Are you wondering how your property will be divided in a Louisville divorce? Who gets what? How should you approach the division of your assets and debts?
There are a few things you need to know about how your property will be divided in a Louisville divorce. Generally speaking:
- Any asset or debt which was acquired by either or both of you from the date of your marriage to the date of separation is considered to be “marital property” here in Kentucky. Kentucky requires marital property to be divided equally between the two parties.
- Anything which either of you owned or earned prior to the marriage, or after the date of separation is your own “separate property”
There are exceptions to marital property such as properly structured inheritances, gifts and other unique circumstances such as a personal injury settlement or award.
Complications arise when marital funds or labor are applied or “commingled” with a separate asset. For example, let’s assume one of the spouses owned a rental property prior to the marriage. During the marriage the rental property needed a new roof and a new furnace. If marital funds or a loan to the married couple were used for the repairs part of that separate property has now been commingled with marital property. This may also be true for a business or retirement vehicles such as a 401(k).
Student loans obtained prior to the marriage usually remain the separate responsibility of the party who benefited from the student loan.
This is why it is so important to consult with the divorce and family law lawyers at Dodd & Dodd. We can help you to understand all aspects of your divorce. We will help you to understand whether an asset or debt is marital property, separate or commingled. We provide insight into how your property will be divided in a Louisville divorce as well as how to protect your goals and objectives.
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.
