If you are going through the divorce process, you know first-hand how difficult it is to negotiate issues included in the final settlement. One of the most complicated is property division, as you may have become attached to property and possessions during the course of the marriage.
Kentucky is an equitable division of property state, meaning the court divides marital property between spouses according to what the judge deems fair and equitable. Both spouses are responsible for disclosing all marital property so the division includes all items.
What is marital property?
Marital property consists of everything accumulated during the marriage. While you may think of the family car, home and furniture as pieces of marital property, there are other, less common items that are marital property as well:
- Exclusive memberships to country clubs and golf courses
- Rewards points and travel miles
- Intellectual property, such as copyrights, trademarks and patents
- Expensive collections, such as antiques, art, coins and classic cars
- Term life insurance policies, 401k plans, stocks and retirement plans
- Tax refunds and lottery winnings
Any gifts given between spouses are marital and are divisible in the final settlement. If one person lent money or property to a third party at some point during the marriage, that money or property is marital as well. Once the money is repaid, it is then eligible for division between spouses.
Other factors to consider
The judge presiding over the case will also evaluate additional factors when determining who gets what in the final divorce settlement. This includes how long the marriage lasted, the value of the property and how each spouse contributed to the accumulation of the property.
Not all property is marital. Separate property is not eligible for division and stays with the original owner even after the marriage is over. However, you must make sure that separate property does not become intermingled with marital property in order for this to work.