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Elizabethtown,
270-765-2000

Louisville,
270-505-9219

Understanding property division for a smoother divorce

On Behalf of | Oct 11, 2019 | Family Law

Knowing what to anticipate from the property division process can help divorcing couples reach a property division settlement agreement that is workable for both spouses and best prioritizes their interests. Kentucky is considered an equitable property division state which means that property is divided when couples divorce according to equitable property division rules.

When couples divorce, marital property is generally subject to the property division process. Marital property includes property and assets the couple acquired during the marriage. How property is designated can be complex but important so it is essential to understand. Separate property is another designation for property which is generally not subject to the property division process.

Equitable property division means that the family law court will see a property division agreement that is equitable or fair but does not necessarily mean that property will be divided in half. When determining what a fair outcome will be, the family law court will evaluate several factors in Kentucky including the contributions of each spouse to the marital property taking into account the contributions of a stay-at-home parent; the length of the marriage; the value of property awarded to each of the spouses; and the circumstances of each of the spouses taking into account that it is preferable to have the custodial spouse remain in the family home with any children.

The property division process can help guide divorcing couples through the challenge of dividing the property they have acquired together during their marriage. By understanding how it works, the divorcing couple are in a better position to reach a property division settlement agreement both spouses can live with.