Going through a divorce is an overwhelming experience. When you factor in significant assets, this legal process can be the most daunting time of your life.
Divorce is already a challenge, and many misconceptions make it even more confusing, especially regarding finances. Here are some facts that can set the record straight on some common misconceptions surrounding high-asset divorce.
Myth #1: The court splits everything 50/50
Contrary to popular belief, the court does not always divide all assets equally between spouses. Most states, including Kentucky, follow the “equitable distribution” of property, which means the court divides assets fairly but not always equally. Factors such as the length of marriage, the financial situation of both spouses and their contribution to the marriage can affect the division of assets.
Myth #2: All assets go through division
Many believe the court divides every asset the couple owns during a divorce. However, only marital assets or property acquired during the marriage are subject to division. The law typically considers assets you owned before marriage, such as inheritances and gifts, as separate property and are therefore not divided.
Myth #3: Divorce settlements are set in stone
Although many aspects of a divorce decree are final, some arrangements are still subject to modification under certain conditions. These include financial agreements like alimony and child support, mainly when there is a notable change in income or circumstances.
Knowing the truth behind every misconception surrounding divorce can help you have realistic expectations and make informed decisions during this complicated legal process. It is also crucial to remember that every divorce is different. Getting the right advice is vital to achieving a fair outcome. Consider contacting a divorce attorney who can help you navigate the details unique to your case.
