When a couple decides to end their marriage, one of the most challenging aspects is the division of assets, including property. Kentucky is an equitable distribution state, meaning the court will divide marital property fairly between the spouses.
However, it is essential to understand the property division laws in Kentucky to ensure that the process is fair and equitable.
Marital Property Vs. Separate Property
The first step in dividing property in Kentucky is determining marital and separate property. Marital property includes any assets the couple acquired during the marriage. This includes real estate, vehicles, retirement accounts, and debts. On the other hand, separate property refers to assets or property one spouse owned before the marriage or acquired after separation.
Equitable Distribution
Once the court determines what marital and separate property are, the court will divide the marital property equitably between the spouses. This means that the court will consider several factors to decide what is a fair and just distribution of property. Some of these factors include marriage length, the income of each spouse, the health of each spouse and others.
It is important to note that equitable distribution does not necessarily mean equal distribution. While the court may divide property equally, they may also consider the above factors to award one spouse a larger share of the property. The goal is to ensure that the property division is fair and just, not necessarily equal.
Dividing property in a divorce can be a challenging and emotional process. However, understanding the property division laws in Kentucky can help ensure that the division is fair and equitable. If you are going through a divorce in Kentucky, knowing your legal rights is essential and can help you navigate the complexities of the process.