Divorce causes a lot of emotional and financial stress. An individual may find themselves incapable of financial independence right after a marriage. This may be a factor that keeps a spouse in a non-functional marriage.
Because Kentucky is an equitable division state, individuals filing for divorce can be given a head start toward financial independence after everything has been settled. This can happen cooperatively with an out-of-court property settlement, or this can happen at the court’s hand.
Property division
A parent who may be potentially disadvantaged by a divorce can receive some advantage under Kentucky’s divorce laws. Equitable division of property means that property acquired during marriage, such as a home or money in savings accounts, may be disproportionally distributed to each spouse according to needs.
Equitable division considers multiple factors when distributing property. Does one parent have sole custody over the children? Does one parent have more earning potential upon divorce? Did one parent contribute more to homemaking? Any of these factors may convince the court that one parent should have a larger portion of property given to them.
What property can be redistributed?
The property that can be redistributed by a divorce is limited to property acquired during marriage. For instance, property and assets such as homes, automobiles or real estate may be exempt if one spouse owned them before the date of marriage. Contrarily, if any of these things are purchased after the couple has been married, the court may change ownership and give it to the spouse in most need.
How is distribution decided
Property distribution is settled on a case-by-case basis. In a litigated divorce, the court has the sole discretion in determining who gets what regardless of what the couple had previously decided.
Although an individual may fear financial instability upon divorce, under equitable distribution laws, each spouse can be assured they may get a larger proportion of property if the court deems it necessary.
