Divorce attorneys can attest that splitting up property is one of the most contentious aspects of ending a marriage. Both spouses want their fair share, but they may not agree on what that means. Additionally, state law will impact the proceedings. If you file for divorce in Kentucky, below is more information about dividing assets in the Bluegrass State. 

What Are the Differences Between Separate & Marital Property?

When a couple files for divorce, only their marital property is up for division. A knowledgeable divorce attorney can help you determine what’s at stake after evaluating your situation. Generally, separate property includes assets from before the marriage, as well as gifts or inheritances that were solely left to you after. Income or equity that your property earned during the union will remain separate, as well, unless your spouse contributed to the asset’s increase. For example, if you owned a piece of land upon entering the union, and your spouse developed it, the court may deem it marital property. 

The marital property encompasses assets—and debts—that the couple acquires during their marriage. For example, if you buy a home together, it is marital property. You should know that separate property can become marital property if commingling occurs. If you have a joint bank account that both of you deposit earnings into, and you use money from it to bolster mutual funds that are solely in your name, such investments are up for division. 

Devising the Terms of the Separation Agreement

Kentucky is an equitable distribution state, which means marital property is divided fairly, rather than evenly. In other words, neither partner is necessarily entitled to 50% of everything. 

If you can agree on a fair settlement that encompasses all applicable assets, a family law judge will likely sign off on it. However, if disputes arise, you must go to court, where a judge will devise the terms of an equitable separation agreement for you. In either case, the judge will consider many factors before implementing the court order, including employment status, earning capacity, lifestyle, and debts. 

If you intend to end your marriage in Kentucky, turn to a strategic divorce attorney at McMahan Law Firm, PLLC. Located in Elizabethtown, this firm is well-versed in child support, custody, and asset division. They have more than 15 years of experience in the legal field and can help you secure a favorable outcome. To request a consultation with a seasoned divorce attorney, call (270) 986-7908. Visit the website for more information about their practice areas.