How is separate property different from marital property in a Louisville divorce? Why is this important and how can an experienced Louisville divorce and family law attorney make such a difference in the outcome of your case?
Any property or income which is acquired during the course of the marriage is considered to be marital property. Marital property is to be divided equally during a Kentucky divorce.
However, property which was acquired before or after the marriage or with “separate” funds is not considered to be marital property and will not be subject to Kentucky’s property division statutes.
One of the primary challenges of many divorce cases is the “commingling of funds or assets” which blurs the line between a “separate” asset and a “marital” asset. For example, if the husband owns a small business prior to the marriage and the business continues to operate based entirely upon it’s own income and revenues the asset would generally be considered to be the “separate” property of the husband.
However, if there were challenges along the way in this example and the marital funds of the spouses were used for repairs to the company’s building or to support the husband during stretches of time when business was tight, at least a portion of that asset would be considered to be marital property. The Court may also consider the appreciation in the value of the professional practice or business over the course of the marriage as part of marital property.
Was there an inheritance during the course of the marriage? How were those funds and/or assets identifies, and how were the proceeds actually used?
This is why it is so important to be represented by the experienced, proven Louisville divorce and family law attorneys at Dodd & Dodd Attorneys, PLLC. We invite you to review the recommendations of our clients and contact us or call 502-584-1108 to schedule an appointment. Learn what makes separate property different from marital property in your case and the difference Dodd & Dodd Attorneys, PLLC can make in the outcome of your divorce.