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KRS 403.190 and Division of Property

A recent supreme Court decision in Ford v. Perkins, 382 S.W.3d 821 (Ky. 2012) held that a trial court cannot simply divide an asset 50/50, nor can it grant one party 100% of an asset without specific findings consistent with KRS 403.190.

The statute provides, in pertinent part, that marital property is all property acquired during the marriage except (a) property acquired by gift, bequest, devise, or descent during the marriage and the income derived therefrom unless there are significant activities of either spouse which contributed to the increase in value of said property and the income earned therefrom; (b) Property acquired in exchange for property acquired before the marriage or in exchange for property acquired by gift, bequest, devise, or descent; (c) Property acquired by a spouse after a decree of legal separation; (d) Property excluded by valid agreement of the parties; and (e) The increase in value of property acquired before the marriage to the extent that such increase did not result from the efforts of the parties during marriage.
KRS 403.190 also provides that the Court "shall divide the marital property without regard to marital misconduct in just proportions considering all relevant factors including: (a) Contribution of each spouse to acquisition of the marital property, including contribution of a spouse as 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, including the desirability of awarding the family home or the right to live therein for reasonable periods to the spouse having custody of any children.

If you are getting a divorce you need to hire an attorney to protection your rights and your assets.  For a consultation in Northern Kentucky, contact Michael W. Bouldin at 859-581-6453 or email at mwbouldin2@gmail.com 

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