A divorce is a personal matter, and the laws that govern it can be complex. Fortunately, you don’t need to be a lawyer to understand your options. Here are some common questions about dividing assets and debts in a Kentucky divorce case:
How is marital property divided?
The division of marital property is governed by the law. In Kentucky, there are two types of property: separate and marital. The distinction between these two types stems from the time they were acquired during the marriage.
Separate property is anything you owned before marrying your spouse or anything that was given to you as a gift after marriage by someone other than your spouse (for example, an inheritance). Marital property includes all assets and debts acquired during the course of your marriage except those listed as separate property above.
You may also want to consult with an attorney about dividing up other assets such as furniture or vehicles if they were purchased during your marriage but were paid for entirely by one party over another–this could lead to confusion later on if things get messy between exes!
Who pays for what?
The division of assets and debts in a divorce case is largely determined by the individual circumstances of each case. It can be difficult to predict what will happen until after you have seen your attorney’s analysis of your situation. The most important factors are:
- Child support and alimony payments, which are based on formulas that take into account your income, how long you were married and any special needs or disabilities for either party (child support) or whether one spouse is unable to work due to illness or injury (alimony).
- Property division, which is generally left up to the court’s discretion but must consider certain factors such as who gets primary custody of children if they’re minors; whether there was domestic violence during marriage; how long spouses lived together before separation; whether one spouse contributed significantly more than another financially during marriage; etc..
Child support and alimony.
Child support and alimony are two different things. Child support is for the needs of your children and is based on their age, health and education. Alimony is for your spouse’s needs, such as housing and transportation. If you have reached an agreement on all other aspects of the divorce case but have not agreed upon child support or alimony yet, it’s important to remember that either party can ask for these payments at any time during litigation–not just at trial or settlement negotiations.
Property division in a Kentucky divorce case.
Marital property is any asset or debt that was acquired during the marriage. Separate property is any asset or debt that was acquired before the marriage or during the separation period.
Marital property is divided between spouses in a Kentucky divorce case according to what is fair and equitable under the circumstances, but there are some guidelines to help judges make their decisions:
The court may award up to half of all marital assets to one spouse and up to one-third of all other assets to each spouse; if there are children involved in your case, you will be required by law (unless it would not be in their best interests) to provide financial support for them until they reach 18 years old).
When deciding how much each party should get from their share of marital assets after divorce has been finalized, courts consider several factors including:
- Who contributed more financially? This includes work experience outside home if it helped build up an increase in net worth during this time period–for example if someone worked full time while raising children instead of going back into academia like most professors do after getting married; then this person would likely receive more money than someone who stayed home full time raising children without contributing anything financially towards household expenses except whatever part-time job could be done remotely via computer/cell phone etcetera).
- How much did each spouse contribute to household expenses? This includes things like food, utilities, gas for vehicles etcetera).
- How much money is being spent on the children? This includes child support payments from one parent to another as well as expenses related to raising children (daycare, private school tuition), which can sometimes be more than what two people would pay if they were both working full time and paying for their own cars/health insurance etcetera).
- How much money does each spouse have coming in? This includes income from a job, investments (savings accounts, stocks/bonds etcetera), alimony/child support payments and other sources of income. What are each spouse’s expenses? This includes things like rent/mortgage payments, car loans/insurance etcetera).
- How much money does each spouse need to live on? This includes expenses like daycare, private school tuition and other bills that must be paid even if the parent who’s paying them loses their job).
- What are the tax implications of each spouse taking a portion of their income as alimony/child support payments versus as a lump sum payment at the end of a divorce?
What if we can’t agree on how to divide the assets?
If you and your husband cannot agree on how to divide the assets, you can go to court. You may have heard that going through this process is expensive and time-consuming. It’s true that hiring an attorney will cost you money and take time away from both of your lives, but there are other options available that might help keep costs down:
- The first thing to do if trying to settle a divorce without an attorney is talk with someone who has been through it before–a friend or family member who has been divorced can give advice on what worked best for them in terms of dividing property.
- If this doesn’t work for some reason (perhaps because neither party wants outside influence), then consider seeking out third parties such as mediators or financial advisors who specialize in helping couples reach agreements about how much each should receive from their marriage’s assets during the divorce process itself!
Divorce is stressful, but knowing the law can help you understand your options.
Divorce is a difficult process, and it can be even more stressful if you don’t know the law. That’s why it’s important to have a lawyer who knows the law in Kentucky and can help you understand your options. If you don’t have a lawyer, then at least make sure that your spouse does–or hire one yourself!
Knowledge of divorce law can help people make informed decisions about their futures, which in turn helps them get through this difficult time with fewer problems down the road.
Divorce is stressful, but knowing the law can help you understand your options. If you have questions about your case or need legal representation, contact us today!