Here in Kentucky, we use equitable distribution guidelines to govern how couples split their assets and liabilities when they choose to divorce. Unlike several other states like Texas, New Mexico and California, which require spouses to split up their marital property evenly, spouses in Kentucky enjoy some flexibility in their property division negotiations.
However, this does not necessarily make things any easier in the divorce process. In order to successfully obtain the divorce you need, you must reach a fair and equitable property division agreement with your spouse. So what is “fair and equitable” in this instance? A court may consider a number of factors outside of the monetary contributions that a spouse makes to the marriage, such as the contributions of homemaker to the marriage.
In broad strokes, a court often allows couples to self-determine their property division, as long as the terms they reach are legally valid and appear fair to the court. This does not necessarily mean that each spouse keeps exactly the same amount of money, debt and assets in the split, but does mean that the division must be reasonable.
Unfortunately, “reasonable” is sometimes difficult to achieve in a divorce without proper guidance from a professional. An experienced attorney can help you protect yourself and your priorities. Proper legal counsel helps you navigate all aspects of your divorce confidently, ensuring that your property division and other elements of the divorce remain professional while protecting your rights and interests throughout the process.
Source: Findlaw, “What Does Equitable Distribution of Property Really Mean?,” accessed Nov. 10, 2017