Going through a divorce is never easy. Worrying about how you are going to split the property that you and your partner have accumulated over the course of your marriage does not make life any easier.
Property division can certainly be complicated and become a major source of conflict during a divorce proceeding. Here is a rundown on how Kentucky handles asset distribution during divorce and what your rights are during this process.
Equitable distribution of property
States across the United States divide property in a couple of ways. Kentucky is an equitable distribution state, meaning that a divorce court divides all property in an equal manner during divorce. In other words, the court does not automatically assume that both you and the other party own the property you are trying to divide. Meanwhile, other states are community property states, where courts divide property 50/50.
How separate property is handled
If you own property separately from your spouse, this property is not subject to division. Examples of separate property include any property that you owned before getting married, an inheritance or a gift. Also included is any property that a prenuptial agreement excludes from property division, as well as any property you accumulated after separating from your spouse legally.
The court’s involvement in your property division matters
If you and your future ex-spouse can find common ground in the area of property division, you may be able to resolve these issues through informal negotiation or divorce mediation, without further court intrusion. This may result in less stress compared with proceeding with traditional divorce litigation. However, even if you negotiate asset distribution on your own, a judge must still review your agreement to ensure that it is not extremely unfair. If the judge is happy with the terms of your agreement, it will receive court approval.
However, if you and the other party cannot resolve your property division issues on your own, a judge will have to decide these issues for you. The judge will consider factors such as how long you were married, both party’s contributions to obtaining marital property, and the property’s value. Whether you tackle asset distribution outside of court or in court, it is within your rights to pursue the most personally favorable outcome possible given the circumstances surrounding your divorce.