If you are facing a divorce in Kentucky, one of your primary concerns is naturally the division of your marital assets, which will directly affect your finances moving forward. You may be experiencing considerable anxiety about how your assets will be distributed between you and your divorcing spouse, but better understanding the basics and having an experienced Kentucky divorce attorney in your corner can both help.
The Division of Marital Assets
In a Kentucky divorce, those assets that you and your spouse accumulated while you were married are presumed marital property, and who made the purchase or whose name is on the paperwork has no bearing. The only exceptions are gifts and/or inheritances that either of you received in your name alone. Any assets that either of you owned prior to marriage, brought with you into the marriage, and managed to keep separate throughout the marriage remain the separate property of the original owner. An important point to make, however, is that the comingling of assets in a marriage is exceptionally common, which can make proving the separate nature of specific assets exceptionally difficult.
Equitable Distribution State
In Kentucky, the division of marital assets is intended to be equitable (or fair) rather than necessarily being equal. Hammering out an equitable division of assets – in the context of your unique marriage – can be immensely challenging. Those factors that the State of Kentucky takes into careful consideration in the process include:
- The length of your marriage – The longer the marriage, the more complicated the division of assets tends to be.
- Individual Contributions – The contributions that each of you made to the acquisition of your marital property will be factored in. This includes not only each spouse’s financial contributions but also those contributions that either of you made in relation to homemaking and/or to the provision of childcare.
- Economic Circumstances – You and your divorcing spouse’s individual economic circumstances will also play a role. This includes determining the advisability of awarding the family home – or the right to continue living in the family home with the children for a reasonable stretch of time – to the parent with primary physical custody of the children (the parent with whom the children live the majority of the time).
- Property Value – The value of the property each spouse is awarded in the divorce process will be carefully considered – to help ensure balance and equitability.
The division of marital assets is a primary component of virtually every divorce, and putting in the necessary effort to get it right – in the protection of your financial rights – is paramount.
An Experienced Kentucky Divorce Attorney Can Help
The formidable divorce attorneys at Stotts Law, PLLC, in Georgetown, Kentucky, understand the financial significance of your division of marital assets, and we have the experience and drive to aggressively advocate for an equitable division that supports your financial rights and your financial future. We’re here to help, so please don’t delay reaching out to schedule a consultation or call us at 502-383-1550 for more information today.
