What Are Factors That Can Affect How Property, Assets And Debts Are Divided In A Divorce In Kentucky?
Kentucky is a no-fault divorce state, so the court cannot consider any misdeeds of either party. The court can consider their economic circumstances. If you have one person who makes a lot more money or has access to a lot of wealth outside of the marital unit, then the court can look at that when dividing property. The court can also look at when the property was acquired. Kentucky is not a community property state, so if you can show you had property before the marriage or inherited property during the marriage, the court cannot divide that property.
If One Party Now Lives Out Of State, Does That Make Any Difference In Property Division?
When you file for divorce in Kentucky, that court has jurisdiction to divide up all the property, no matter what state that property is in. Generally, when this is an issue, you want to file first, so that your state is the law that is going to control the division of all the property. For example, in Indiana, there is a presumed property division of 50/50. We see some situations where I will advise people, if they have the time, to go and live in the other state for six months in order to be able to file for divorce in that state. Unlike issues of custody and support, property is very closely tied to whichever court is handling the divorce and that has significant implications.
In Kentucky, Is There A Lot Of Generational Property Passed Down From Family To Family?
Kentucky has quite a bit of farmland, so you see estates and farms that have been in the family for 100 years or more. Real estate is usually one of the larger assets in a marital estate, so in the absence of a prenuptial agreement, that inheritance can be put in peril by a divorce.
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