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Understanding what property division is during divorce

On Behalf of | Dec 14, 2020 | Divorce

Divorce is one of the most difficult events that many people face at some point in their lives. It is emotionally painful and can also have profound financial consequences later on. When contemplating divorce, it is important to factor in not only the emotional toll, but also the practical implications of splitting up.

Kentucky is a “no-fault” state, in other words that no proof of wrongdoing on either side is necessary for the marriage to end, only the contention that it is irretrievably broken. One spouse must be a resident of Kentucky for at least 180 days in order to file for divorce in the state, and a resident of the county in which they are filing. The couple must also be separated for 60 days before the divorce procedure can begin.

Property distribution in Kentucky divorce

Kentucky is an equitable distribution state. This means that property division is determined by the court according to what the judge considers to be fair, if not equal, according to certain criteria:

  • Contributions to marital property, which include the contribution of a spouse as the homemaker
  • The value of property set aside for each spouse
  • The length of the marriage
  • The economic circumstances of each spouse when the division of property becomes effective, which includes the desirability of awarding the family home or rights to live in the home of the parent with custodial rights

Property that is exempt from property division includes:

  • Gifts, bequests, or devises to either spouse, unless this property has become commingled, or if the activities of either spouse has increased its value
  • Property acquired after legal separation has begun
  • Any pre- or postnuptial agreement outlining property excluded from a divorce settlement
  • An increase in property value of property acquired before marriage that was not caused by investment or other activity of either spouse

Finding good representation when you are going through a divorce is vitally important, not only for your emotional wellbeing but also your family’s emotional and financial security. Having a legal advocate who will fight for your rights in seeking a fair settlement can make all the difference in being able to move forward after divorce.