In Kentucky, marital property will be divided in the event of a divorce based on equitable division. Basically, this means that unless the couple can reach an out-of-court settlement when it comes to dividing property, a judge will divide the marital property based on what he or she deems to be fair, and it may not always mean an equal split. Therefore, it is important for couples to understand what property is marital and what property is separate.
According to the Kentucky Revised Statutes Chapter 403.190, separate property includes bequests, gifts or devises either brought into the marriage by one party or obtained during the marriage. Because it is separate property, it is presumed to belong to only one spouse and will not be part of the divisible estate when it comes to property division.
The exception to this is if the income derived from the separate property increases during the course of the marriage or if the property's value in general increases, due to the activity of either spouse. When this happens, the property may lose its status as separate property and become marital property.
In general, marital property includes any property obtained during the course of the marriage. This property is deemed to belong to each spouse and is thus part of in the divisible estate. That means it is subject to the rules of property division in Kentucky and may be awarded to either spouse in the event of a divorce.
In the end, when it comes to property division, it is important for each party to have a good understanding of the laws surrounding separate property and marital property. This will allow each party to protect their rights during the property division process.