Divorce can be a complex and emotional process, and dividing assets is one of the most challenging aspects. In Kentucky, there are two main ways assets can be divided in a divorce: equitable distribution and community property.
Equitable distribution is the default method of dividing property in a divorce. This means that assets will be divided equally, but not necessarily equally. The court will consider a number of factors when determining what is fair, including the length of the marriage, each spouse’s contributions to the marriage, and the needs of the children.
In Kentucky, all property acquired during the marriage is considered community property unless it was acquired by gift or inheritance. This means that, in a divorce, community property will be divided equally between the spouses, regardless of who earned it or who contributed more to it.
What method suits you?
The best way to determine which property division method is suitable for you is to speak with an experienced family law attorney. A lawyer can help you comprehend your rights and options and can represent you in court if necessary.
Here are some additional factors the court may consider when dividing property in a divorce:
- The age and health of the spouses
- The economic capacity of the spouses
- The academic training of the spouses
- The debts of the spouses
- The tax consequences of the split
The importance of consulting a lawyer
The division of property in a divorce can be a complex and emotionally charged process. It is crucial to consult an experienced family law attorney to ensure the preservation of your rights and a fair outcome.