Kentucky Divorce & Finances
The division of your joint finances during a divorce can be a confusing and stressful process. It’s understandable to worry about how the court will make these decisions. How will property be divided? What will the tax consequences of your divorce be? Do you and your ex-spouse have estate planning issues to work out? Will your divorce include spousal support payments, and if so, how much and for how long will these payments be? The following are laws specific to Kentucky Divorce and Finances.
Kentucky Property Division/Community Property/Debts:
Kentucky is an “equitable distribution” state. This means that the court will distribute joint marital property on terms considered to be fair. Note that this does not necessarily mean the division will be equal. The court will make the equitable distribution determination based on a variety of factors, including the contributions of each spouse to the marital estate, the total value of the properties of the parties, the economic circumstances of each party, any misconduct that may have occurred, and the amount of spousal support awarded.
Kentucky Spousal Support:
There is no automatic obligation for either spouse to support the other in the event of a divorce. Where the court does grant spousal support (also called maintenance or alimony), it does so on a case-by-case basis and in consideration of many factors including:
- The financial resources of the party seeking support,
- The time and input of resources necessary for the party seeking maintenance to find appropriate employment and sufficient education and/or training for that employment,
- The established subjective standard of living during the marriage,
- Marriage duration,
- Physical and emotional condition of the party seeking maintenance,
- The ability of the would-be payor spouse to meet his/her own needs while meeting those of the other spouse, and
- Any other factors the court deems relevant.
Note that the spousal award amount and duration, once determined, are not set in stone. The court may modify or eliminate the award when circumstances justify doing so, such as when one party enters into another marriage or similar arrangement, or when there is a material change in the financial circumstances of a party.
Kentucky Divorce/Child Support/Child Custody Lawyers:
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