While some states incorporate a fifty-fifty approach to property division, Kentucky’s equitable distribution makes the process much more in-depth and, therefore, overwhelming. Fortunately, you do not need to face it alone. Hiring a Lexington divorce lawyer can bring clarity and success to your case.

Property Division in Kentucky Divorces

Kentucky’s equitable distribution is not an uncommon way of handling property division in the United States. Currently, 41 states apply an equitable distribution approach to divorces instead of a community property style. In 2023, Kentucky had a divorce rate of 2.9, putting it in the higher end for divorce rates in the United States overall.

If you are deciding whether to get a divorce in Lexington, Kentucky, it is important to be aware of the laws surrounding property division. The Equitable Distribution law divides marital property fairly, but this does not necessarily mean equally. Instead, legal officials will consider various factors, such as how long the marriage lasted and the contributions made by each spouse.

The Types of Property in Kentucky

Kentucky, as is the case with many other states, has two main types of property: marital and separate. Simply put, marital property includes everything acquired during your marriage. This can look like that business you may have started together, that table you bought, or those debts you incurred.

Separate property refers to anything gained prior to or after the duration of your marriage. You may also have legal agreements, such as prenuptials or post-nuptials, that can influence what is considered separate property in Kentucky.

Understanding Equitable Distribution in Kentucky

When it comes to determining the unique breakdown of each equitable division case, courts tend to evaluate several factors, including how long the marriage lasted, each spouse’s income, and each spouse’s contributions, both financial and non-financial, such as homemaking or supporting their spouse’s career, to the marital estate.

It is also important to note that equitable property division applies the fair but not equal principle, meaning that, once key factors have been evaluated, one spouse may end up getting more numerically out of the divorce property distribution portion than the other.

How to Protect Your Assets in a Divorce

While this may seem like an overwhelming process, there are specific steps you can take to avoid losing out on the assets you want in your Kentucky divorce. Here are a few examples:

  • Keep separate property separate: While no one wants to go into a marriage hoarding assets in the name of a future divorce, it is still wise to avoid mixing your individual assets with any marital funds. This can be accomplished by keeping them in separate bank accounts or making a clear record of ownership.
  • Be honest with disclosures: It may feel disadvantageous to be open about it, but full and honest financial disclosure is critical to the property distribution process in Kentucky. Hiding assets can create significant legal problems, which may hurt your case down the line.
  • Get a professional valuation: For high-net-worth divorces, you may want to consider hiring forensic accountants who can help you get accurate valuations of complex assets, such as businesses and investment portfolios.
  • Work with a Lexington divorce lawyer: This is probably one of the most crucial steps for you to take in your equitable asset distribution case. It can also bring you tremendous clarity to hire a Lexington divorce lawyer, who can then walk you through every step of the legal process and explain how you can work within the complexities that make up the equitable distribution process.
  • Try to come to an agreement. While some divorces may be too complex for this step, others may be able to pursue divorce asset agreements outside of the Kentucky court system. This way, you can pursue a more tailored distribution process instead of one determined by a judge.

Hire a Divorce Lawyer

When you hire a divorce lawyer, you can unlock a world full of benefits. This can include the ability to access clarification and strategies that may have otherwise been left unrepresented. You may also discover that it is exactly what your case needed to accomplish your desired outcomes.

While not every case requires the outside involvement of the Kentucky court system, some cases may prove to be more complex than others. If your case turns out to be one of the latter examples, you will most likely be sorting out any remaining divorce proceeding steps at the Fayette County Family Court. Your lawyer can help you get scheduled and prepared for your day in court, as well as represent and deliver your case on your behalf.

Why You Should Choose the Stange Law Firm

The Stange Law Firm offers the unique opportunity to work with the local branch of an expansive firm, giving you the resources you need in a personalized, intimate way. Instead of feeling like just another client, you can enjoy the perks of having a local extension of our much broader resources. Our lawyers can help you build a case you can feel confident about, offering you unique insight and guidance.

FAQs

How Are Assets Split in Kentucky?

When it comes to property division during a divorce, Kentucky tends to be an equitable asset division state. This means that, while the assets are not guaranteed to be divided equally, they should be distributed fairly. This is the most common type of asset distribution in the United States, as forty other states have implemented the same legal process.

What Is a Helpful Way to Protect Your Assets in a Divorce?

When you decide to get a divorce in Kentucky, there is so much that can be lost to a mishandled equitable asset division process. It is because of this risk that many individuals have found that hiring a divorce lawyer to guide them through the process can bring clarity and strategy to an otherwise confusing situation. This way, you can develop concrete strategies to protect your assets.

How Much Does It Cost to Hire a Divorce Lawyer in Kentucky?

Each divorce case is unique, and the final price you may end up paying a divorce lawyer for their services tends to mirror this fact in Kentucky. The amount of time your case requires, as well as its complexity level, are just two examples of variables that may influence your overall cost. At the Stange Law Firm, we work hard to make your expenditures feel worthwhile, doing everything in our power to aid you in your pursuit of your desired outcomes.

What Is a Wife Entitled to in a Divorce in Kentucky?

Since Kentucky is an equitable distribution state, there is no specific, across-the-board list of assets that any spouse is entitled to in a divorce. Kentucky tends to divide assets based on input, merit, and need, while also factoring in any previously agreed-upon legal documents, such as prenuptials and/or post-nuptials.

Get More Information Today

Divorces can be incredibly complex undertakings, especially when you need to sort out the distribution of property. Fortunately, you do not need to do it alone. Contact the Stange Law Firm to schedule a consultation and start protecting your future today.