Whether you have just filed for divorce or you are considering legal separation, you may be faced with the task of dividing your marital property. In some cases, distributing everything you have accumulated during your marriage can be daunting and a bit emotional. You may have become attached to certain items and it can be hard giving those things away. It is important for you to understand how property division works to ensure you receive everything you are entitled to in the divorce settlement.
Kentucky is an equitable division of property state, meaning that the judge presiding over the case will divide the marital property to what he or she deems fair. The judge may take into consideration several factors including how long the marriage lasted, the occupation of each party and how much each party contributed to the marriage. The judge will then distribute the property accordingly.
There is a way, however, you can bypass this process and customize the division of your marital property. Couples who go through mediation have the option of distributing their own property, including the home, furniture, vehicles, antiques and expensive collections. Assets, such as 401k plans, term life insurance policies, stocks, intellectual property and company benefits may also be divided. There may be separate property that stays with the original owner, depending on how that property was handled during the marriage. Separate property may involve gifts given to you or your spouse by a third-party, inheritance and property you owned prior to becoming married.
This information is intended to educate and should not be taken as legal advice.