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Are horses and other unusual assets part of your divorce case?

| May 14, 2020 | High Asset Divorce |

For some time, you may have realized that your marriage hasn’t been working and not likely to work. While you may have felt happy and loved in the beginning of your marriage, you later felt disconnected, unhappy and maybe even uncomfortable in your relationship. Now, you are ready to take the necessary steps to end your marriage.

Whether your spouse feels the same way may seem irrelevant, but if the two of you can work together amicably, you may have a better chance of reaching divorce settlement terms for your considerable assets that make you both feel less than terrible. Of course, you may have some unusual assets that could prove tricky to divide.

Are these assets on the table?

As someone who lives in Kentucky, you are no stranger to horses. In fact, you and your spouse may have a few prized thoroughbreds that you do not want to part with due to sentimental and financial reasons. Of course, determining the value of these animals may not be easy, and you may need to ensure that you approach these assets sensibly during property division negotiations. For example, you may need to determine whether selling the horses or continuing joint ownership would work best.

Some other assets that you may need to carefully consider include the following:

  • Offshore holdings
  • Burial plots
  • Season passes and tickets
  • Club memberships
  • Antiques
  • Art collections
  • Jewelry
  • Mineral rights
  • Family trusts
  • Intellectual property, like patents and copyrights
  • Loyalty rewards
  • Prepaid premiums
  • Wine collections

The assets involved in your divorce could be various and valuable. It is especially important to remember intangible items when assessing your assets and what you may want to fight for during your case. Fortunately, if you approach your divorce like a business transaction, you may have the chance to address certain assets in a way that works out for both you and your soon-to-be ex-spouse.

Explore your options

Kentucky operates under equitable division laws, which means that the court will divide marital assets as fairly as possible. You certainly want to ensure that you receive your fair share of assets, so it may be wise to proactively plan for the proceedings ahead. You can discuss property division matters with an attorney experienced in high-asset divorce to better understand your legal options and how you can work toward the outcomes you find most agreeable.