Kentucky Property Division Factors
In Kentucky, the property and debt issues are typically settled between the parties by a signed Marital Settlement Agreement or the property award is actually order and decreed by the Circuit Court within the Decree of Dissolution of Marriage.
Kentucky is referred to as an "equitable distribution" state. When the parties are unable to reach a settlement, the Circuit Court will take the following approach to dividing the assets; First, it will go through a discovery process to classify which property and debt is to be considered marital. Next, it will assign a monetary value on the marital property and debt. Last, it will distribute the marital assets between the two parties in an equitable fashion. Equitable does not mean equal, but rather what is deemed by the Circuit Court to be fair.
The court shall divide the marital property without regard to marital misconduct in just proportions considering all relevant factors including: (1) Contribution of each spouse to acquisition of the marital property, including contribution of a spouse as homemaker; (2) Value of the property set apart to each spouse; (3) Duration of the marriage; and (4) Economic circumstances of each spouse when the division of property is to become effective, including the desirability of awarding the family home or the right to live therein for reasonable periods to the spouse having custody of any children. (Kentucky Statutes - Title 35 - Chapters: 403.190)
Since Kentucky is an "Equitable Distribution" state, all marital property will be divided in an equitable fashion according to the court unless agreed to otherwise by the divorcing spouses. What does "equitable" mean? Equitable can be defined as "what is fair, not necessarily equal." To automatically believe the marital property would be divided 50-50 would be a wrong assumption in any equitable distribution state. You can also read more about Kentucky property division in the Kentucky state statutes located at: http://www.lrc.ky.gov/.
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