In general, going through a divorce can be a trying time. When couples face divorce with a high level of assets, it may compound the process.
It is important that parties grasp the key aspects of divorce procedures, and the distribution of assets is one of the most important ones. There are a few key things to understand about the equitable or fair distribution process Kentucky courts utilize.
When deciding how to split marital assets, the court may utilize one of two main methods: fair and equitable. In the state of Kentucky, courts recognize equitable distribution. Though, as the name indicates, courts strive to provide an equal division, this does not mean a split straight down the middle. Rather, the courts consider what is fair to each party when making the distribution determination.
A fair deal for all
When a couple weds, they usually join their resources and develop a set standard of living. Though in most cases, the two parties are not able to maintain that same status after divorce, a fair distribution should put them on an even playing field to begin rebuilding their lives. In other words, a fair distribution equalizes the two parties’ financial standings after the divorce.
To make a determination of what is a fair distribution of marital assets, the courts consider a variety of factors. Some of the main factors include:
- Marriage duration
- Spousal contribution to marital property
- Economic standing of each spouse
- Value of separate property
Each case is different, so there may be additional factors the court considers. Keep in mind that this decision does not include child matters; instead, it focuses completely on the divorcing parties.
The division of property can be taxing and complicated. However, having knowledge of the process may help you in understanding your options, and aid in managing your expectations concerning the final outcome.