Dividing shared property during a divorce can be a difficult process. When two Kentucky residents choose to end their marriage, they will go through significant evaluative processes to identify and separate the property they own. This can involve classifying property as either marital or separate, and undergoing considerations determine how to fairly divide what they share between them.
This post does not offer legal guidance. It provides some information on the asset division process in the state of Kentucky. All readers should direct their property division questions to their trusted divorce lawyers for case-specific assistance.
Classifying property as marital or separate
The property owned by a married person can receive one of two classifications: marital or separate. Property that is deemed separate is owned exclusively by one person. It is often acquired before marriage, or after marriage through an inheritance or gift. When a married person goes through a divorce, they generally retain their separate property.
Marital property is property that person owns with their spouse. Under the laws of Kentucky, marital property is divided according to equitable division. Equitable division does not require a court to divide marital property exactly in half. Instead, it will look at factors to determine what is fair when it comes to dividing marital property.
What factors are relevant to equitable division?
Different marriages will have different factors to consider when deciding how to equitably divide the parties’ marital property. Generally, though, the length of the marriage will have some influence on how property is divided. Similarly, a court can look at how each of the parties contributed to their marriage, and whether those contributions were financial or supportive such as through working as a stay-at-home parent.
Readers should remember that equitable does not necessarily mean equal. It is a fair division based on many factors related to an individual marriage period support with asset division and divorce matters can be sought from trusted family law attorneys in Kentucky.