What does it mean that Kentucky is an “equitable distribution state”?
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 remember that equitable distribution pertains to property division, not child custody or support matters. These issues are handled separately, and the court considers different factors when making decisions related to children.
This division applies to all property acquired during the marriage and does not usually include:
Property that each spouse owned before marriage
Assets that each spouse received personally as a gift or inheritance from a third party
Property identified as separate in a fair written agreement
Other than the assumption that separate property will remain yours unless it was commingled with marital property, there is no set formula determining who gets what.
By Jennifer Griffin|2023-09-26T21:33:48+00:00September 26th, 2023|Divorce|Comments Off on What does it mean that Kentucky is an “equitable distribution state”?