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How property is divided in the state of Kentucky

On Behalf of | Nov 10, 2015 | Property Division

In most cases, the division of assets is a big issue for divorcing couples. Exactly who gets what will vary depending on each specific situation. In the state of Kentucky, rather than splitting things in half, assets are equitably distributed.

Of course not all property needs to be divided. The laws of Kentucky indicate that only property deemed to be martial property will be included. Things that could be considered marital property include:

  • Property that is jointly held
  • Some property acquired in the course of the marriage
  • Increases in value of separate property that were due in large part to marital contributions

Separate property, which is generally the property each individual brought to the marriage, will not be added to what needs to be divided. It is possible that separate property could be obtained in the course of the marriage as well, in the form of pension proceeds, inheritance, court awards or gifts, given specifically to one of the spouses, who does not share it with the other.

Once marital property is determined, it will be divided. In the course of the division, the number of items is not relevant. Instead, the focus is generally on the value of each marital asset. For example, it is possible one spouse might get only a few assets worth larger amounts, while the other receives many more that individually are worth less.

For many couples the house is largest asset they own. Just how it will be addressed depends on wide variety of factors that we will discuss in our next post.