The term "equitable distribution state" refers to how a state handles the division of marital property and assets in a divorce. Kentucky is an equitable distribution state, which means that when a couple divorces, the court will divide their marital property and debts in a manner deemed fair and equitable, though not necessarily equal. [...]
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 [...]
In Kentucky, debt division in a divorce typically follows the same principles as the division of assets. Debts incurred during the marriage are generally considered marital debts and are subject to equitable distribution. Courts will take various factors into account when dividing marital debt, such as each spouse’s liabilities and debts and their overall [...]
There is no legal standard indicating which spouse keeps the marital home, but if you and your spouse cannot agree, the court will make that decision after taking certain factors into account. For example, if you will have primary custody of the children, a judge may conclude that it is in their best interests [...]
Divorce settlements can have various tax implications for both parties involved. It's important to work with a qualified tax professional who can help you understand the tax implications of your divorce settlement. Proper tax planning can help you avoid unexpected tax liabilities and ensure that the settlement is structured in the most tax-efficient manner. [...]
Yes, Kentucky has alimony but in Kentucky it is called maintenance.
The basic eligibility requirements to receive maintenance in Kentucky are: Inability to support oneself financially through gainful employment. This may occur if the spouse has custody of a child whose needs prevent them from working outside the home. Lack of marital assets after division to meet the spouse’s reasonable needs.
Unlike child support, there is no formula for calculating maintenance in Kentucky. If you are eligible for maintenance, the court will consider several factors when establishing the payment amounts which could include the following: Your age and health How long you were married Your financial need Your income, if any Any circumstances that prevent [...]
Yes, there are ways to receive financial support during the divorce process, depending on your specific situation and need. Here are some circumstances where you could receive financial support during a divorce: Temporary Orders: You can request the court to issue temporary orders for spousal support (alimony) and child support during the divorce proceedings. [...]
Yes, a prenuptial agreement can impact divorce proceedings. A prenuptial agreement is a legal contract that a couple enters into before getting married, outlining the division of assets, property, and other financial matters in the event of divorce or separation. A prenuptial agreement can impact property division, debts and liabilities, asset protection, but they [...]