Over the course of your marriage, you and your spouse likely acquired assets and property. This includes your earnings from work, the vehicles you purchased, the investments you made in your retirement plan and the home you bought. While you and your spouse may each retain your separate property, or the assets you brought into the marriage with you, your shared property must be divided should you decide to get divorced in Kentucky.
You and your spouse may negotiate amongst yourselves to reach a property distribution agreement. However, it is subject to court approval and the judge may veto parts it determines to be extremely unfair.
If you cannot reach an acceptable agreement together, the decision falls to the court. In making marital property division decisions, the state of Kentucky employs the principle of equitable distribution. However, equitable distribution does not necessarily mean that your assets will be divided into equal 50-50 shares. Rather, a judge must divide your property in a manner deemed fair and equitable.
According to Kentucky state law, in deciding the division of marital property during your divorce proceeding, the court may consider factors including the following:
- The length of your marriage
- The contributions you and your ex-spouse made to acquiring your shared assets
- The value of the property set apart to you and your ex-spouse
- The economic circumstances of you and your ex-spouse when the property division decision takes effect
When determining how to divide your marital assets, the court may not give any weight to marital misconduct. For example, you may not receive a larger share of your marital assets because your spouse committed adultery or vice versa.
The preceding information is intended only for general purposes and is in no way meant to be considered as legal advice.