When a marriage ends in a divorce, one of the most important things you will need to work out is property division. For this, you will need to understand how Kentucky marital property laws work.
Kentucky is an equitable distribution state, meaning that all property and debts acquired during the marriage are subjected to equitable distribution during the divorce. But how exactly does this work?
How the court defines marital property
Kentucky law defines marital property as any asset or debt that is a direct investment or labor of the couple while in the marriage. That said, it is important to understand that equitable distribution does not necessarily mean that marital property will be divided on a 50-50 basis. Rather, it implies that marital property shall be divided in a fair manner.
What the court considers when dividing marital property
The court will take multiple factors into account when dividing marital property. Some of these factors include:
- The duration of the marriage – The longer the marriage, the more complex the process of property division will be. This is especially true if there are co-owned assets like the family home, family business and joint bank accounts.
- Each party’s contributions to the marriage – Each party’s contribution to the marriage will also be taken into account during property division. These include financial contributions as well as non-financial contributions such as childcare and homemaking.
- Each party’s economic circumstances – The court will also take each spouse’s economic circumstances into account while dividing marital property. This includes determining who gets the family home or the right to continue residing in the marital home with the kids after the divorce.
- Value of the marital property – To ensure fairness and equitability, the court will carefully consider the value of the property each spouse is walking away with after the divorce.
One of the most fundamental aspects of divorce is identifying and dividing marital property. Find out how you can safeguard your rights and interests while dividing marital property.