Throughout a marriage in Kentucky couples build a life together. This means they make plans together, may have children together and acquire assets together. Over time couples may acquire many assets as well. Throughout the marriage they will share these assets, but if they ever get divorced they will no longer be able to share them and they will need to be divided between them. This can be a complicated and time-consuming process during a divorce depending on the amount and type of assets the couple may own at the time.
The process starts with determining what is marital property and what is separate property. After this occurs the process of dividing the marital property can begin. In Kentucky there will be an equitable division of the marital property, which does not necessarily mean that the assets will be divided equally. That may end up occurring, but there are a number of factors that must be analyzed when determining which assets will end up with each spouse.
One factor is how each spouse contributed to acquiring the assets. This includes both the contribution through employment and by stay-at-home spouses, which allow the other spouse to work while the other is home with the children. The court will also look at each spouse’s current circumstances and need for the assets, especially with the goal of keeping the custodial parent in the marital home if possible. Other factors are the length of the marriage and the type of asset a spouse is receiving and the value of that asset.
There are many reasons that couples in Kentucky get divorced. However, no matter what the reason is for the divorce the couple will need to go through the process of dividing their assets. This is not always an easy process, especially when both spouses want to keep the same items or they have assets that are not easily divided. Experienced attorneys understand the complications that can arise and may be able to guide one through the process.