What is considered marital property?

Kentucky is one of many states in the nation that follows an equitable distribution of property model when couples choose to file for divorce. Rather than split all marital property equally in half, the judge presiding over the case will determine who is entitled to what after careful consideration of several factors.  In order to do this, however, the judge must have a comprehensive list of each party’s separate property, as well as all of the property that has been accumulated during the course of the marriage. At Gatlin Voelker, PLLC, we know that some people may not receive all of the marital property they are entitled to. When going through divorce, you should understand what property you are able to receive in the divorce settlement.

Marital property and assets are those which have been amassed while the couple was married. Many people instantly think of homes, vehicles, furniture and other possessions the couple may share. Yet, there are a number of other things that may be considered marital and are eligible for division in a divorce case. These include the following:

  •          Expensive collections, such as cars, art, horses, coins, antiques or wine.
  •          Gifts that spouses gave to one another during the marriage.
  •          Golf course or country club memberships.
  •          Lottery ticket winnings and income tax refunds.
  •          Intellectual property, such as patents, royalties, copyrights and trademarks.
  •          Travel reward points.

Any money that was put into 401k plans, stocks and bonds during the marriage are also fair game when it comes to property division.

To learn more about marital property and property division, visit our page on divorce.

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