What is marital property in a Louisville divorce? Kentucky is known as a “Marital Property” state in terms of how marital property is characterized and ultimately divided during a Jefferson County or Louisville divorce. In Kentucky, the spouses are entitled to equal interest in all “marital property.” Marital property refers to property you or your spouse obtained as well as any debts either or both of you acquired from the date of your marriage to the end of your marriage.
There are a few exceptions to the marital property rule including many properly structured and executed outside gifts and inheritances. These separate financial events must be kept distinctly apart from marital assets or they may become partially or fully marital property.
“Separate property” refers to assets, real estate, business ownership, bank and investment accounts, trusts and other assets you had prior to entering into the marriage. The question of whether or not a “separate” asset can become partially or entirely “marital property” is a complex legal determination based upon the actions of the parties and the use of marital funds. For example, one of the spouses may own a rental home before the marriage. However, if marital funds are used for maintenance on the property or to pay the mortgage in times of vacancy the commingled funds would affect the “separate” value of what has become at least partially a “marital” asset.
Divorcing spouses are entitled to one-half of the marital property in a Louisville divorce as well as one-half of any marital property interest in your spouse’s separate property.
These issues require an experienced Louisville divorce and family law attorney, especially when a business or professional practice is involved. Our proven family law lawyers have decades of experience in Louisville divorce cases. We advise our clients on all matters and aspects of the divorce including marital and separate property issues, business and asset valuation and the calculation of a marital’s interest in separate property.
We invite you to contact us, or call 502-584-1108 to schedule an appointment with one of our experienced Louisville family law lawyers.