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- According to Kentucky law, any debt incurred or asset acquired after the date of separation will be regarded as separate debt or separate property, respectively. As a result, the spouse who incurred the separate debt will be responsible for repaying them.
www.evantaylorlaw.com/blog/dividing-debt-in-a-kentucky-divorce/
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Also, even if one spouse racked up the debt, if both spouses are on the agreement with the creditor, then contract law takes precedence state law, and both spouses will be responsible for the debt. Gifts and Inheritances
Oct 25, 2019 · My spouse has a mountain of student loan debt am I protected from the debt? Here are some decisions from the Kentucky courts regarding how determinations are made about debts of the parties: What is marital debt?
Aug 15, 2023 · When dividing debts, the Kentucky courts may consider the following factors to ensure equitable debt distribution: Each spouse's debt and liability; Each spouse's financial situation or economic circumstances; How the debt was incurred—for instance, one spouse accumulated debt recklessly through gambling.
Feb 21, 2020 · If you are worried about being liable for your spouse’s debt in a divorce, here are a few ways you can protect yourself: Establish a prenuptial or postnuptial agreement; Cancel joint credit cards and joint bank accounts you share with your spouse; Refinance the debt to ensure it is solely your spouse’s legal responsibility
Courts may divide debt based on several factors including… Debt and liability of each spouse; The economic circumstances of each spouse; The basis underlying the debt, whether the debt was incurred recklessly by one spouse, such as a gambling debt.
Aug 1, 2012 · The answer may surprise you. In Kentucky, debt accumulated during the marriage is treated differently than property acquired during the marriage. The Kentucky Supreme Court has specifically...
Should one spouse fail to fulfill their obligation to pay the joint debt, the creditor possesses the right to pursue the other spouse for the full amount, irrespective of the initial court order. During divorce proceedings, joint and several liability can become a highly disputed matter.
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