Kentucky is an equitable distribution state, which means that joint assets are divided in a manner that the judge presiding over a couple’s divorce deems to be fair. For instance, the spouse who stayed at home during a marriage may be allowed to stay in the home for a period of time before it’s sold. Furthermore, if you earned less than your spouse during the course of a relationship, you may be entitled to alimony payments.
How do you know if an item is a joint asset?
As a general rule, anything that is acquired during a marriage is a joint asset. An exception may be made for any item that is deemed to be a gift or a part of an inheritance. In addition, if joint funds are used to improve a separate asset, it may be considered to be jointly owned by both spouses. It’s important to note that the terms of a prenuptial agreement may stipulate that certain items are to be seen as separate property even if state law would say otherwise.
What factors typically determine how assets should be split?
In addition to each spouse’s earning potential, a judge will review a variety of additional factors when crafting a final divorce decree. For instance, the judge will look at the length of your marriage, the long-term value of assets that are to be split and each person’s contributions to the household.
An attorney who has experience with marital property division rules may be able to provide more insight into how these variables might impact your case. It’s worth noting that these variables will also be taken into account if you negotiate a settlement outside of court.