If you’re filing for divorce, you will likely have concerns about parting with your property. You will want to hold onto as much of it as possible. But you may fear that your spouse will receive an unfair share of your marital assets. By understanding Kentucky’s property division laws, you can prepare for the process’ potential impact.
Understanding Kentucky’s property division laws
Like most states, Kentucky follows an equitable distribution method of property division. Yet, in terms of property value, the state’s courts try to come as close to an equal split as possible. This method will not divide your property straight down the middle to achieve an equal value. Rather, it accounts for the needs and circumstances of you and your spouse. These factors can include:
- You and your spouse’s incomes
- You and your spouse’s contributions toward marital property
- Your marriage’s length
- Which spouse receives the marital or family home
- Any adverse actions taken toward marital property by you or your spouse
Protecting separate property
You may own property that you acquired before your marriage. Unless you commingled these assets with your spouse, these will qualify as non-marital property in your divorce. This designation allows you to hold on to these assets; your spouse cannot receive them as part of their divorce settlement. If you acquired assets after you separated from your spouse, these will likely remain in your ownership, too.
Divorce impacts the assets of both parties involved. But knowing how property division works in Kentucky can protect you from an unfair settlement. A family law attorney can help lessen the sting when you’re dividing your property.