Property division is one of the most contentious issues in almost every divorce. Given the uncertainty of life ahead, you may be wondering what you will end up with after the dust has settled. Will you end up better off than you were during the marriage? Will you need to divide everything equally? The answers may not be so straightforward since circumstances may differ.
Usually, any valid and binding legal agreements between the separating spouses, such as a prenuptial agreement or a postnup, will determine how property will be divided. Otherwise, the court will follow state laws.
Equitable distribution of marital property
Sometimes, dividing marital property equally between the divorcing couple may not serve the interests of justice. That is where equitable distribution comes in, and Kentucky is an equitable distribution state. Certain factors are considered when determining the final portion that each spouse will get.
Such considerations include:
- Your earning capacity compared to your spouse’s earning capacity
- Your monetary and non-monetary contribution to the marital estate
- Any lost opportunities you sacrificed at the expense of your spouse
- The length of the marriage
- If you have custody of the children, among others
All these will shape the property division process, and your share may not be equal to your ex-spouse’s. Remember, private property belonging to either spouse is not shared out after divorce. Only property acquired during the duration of the marriage is usually up for division.
Protecting your interest during the property division process
It is advisable to be involved in the whole process right from the beginning to get your fair share. Your ex might try to hide property or undervalue them to shortchange you, and you need to be wary.
Learning more about how everything works and what you should expect in the property division process will ensure you safeguard your interests.