What is “separate property” in a Louisville divorce and how can you ensure to keep separate property separate from marital property during a Louisville divorce?
The way you manage your separate property and conduct your affairs immediately leading up to and during the course of your divorce can make a difference in how much of the separate property you may be able to keep. There are two key issues to consider as you approach a divorce in Louisville or Jefferson County:
1. Establish a clear date of separation
2. Make sure you do not use any “separate” property or funds for marital debts or assets
Establish a clear date of separation as this is the date when the “marital relationship” ends and all income you receive (and all assets you obtain) are considered as “separate.” You must not only notify your spouse you intend to bring an end to the marriage you must take consistent action to support that notification. In effect, you must “live separately” (even if you live under the same roof) for at least 60 days. Refrain from romantic intimacy and if possible, establish separate rooms.
Keep separate property separate from marital property during a Louisville divorce. Do not commingle any of your separate assets for the benefit of marital debts, even if you’re attempting to clean things up in preparation for the divorce.
If the family home needs repairs to maximize it’s resale value or some marital bills need to be caught up to protect your credit rating you must give careful consideration to how to structure those transactions. You must not commingle your “separate” property with marital property if you wish to keep it after the divorce.
We invite you to review the recommendations of our clients and the legal industry and contact the experienced divorce and family law attorneys at Dodd & Dodd or call 502-584-1108 to set an appointment to discuss your separate property and how to protect it, as well as how to maximize the strength of your financial position as it pertains to marital property.
If repairs are needed, or marital debts are to be caught up or retired we will help you to structure the transaction appropriately.
