Lonneman & McMahan PLLC

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Divorce and property division

During a divorce, there is a lot going on. You are emotionally upset, as the process to dissolve your marriage is never calming or relaxing. You may be confused, as your attorney details out hearings, depositions, court filings and other issues that even if they are not written in Latin, sometimes seem as if they might as well be.

You have to make important decisions while dealing with the emotional rollercoaster of your thoughts. Sometimes you may only be half-listening when your attorney explains elements of your divorce. No matter what, you should not drift off during your property division discussions, as this is a critical element of your divorce and for your future.

Here's why. It not just that it involves money, and you will need to fully understand your finances after your divorce. It is because, unlike some aspects of your divorce, like spousal maintenance or child support that can be modified, the property division that is finalized in your divorce settlement is final. There is no "do-over" for this, absent a very difficult showing of actual fraud being committed by your former spouse.

This means you and your attorney need to very carefully go over all of your finances, both assets and debts, to ensure that the property division is accurate and correctly values all elements of your martial property.

For instance, you need to assess the complex apportionment of a military pension, any "separate property" needs to be excluded from the calculation, and you need to take into account the tax effect of transferring various assets and adjust total amounts in light how taxes will figure into the final amount your receive.

If you make mistakes or forget about some property, a bank account or an income stream, no court in Kentucky will be able to help you recalculate the numbers.

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