Coming to terms with the property division settlement in a divorce isn’t always easy. You probably worked hard to get the things you did and you may have an attachment to them. Knowing about property division in Kentucky can help you to brace for what is to come when you are going through a divorce. It can also help you to have the information you need to make decisions about property division when necessary.
Prenuptial agreements can make property division easier
If you opted to sign a prenuptial agreement prior to getting married, the contents of that agreement will be the basis of the property division process where appropriate. This is a helpful document to have if you are coming into the marriage with certain assets that you want to ensure you can keep if you do end up divorcing. It is crucial that these agreements are handled properly so that they can be enforced if you divorce.
Kentucky uses the equitable distribution
Kentucky uses equitable distribution for dividing marital property when a couple opts to divorce. This means that the property is divided according to what is fair and just. Everything won’t necessarily be divided in half. Of course, if you and your ex are willing and able to use mediation to determine how property is divided, you will have more control over who gets what. If you opt to let the court decide, the division process will strictly follow the laws governing this aspect of divorce.
Martial property has some exclusions
When you are dividing property, everything that is acquired from the date of the marriage through the date of separation is considered marital property. There are some exclusions that apply here. Gifts that are given to one spouse, inheritances given to one spouse, and certain retirement accounts are some examples of property that might not be considered marital property during the divorce.
One thing that doesn’t impact what is considered marital property is how assets are titled. Just because only one spouse’s name is on an asset, such as a vehicle, doesn’t mean it can’t be part of the property division process.
Debts must be divided
Assets aren’t the only property that has to be divided during a divorce. Debts must also be divided. You have to think about how debt division will affect your future because your ex failing to pay debts could negatively impact your credit score. There are several steps you can take to protect yourself. This includes closing joint accounts and opening individual accounts. In some cases, debts can be used to even out the asset division some. Finding out your legal options can help here.