How will our property and assets be divided, and what factors are considered in this process?
It is important to understand that property division involves more than just physical assets like real estate and vehicles. It may also include financial assets, retirement accounts, investments, business interests, and debts. When dividing marital property in Kentucky, a judge will try to be as equal as possible, but mitigating factors may result in a split that is less than 50-50. These factors can include:
The duration of the marriage
The couple’s standard of living
The current financial situation of both spouses
Each spouse’s income
Each party’s physical and emotional health
Each party’s financial contributions during the marriage
The court will then calculate the financial value of all marital property and distribute it with the goal of being as fair as possible.
By Jennifer Griffin|2023-09-26T21:32:31+00:00September 26th, 2023|Divorce|Comments Off on How will our property and assets be divided, and what factors are considered in this process?