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How will property division laws affect your divorce?

When married people in Kentucky file for divorce, they typically face a variety of challenges regarding several important issues. At the top of the list (if they have children) are matters concerning child custody. Financial issues are also often the subject of disagreement between spouses (even during marriage); thus, property division laws, child support, alimony and other money topics may add fuel to the fire when it comes to trying to reach an amicable agreement.

As for property division, most of the final decisions in that regard lie with the court, unless the parties are otherwise able to agree. All states operate one of two ways in divorce: either under community property or equitable distribution guidelines. Kentucky, along with the majority of other states, follows the latter system. In fact, there are only nine states in the nation that use community property laws.

The way your property and assets are divided may greatly impact your future as you transition to a single lifestyle. If you and your soon-to-be former spouse signed a prenuptial agreement before your wedding day, then you may have set aside certain assets to protect them from being divided in divorce. If not, then the court will determine a fair distribution of any marital property (generally, any income, assets or property you acquired during marriage) although the split may not necessarily be equal.

Some situations are quite complex, especially if assets that may be considered separately owned are somehow commingled with marital property. This happens on occasion, such as when a spouse takes money received as a gift and deposits it into a jointly owned bank account. The Law Office of Todd K. Bolus, PLLC, in Kentucky, knows the ins and outs of the property division process in this state and can answer any questions you have about your particular situation.