Does my wife have any rights to stock I bought before we married?
Full Question:
Answer:
Kentucky is considered an equitable distribution state, meaning that the division of property and debts between the divorcing parties should be fair and equitable, but not necessarily equal. After allocating to each spouse property which the court deems to be separate property, the remaining property will be divided between the spouses in as fair and equitable a manner as possible. Generally, separate property acquired before the marriage or by gift or inheritance during the marriage may be excluded from the marital estate if neither the property nor its income has been used for the common benefit of the parties during their marriage. Where the parties regularly use property acquired by one party before marriage for the common benefit of the parties, it is more likely to be available for consideration in dividing property. The frequency of use may be considered by the court in making the decision.
The applicable Kentucky statutes are as follows:
403.190. Disposition of property.
(1) In a proceeding for dissolution of the marriage or for
legal separation, or in a proceeding for disposition of property
following dissolution of the marriage by a court which lacked
personal jurisdiction over the absent spouse or lacked
jurisdiction to dispose of the property, the court shall assign
each spouse's property to him. It also 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.
(2) For the purpose of this chapter, "marital property" means
all property acquired by either spouse subsequent to 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.
(3) All property acquired by either spouse after the marriage
and before a decree of legal separation is presumed to be marital
property, regardless of whether title is held individually or by
the spouses in some form of co-ownership such as joint tenancy,
tenancy in common, tenancy by the entirety, and community
property. The presumption of marital property is overcome by a
showing that the property was acquired by a method listed in
subsection (2) of this section.
(4) If the retirement benefits of one spouse are excepted from
classification as marital property, or not considered as an
economic circumstance during the division of marital property,
then the retirement benefits of the other spouse shall also be
excepted, or not considered, as the case may be. However, the
level of exception provided to the spouse with the greater
retirement benefit shall not exceed the level of exception
provided to the other spouse. Retirement benefits, for the
purposes of this subsection shall include retirement or
disability allowances, accumulated contributions, or any other
benefit of a retirement system or plan regulated by the Employees
Retirement Income Security Act of 1974, or of a public retirement
system administered by an agency of a state or local government,
including deferred compensation plans created pursuant to KRS
18A.230 to 18A.275 or defined contribution or money purchase
plans qualified under Section 401(a) of the Internal Revenue Code
of 1954, as amended.