Divorcing spouses often disagree about what should happen with their property. The more valuable the asset in question is, the more likely you are to disagree about what to do with it.
The home that you bought and lived in together is likely one of your most valuable possessions, and both of you may want to keep the home after you divorce. If you have a prenuptial agreement, the terms of that agreement might dictate what you can do with the house.
If you don’t have a marital agreement or it doesn’t address your home, who decides what happens to your house when you divorce?
The couple divorcing can retain that authority
You do not need to have a judge divide your property. Asset division litigation is only necessary when spouses cannot reach a settlement on their own. You don’t have to worry about state law, only about what both of you can agree on and commit to in the divorce.
In theory, you and your spouse can negotiate your own arrangements for the division of your property and any other important matters and your divorce, like child custody and support. Although a judge will have to review and approve those arrangements, you and your ex will get to decide who keeps the house and how they compensate the other spouse.
If you are unable to reach a settlement through negotiations with your spouse or alternative dispute resolution like mediation, then you may need to consider litigation.
What happens when a judge makes the decision?
In your own property settlement, you could negotiate any terms that you both willingly approve. If a judge has to make the property division that decisions, they must follow state law. Kentucky requires an equitable division of your assets.
A judge will have to review information about what property you have and the circumstances of your marriage to determine what would be fair and appropriate. They could award one spouse the house or even order you to sell it and split the proceeds.
Understanding how property division occurs in high-asset Kentucky divorces can help you plan both for your divorce and your life after it.