Have you been wondering how to analyze assets and debts in your Louisville divorce? What is “Marital property” and what is “separate property?”
Generally speaking, Marital property is classified as any asset or debt acquired by either or both parties from the date of the marriage to the date of separation. Separate property is any asset or debt acquired by either party before the marriage (and kept monetarily completely separate from marital funds and from the physical work of the spouses) as well as any asset or debt acquired after the date of separation.
Gifts and/or inheritances which are received by one of the parties during the course of the marriage may remain as the separate property of that spouse if they are legally and financially structured properly and if they are kept wholly separate from marital funds. If marital funds are commingled in any way with a separate asset then a determination must be made by the Court regarding the portion of the asset which is separate and that which is a Marital asset.
The best place to start when you analyze assets and debts in your Louisville divorce is to verify the date they were acquired. If that date falls between the date of the marriage and the date of separation it is probably going to be Marital property. All property, assets, business interests and debts must be disclosed as part of the financial disclosures at the outset of the divorce. The parties owe each other a significant legal obligation known as a “fiduciary duty” which basically means they must act in the best interests of the other party until the date the divorce is finalized.
This fiduciary duty therefore requires a full, transparent, complete, and accurate disclosure of all relevant information and valuation associated with each so that the Court may carefully analyze assets and debts in your Louisville divorce. Marital property is to be equitably divided (roughly equally) between the parties in a Louisville divorce.
We invite you to review the strong recommendations of our former clients and contact us or call 502-584-1108 to schedule an appointment with one of our experienced divorce and family law attorneys.
