There are often many property division challenges in a Louisville divorce. This is especially true when the former spouses have substantial assets or one of them owns their own business. What are some of the most complex issues to resolve during the property division process?
Retirement Assets
One of the most common financial issues in a divorce is the division of retirement accounts. Like any other marital asset, retirement accounts must be divided equally between the parties. If one or both of the spouses had a retirement account such as a 401(k) prior to the marriage it will be necessary to determine what portion of the account is marital property and what portion may be the separate property of the account holder. Retirement account administrators require a complex legal document known as a Qualified Domestic Relations Order or QDRO. The QDRO must be tailored to meet the specific and separate requirements of each account while providing instructions on how it is to be divided.
Self-Employment and Business Ownership
Business ownership and/or participation in a professional practice provide additional property division challenges in a Louisville divorce. These challenges are substantially more complex if both parties own and run the business. Generally speaking, the marital property interest in any business must be established through a process known as “valuation.” If the owner of the business asset wishes to keep it, they must offset the marital property interest of their former spouse in the business asset with other marital property assets or external financing.
Unique Collectables
Unique collectables present their own property division challenges in a Louisville divorce. Just as in a business interest, any marital asset such as real estate, jewelry, guns, artwork, technology, vehicles or other collectables must be professionally appraised to ensure an accurate valuation. The division of these assets must be completed before your divorce can be finalized.
Property division challenges in a Louisville divorce are quite common. The experienced divorce and family law attorneys at Dodd & Dodd help to negotiate fair and equitable division while protecting and accomplishing your own goals and objectives. Mediation is a private, confidential, timely and cost-effective option for resolving any of the property division challenges 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.
