Both parties to a divorce in Kentucky possess some rights to assets and properties that are obtained while joined in matrimony. This is true whether the couple acquired the belongings through equal contributions or if one member of the marriage was mostly responsible for the assets. It is also an important point to understand that along with this right to property exists a shared responsibility for the debt accumulated while married.
Property division in Kentucky follows the equitable distribution of property principles. It is first determined what belongings are considered marital property and what possessions are the personal property of the individuals joined in marriage. The marital property is then equitably distributed between them. Property owned before the marriage took place, gifts from the other spouse, inheritance, and assets designated as property of one of the parties due to a prenuptial agreement are often designated personal property.
Couples in Kentucky have the choice of dividing marital property on their own through a separation agreement. The court will step in if it decides the agreement made by the divorcing parties is unfair to one of them. A judge will also intervene if a couple demonstrates they are unable to reach an amicable agreement. A judge who becomes involved with the distribution of marital property will take into account the contributions made by each spouse, the present circumstance of each spouse, the value of the property divided, and the time the couple spent in the marriage.
It is never easy to end a marriage. And the separation becomes even more complicated when a marriage dissolves after the accumulation of shared property. Individuals concerned with receiving their fair share of the marital property so that they can get on with the task of rebuilding their life following a divorce may benefit from speaking with a family law attorney.
