Divorce can take a toll on you both financially and emotionally. One of the biggest areas of contention during the dissolution of a marriage is the division of property, especially for couples who have large amounts of property or high-value property.
In many marital split-up situations, the couples cannot address issues related to property division amicably. As a result, going to court is inevitable.
The state of Kentucky follows the principle of equitable distribution. In other words, a judge in a divorce case will decide how to split property in a fair manner instead of simply dividing the property in two halves. Thus, if you were the spouse who earned the most in the marriage, you may receive two-thirds of the marital property, while your future ex-spouse will get one-third of it.
Equitable distribution states are different from community property states, where property is usually divided evenly — right down the middle. However, either way, the court will not literally split your property; rather, the court will typically add up your marital estate's value and then grant you and your spouse certain percentages.
What about the home?
Who gets to keep the marital home depends on your particular circumstances. For instance, if your spouse handles most of the child rearing, he or she will likely keep the home. Meanwhile, if you bought the house with your own money before the marriage and you do not have any children, then you may keep the house and legally require your spouse to leave.
The simplest way of dealing with the division of property during divorce is for you and your spouse to determine on your own how to split up your property in Kentucky. If you and your spouse are able to resolve your property distribution issues through divorce mediation or collaborative divorce — alternatives to traditional divorce litigation — this can ultimately save you the time, money and stress associated with going to court.
However, whether you work out your issues outside of court or end up having to go to trial to address them, understanding your rights is paramount to ensuring that you get your fair share of assets and are in the best position to succeed financially long after the marital split-up has been finalized.