Many people with good intentions give bad advice to those preparing for divorce. For example, some people may tell those in the early stages of divorce that they absolutely cannot leave the marital home without putting their interest in the property at risk.
Some spouses end up trapped in openly hostile environments specifically because they don’t feel comfortable looking for alternate housing. They worry that they may lose their claim to the home, which might be the most valuable asset they share with their spouse. What those warning about moving out fail to realize is that equitable distribution rules protect the economic rights of both spouses in a Kentucky divorce.
Spouses usually share home equity
While typically only one spouse can continue living in the marital home, that doesn’t mean they get to outright keep the house and all of its equity. Instead, they have to factor in the equity accrued in the property when making decisions about other marital assets and significant marital debts.
Moving out of the house may make it more difficult for someone to retain the home after the divorce, but not everyone wants to continue living in their marital home after the marriage ends. Many people prefer to find a new residence that does not have any memories attached from a prior relationship. In some cases, those who move out do eventually reclaim possession of the home as the divorce proceeds.
Equitable distribution rules protect people’s interest in income and assets accrued during a marriage. Typically, the equity accrued in the property during the marriage belongs to both spouses regardless of who actually stays in the house. That is even true in scenarios where one spouse owned the home prior to marriage.
People can move out and then still request a reasonable allocation of home equity as part of the divorce process. No one should have to live in a hostile or unsafe environment just to protect their future financial stability.
Understanding the state’s equitable approach to property division can help people feel more confident about a decision to relocate as they prepare for a divorce. Those worried about property division matters may need to discuss their finances with a skilled legal team to better ensure that they properly protect and assert themselves throughout the divorce process.