Divorce attorneys know that asset and debt division is incredibly contentious for many couples. After all, no one wants to lose a significant portion of their life’s savings—or gain a significant amount of debt—when pursuing a fresh start. If you’re in the process of ending your marriage in Kentucky and you’re concerned about dividing debt, here’s what you should know.

What Is the Equitable Distribution Model?

When it comes to dividing assets and debts among divorcing couples, Kentucky follows an equitable distribution model. Under this process, belongings aren't divided equally but, rather, fairly. As such, neither your property nor your liabilities will necessarily be split down the middle. Instead, the judge will evaluate the circumstances—when each debt was accrued, for example, and why—to determine how the liabilities should be divided.

What Happens to Different Kinds of Debt?

If one party has a considerable amount of medical debt, but it was accrued before the marriage, it might stay with the original debtor. If, on the other hand, they became ill after getting married and have been unable to work since, the judge might order the ex-spouse to pay some or all of it, especially if they have the means.

Credit card debt accrued during the marriage might be distributed among both parties, even if it’s only in one party's name. If most of the purchases were for the household, the judge might think it fair for both to pay it back.

Keep in mind, however, that family law judges cannot change the terms of an existing financial agreement. As such, continue making at least the minimum monthly payments on all cards that are in your name. Otherwise, your credit will take a hit if your ex fails to pay their share—even if they’re solely responsible in the eyes of the law.

If you and your spouse bought a home together, your divorce attorney will help you devise a strategy for handling the mortgage. Generally speaking, the individual who will keep the family home will be responsible for paying the mortgage. If neither party wants to keep the house, though, you may be ordered to sell it and then divide any proceeds that remain after paying off the mortgage.

The divorce attorneys at McBrayer, McGinnis & Leslie, PLLC, understand the financial stressors that come with ending a marriage. That’s why they’ll fight tirelessly on your behalf to secure the most favorable settlement possible. Operating out of Ashland, KY, this firm has a long history of counseling clients throughout Kentucky, West Virginia, and Ohio. Since 1963, they've been offering a broad range of legal services. In addition to family law, they're well-versed in criminal defense, personal injury law, bankruptcy proceedings, probate, real estate transactions, and civil litigation. To contact a divorce attorney on their team, call (606) 473-7303. Explore their practice online.