Opinion ID: 2455593
Heading Depth: 1
Heading Rank: 3

Heading: the gentrys waived, by agreement, any claim by each of them to property owned by the other at the termination of the marriage, regardless of how such property might otherwise have been distributed or divided under krs 403.190. each is therefore entitled to the property held in his or her name at the time of divorce.

Text: Kathy argued on appeal that even if the antenuptial agreement applies to the disposition of the Gentrys' premarital property in the event of their divorce, it could not affect the disposition of their marital property. The Court of Appeals considered this argument and held as follows: We do not disagree with this premise. The difficulty would seem to have been in determining precisely what their marital property was. The property which each acquired after the marriage and maintained as his or her separate property was not marital property by virtue of their agreement and KRS 403.190(2)(d). The record substantiates the trial court's finding that Tom and Kathy, for the most part, maintained their premarital property separately and allocated to separate ownership the property acquired after the marriage. The effect of the agreement and the separate ownership of most assets was to obviate the necessity of the court's becoming involved in dividing property acquired during the marriage. By their agreement and their allocation of assets between them, the parties excluded such assets from the definition of marital property under KRS 403.190. Kathy argues that even if the circuit court was correct in upholding the agreement, it nevertheless applied the agreement incorrectly as to one asset  the California house. All real estate except the California house was held solely in Tom's name and was awarded to Tom. Notwithstanding the fact that title was taken and held by Tom and Kathy jointly, the trial court found the California house was a business asset and awarded it to Tom. This was error. It is true the record establishes that the house was purchased from the Tom Gentry farm account, but just as Kathy may not argue that her contribution to the marriage and the enterprise is not accurately reflected in the ownership of assets, Tom is likewise precluded from arguing that the house is his sole and separate property. By virtue of the antenuptial agreement, property in Tom's name at the time of dissolution was Tom's; property in Kathy's name at the time of dissolution was Kathy's. The Gentrys gave effect to their agreement by keeping their premarital property separate and by allocating between them property which would otherwise be subject to division by the court under KRS 403.190. In consideration of Kathy's reciprocal release, Tom renounced and released unto Kathy any property which she might own at the termination of the marriage. Having upheld the agreement, the court must give it effect. At the time of dissolution, Kathy had acquired, within the meaning of the agreement, and was seised of, a one-half undivided interest in the California real estate. We therefore remand to the trial court with instructions to award one-half the equity in the California real estate to Kathy Gentry, in accordance with the antenuptial agreement and the deed.