to keep. This may mean offering items to your spouse in exchange for assets you want. However, you may ultimately face the task of liquidating assets if you can’t reach an agreement.
When you decide to obtain professional legal services to guide you through your high-asset divorce, experience is essential. With the right advocate, you have a better chance of reaching your goals for property division as well as other issues in your divorce.