How are your home assets and debts divided in a Louisville divorce? The legal term for these issues is “marital property.” Marital property is to be divided equally between the parties. While this may sound easy and straight forward, the reality is completely different in many Louisville divorce cases.
Marital property encompasses any asset or obligation which was obtained during the course of the marriage, with a few exceptions such as properly structured inheritances. Property owned by either spouse prior to the marriage is considered to be “separate property” and remains entirely the property of the owner and is not divided as marital property.
What happens when “marital funds” are used for the benefit of “separate” assets? For example, the wife has a professional practice and owns a small building here in Louisville. She had already established the practice and purchased the building prior to the marriage.
During the course of the marriage the marital funds of the couple were used at various times to support the practice and pay business related debts. The building required maintenance at one point which also required assistance from marital funds. This money was never paid back, and the professional practice is now quite valuable.
The commingling of “separate” and “marital” assets is a complex legal matter when resolving your question regarding “how are the home assets and debts divided in a Louisville divorce?” These matters require the experienced guidance of the Louisville divorce and family law attorneys at Dodd & Dodd.
In the example above there would be questions regarding the valuation of the professional practice and the marital’s interest in the practice based upon the commingling of assets. How will this scenario play out? How are your home assets and debts divided in a Louisville or Jefferson County divorce?
We invite you to review the recommendations of our clients and the legal industry and contact Dodd & Dodd or call 502-584-1108 to learn more about your unique circumstances and how marital property will be divided in your case.
