If you are currently involved in a divorce in Northern Kentucky, you are no doubt curious as to how you and your spouse’s shared assets will be divided by the courts. While this process can vary depending on a few different factors, Forbes offers some general guidance on how these decisions are typically made.
Even relatively peaceful divorces can entail quite a bit of confusion when it comes to dividing assets. This process may become even more complex when you share a variety of properties with your spouse. While some believe that assets should be divvied up according to their monetary value, this isn’t always the case. These items must be reviewed under a number of considerations, particularly for both their short term financial security as well as any long-term outlooks.
The first step is to determine what constitutes separate and marital property. In general, all assets that were accumulated during the course of your marriage will be considered marital property. It is usually not relevant that a particular asset (such as a 401k plan) is listed solely under your name or your spouse’s name. Separate property is designated as those items acquired before you married (provided that you have not added your spouse to any titles or accounts).
Because Kentucky is what’s known as an equitable distribution state, the division of property does not need to be a 50/50 split (which is the case for community property states). Instead, the division must be considered fair and equitable, which is based on factors like the length of your marriage, yours and your spouse’s income potential, your pre-established standard of living and any financial requirements of you or your spouse as the custodial parent in the event that you have children. This information can help you deepen your understanding of family law issues, but should not be taken as legal advice.