Understandably, asset division following a divorce is something most splitting couples cannot agree on. Going separate ways after marriage means a total overhaul of existing financial plans, and nobody wants the shorter end of the stick in the marital estate.
Marital property is divided equitably when it plays out in a Kentucky family court. It is important to note that property held separately by either spouse, such as trust funds, inheritances, or gifts, is not usually up for division. On the other hand, any assets acquired within the course of the marriage including retirement accounts form part of the marital estate.
What does equitable division entail?
Equitable distribution means that the individual circumstances of each spouse will be factored in when dividing the marital assets and property.
- The length of the marriage
- Each spouse’s contribution to the marital estate
- The financial situation of both spouses
Other factors the court may determine to be in the interests of equitable distribution may also come into play. As a result, the amount is not always equal for the divorcing couple.
Ensuring you get what you deserve
Asset division is a critical part of your divorce, and you need to be keen. You still need financial security in your new lease of life, and it is important that you are well aware of your rights. For instance, you should know the steps to take if you find out or suspect that your spouse failed to disclose some asset that you have a share in.
That way, you will end up with what you deserve and are entitled to. It may not be easy to carry through the process, especially if you are still raw with emotion, but it will go a long way in securing your future.