Getting a divorce isn’t easy, and figuring out the rules of separation can be just as hard. You’ll have to untangle your lives from each other, and that begins with sorting out everything you own.
Kentucky uses the rules of equitable division when splitting assets in divorce. While the law looks to give you each a fair share, that doesn’t mean a judge will split all property down the middle. Only applicable assets will be on the table, so how a court sees your property can make a big difference.
Assigning arithmetic
You’re usually looking at what you gathered during your marriage, but that’s not always the case:
- Longstanding asset: If the purchase date is before you said your wedding vows, then it might be exempt from the division process. But this isn’t always the case. When you contribute to something over the course of your marriage with shared funds or time and effort from the other spouse, that can bring previous outliers into the fold.
- Gifts and inheritance: When family members leave behind something for you or give you a gift, it can be hard to neatly tuck that into a shared or separate box. One of the large determining factors is to whom the benefactor legally assigned the goods. If the assets only had your name on them, there might be a chance at separate property. If they had both your names or your spouse benefitted greatly from them, you might not have a sole claim.
- Certain debts: Money that you or your spouse owe can fall into the shared pile. Even if it’s just your name on the deed or just their name on the lease, you may still split the remaining balance. This isn’t always the case. If your spouse goes on a tear right before the divorce, buying luxury items for themselves, then that might not count toward your share.
Division in divorce can look different from case to case, and it all begins with classification. Knowing where your assets fit into each category can go a long way toward making sure you get your fair share.