In Kentucky, the division of the marital property is a significant part of divorce proceedings. According to state laws, the couple must have an equitable division of all marital assets. If they can agree, the couple separates the assets on their own. However, if they can’t, the couple is at the mercy of the court and receives what the court deems fair and reasonable.
What is Equitable Division?
Parties who are filing for a divorce should start by reviewing what an equitable division is. The expression indicates that the couple must divide their assets according to what the court views as fair. When making decisions about property division, the court looks at the duration of the marriage, the value of each asset, each party’s earning capacity, and their rights to the particular asset. The child custody arrangement could affect asset assignments, too.
Who Gets the Marital Home?
It is more likely that the custodial parent will receive the marital home. However, the court must review their rights to the property. The custodial parent won’t receive the home automatically. If the noncustodial parent inherited the property, the other party wouldn’t get the home. If they worked together to pay for the property, each party has an equal share in the assets, and under the circumstances, the odds are in favor of the custodial parent.
Prenuptial Agreements and Property Division
The state of Kentucky upholds the terms of prenuptial agreements. Any terms that specify how the marital assets are divided will be ordered by the courts. Any terms that provide additional awards based on the divorce grounds will be enforced through the court.
Liquidation of Marital Assets
The liquidation of marital assets is a popular choice in divorce trials. The task allows the couple to sell off all assets they have accumulated during the marriage. An equal division of all proceeds generated from the sales is provided to each party. In Kentucky, specific factors could apply when marital property is separated to each party. Individuals who use certain assets more often or who have contributed more payments could receive the assets. Homemakers are also eligible for marital property according to the length of the marriage and if children are involved. Couples who need more clarity about the cases are encouraged to contact W. Ron Adams Law to set up a free consultation.