Kentucky divides property using its equitable distribution system, which means the divorce court may split up your assets based on fairness. If you created a prenuptial agreement before your marriage, however, the court may follow its terms instead.
Property that you and your soon-to-be ex-spouse agreed upon as belonging to you before the marriage usually stays in your possession. The Bluegrass State, however, considers all property, assets and finances accumulated during a marriage as marital property. During a divorce, the court generally decides a spouse should receive his or her “fair” share.
A family court judge follows guidelines provided under the state’s equitable distribution laws. He or she considers several factors when splitting property based on fairness. As explained by Reader’s Digest, a judge may look at the length of the marriage, each spouse’s personal health and his or her ability to maintain an asset. If you have any minor children, their needs and well-being may factor into the property-division process.
An expensive property, such as a primary or vacation home, may require proof that an individual planning to take ownership has the resources for its upkeep. He or she may need to show proof that mortgage, tax and insurance payments will not fall behind on a single person’s income. If you plan on alimony or child support, your payment arrangement may require you to supply the funding necessary to keep a house.
The less expensive assets may require that one spouse buys out the other based on an item’s fair market value. Depending on the assets and properties you wish to keep, several negotiation and discussion sessions during the divorce procedure may need to take place.