KRS 403.190 states in relevant part that the court in a dissolution action shall equitably divide marital property in just proportions taking into account four factors, as set forth in the statute: “(a) contribution of each spouse to acquisition of the marital property, including contribution of a spouse as a homemaker; (b) value of the property set apart to each spouse; (c) duration of the marriage; and (d) economic circumstances of each spouse when the division of property is to become effective ... .” KRS 403.190(1)(a-d).
Moreover, property division in a divorce action is a three step process. First, the court must identify property as marital or non-marital. The non-marital property of each party is then assigned to that party before the court divides the remaining property according to the factors, above. For a more in-depth discussion, see the Kentucky Court of Appeals case of Smith v. Smith, Ky. App. 235 S.W.3d 1, 5 (2006).
No presumption of 50-50 division
In Kentucky, including Family Courts in Jefferson County and Oldham County, the “trial court is not obligated to divide the marital property equally. Rather, a trial court need only divide the marital property in just proportions.” See Smith, above. See also, Gaskill v. Robbins, 282 S.W.3d 306, 316 (2009) [“The law is clear that there is no presumption of a 50-50 division ... .”]
If you are an individual facing divorce in Kentucky, please call Jason Dattilo. He is here to assist you in achieving an equitable division of property in simple and high-asset divorce cases.