Are you searching for information about what you can keep as separate property in a Louisville divorce? What is the difference between the characterization of “marital property” and that which a spouse may keep apart from property division as “separate property” in the divorce?
Any asset or debt acquired or obtained before the marriage or after the date of separation should be considered to be the separate property of the individual it belongs to.
Generally speaking, marital property will include any debt or asset which is entered into or obtained by either or both of the spouses from the date of the marriage until the date of separation with few exceptions. Marital property is to be divided equitably between the parties under Kentucky Family Code. A few of the primary examples of exceptions to marital property characterization involve gifts from anyone outside of the marriage as well as inheritances.
If a member of your family or a friend gives you a present, a gift, our Family Code presumes it was meant to be and remain your own separate property. If you have been individually named in a will or a trust, any benefits or income you receive or earn from the will or trust you should be able to keep as separate property in a Louisville divorce.
There is one significant exception to an asset which might otherwise consider to be “separate property:” Any contributions by the “marital unit” to enhance, protect or grow the separate property may result in a situation known as “commingling.” If funds or the work of a spouse were contributed or used to support what might otherwise be a separate asset the marital may have a partial claim against that otherwise separate asset.
A simple example might be the ownership of a home by one of the spouses prior to the marriage. After the marriage the home needs significant repairs. Not only are marital funds used to provide for these repairs but the non-owning spouse actually performed a lot of the repair work themselves. Any contribution by the marital unit in the form of unpaid labor or funds could result in a commingled claim on what otherwise be considered to be a separate asset.
Separating marital property from separate property can become quite complicated, especially with assets such as retirement accounts and/or the ownership of a business or professional practice.
The question of “what can I keep as separate property in a Louisville divorce?” can actually be quite legally and financially complex. This is why it is important to seek the experienced and proven advice and counsel of the divorce and family law attorneys at Dodd & Dodd.
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.
