It’s important to observe state laws when determining how assets will be divided during your divorce. All states follow one of two legal doctrines: community property or equitable distribution.
Kentucky follows equitable distribution law, meaning that marital assets will not be automatically divided equally between spouses. Instead, the courts will take several factors into account to decide what is the fairest outcome for all parties.
The following are the main issues that Kentucky divorce courts consider when deciding how assets should be divided between spouses.
Contributions to the acquisition of marital property
One spouse may have made a larger contribution to the acquisition of marital property than the other and they may be awarded a larger share of the property. However, if one spouse contributed as a homemaker or caregiver, this will be seen to be an indirect contribution to the acquisition of marital property.
The length of the marriage
The length of the marriage will determine how financially dependent the spouses have become. A longer marriage usually leads to a more complex asset division process.
Future economic circumstances of each spouse
The courts will calculate the possible future economic circumstances of each spouse. If one spouse is unemployed, for example, they may be awarded a higher share of marital assets to compensate for this future inequity of income.
If you want to ensure that you get a fair share of marital assets in your Kentucky divorce, you should take early action. By planning ahead, you will have a better chance of walking away from your marriage with the assets that you need to start your next phase of life.