Divorce has a way of being financially difficult for everyone involved. It should come as little surprise that many people thinking about a divorce in Kentucky have financial concerns that hold them back from filing.
Those who worry about the financial implications may have heard unrealistic stories about one spouse being left destitute while the other gets everything. People who don’t understand the divorce process may be more nervous about filing for divorce than those who understand how property division happens.
Familiarizing yourself with how to Kentucky family courts approach this process can make you feel more confident about moving forward with the dissolution of your marriage.
Kentucky uses the equitable distribution standard for fairness
One of the reasons there is so much misinformation floating around about divorce and the process of splitting assets is that there is no straightforward solution that works in every scenario.
Instead, the courts must interpret the existing state statutes and apply them to the specifics of the family involved. The law in Kentucky requires that the courts try to equitably split assets and debts. Anything that the courts determine to be marital property will potentially be subject to division. Assets like an inheritance or possessions from before marriage will often remain separate property that doesn’t get split up.
Does equitable mean even?
In some states that use the community property standard, the general guidance in the law instructs a 50-50 split of marital or community assets, with exceptions to be made in unusual cases. Equitable division does not presume an equal ownership interest in all marital assets and debts.
Instead, it requires that the courts look carefully at your specific family circumstances to find a fair way to handle your finances. Factors that influence how the courts choose to divide marital assets in a Kentucky divorce include:
- The length of your marriage
- The custody arrangements for any children you share
- The physical and mental health of both parties
- The earning potential of both parties
- The paid and unpaid contributions of both spouses to the marital estate
Arm yourself with legal understanding before flying blind and anxious on such an important new chapter of your life.