When a married couple decides to divorce, one of the most contentious issues they will face is the division of their property. In Kentucky, the property division process is governed by state laws, which aim to ensure a fair and equitable distribution of assets between spouses.
Kentucky is an equitable distribution state, meaning that the court will aim to divide marital property fairly and justly.
Marital vs. separate property
It is important to know the difference between marital and separate property. Marital property is any property acquired during the marriage, regardless of who purchased it. Separate property, on the other hand, is any property owned by either spouse before the marriage or acquired through inheritance or a gift.
Factors that impact property division
The court will consider several things during the property division process, which include the following:
- Each spouse’s contribution to the marriage and acquisition of property
- Each person’s economic situation
- How many years the marriage lasted
- The value of the property set apart for each spouse
- Each spouse’s current income and earning potential
- The tax consequences of the property division
It is important to note that property division in Kentucky is not an automatic 50/50 split. Instead, the court will divide property in a fair and just way. This means that one spouse may receive a larger portion of the marital property if the court determines it is appropriate based on the abovementioned factors.
If you are facing a divorce in Kentucky, knowing the law and your rights in the property division process is important. This will help you protect your rights and ensure you get a fair amount of property in the divorce order.