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What Do I Get To Keep In My Kentucky Divorce?

On behalf of Tasha K. Schaffner of Schaffner Family Law posted in divorce on Wednesday, June 7, 2017.

Divorce is a complex process, and it is normal to have concerns about what you will be able to keep after the process is complete. Property division is one of the most difficult and emotionally charged issues in a divorce, and it can be useful to better understand the Kentucky laws regarding marital and non-marital property.

The decisions that you make during a divorce will have a significant impact on your life for years, even decades, to come. Understanding your rights and knowing what to expect is a significant step toward a post-divorce future that provides you with both stability and security.

Marital versus non-marital property in Kentucky

Kentucky is an equitable distribution state, which means that property owned by the couple, while eligible for distribution during divorce, will not necessarily be split 50-50 between the two parties. The court or an agreement drafted out of court must address all marital property, which is anything accumulated or purchased over the course of the marriage. Marital property, sometimes called community property, generally includes:

  • Wages earned by the spouses over the course of the marriage
  • Homes purchased and furniture purchased over the course of the marriage
  • Interest earned from investments
  • Mortgage
  • Family home

Generally, non-marital property is not subject to division and distribution during a divorce. Non-marital property generally includes:

  • Property that was owned and purchased before a marriage
  • Inheritance received by one spouse
  • Property or money earned after the date of separation
  • Separately held bank accounts
  • Personal injury claim proceeds
  • Gifts to one party

In addition to marital property, a couple will also equitably share marital debt after a divorce. Any debt accumulated over the course of the marriage is subject to division. You would be wise to fight for a settlement that does not leave you with an unfair portion of this debt.

Protecting your financial interests

Divorce is a major legal step, but it will also have a significant financial impact on your life as well. If you wish to avoid litigation over your property division settlement or want to ensure the protection of your financial interests well into the future after your divorce is final, you will find it beneficial to reach out to an experienced attorney. There is much at stake during your divorce, but a strong future is possible with the right support and help.

You can find out what property you may be able to keep and how you can pursue a fair resolution to your property division concerns by seeking a complete evaluation of your unique situation.

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