Divorce can be messy and difficult. It can take months to finalize and leave you stressed and anxious. However, when you understand more about the process, including the basics of how property division works in a Kentucky divorce, it can help reduce the stress of the situation.
While there’s no guarantee that things will be “easy,” understanding your rights and options in a divorce can help put your mind at ease. Learn more about the process used for Kentucky property division in a divorce here.
Kentucky is an equitable division state
Kentucky uses the rules of equitable division when it comes to dividing property. One of the most important things to know is that equitable does not always mean equal. The court’s goal is to divide property and assets fairly to both people.
Some of the factors considered in the equitable division include the following:
- Property value
- Marriage length
- Each spouse’s contribution to the marriage
- The financial situations of each spouse
Marital property is defined as anything you or your spouse acquired during your marriage, with some exclusions.
Debt division considerations
While your property and assets are divided equitably, the process doesn’t stop there. Your debts are divided using the same method. The debt you and your spouse incurred during your marriage belongs to both people. This is true even if the loan or credit card is only in one person’s name.
Understanding how property division works in a Kentucky divorce can be extremely helpful if you have filed for divorce. This will also ensure that you know your legal rights and that you get a fair amount of marital assets.