Below you'll find a list of all posts that have been tagged as “marital property”
What is a gray divorce in Louisville or Jefferson County Kentucky? The term “Gray Divorce” has gained a lot of visibility in the past several years. Gray divorce refers to divorce cases when the parties are 50 years of age or older. There were concerns in recent studies which showed gray divorce had doubled over the past 30 years. It …
What happens to your business during a divorce in Louisville or anywhere in Jefferson County Kentucky? Generally speaking, the spouse who has the ownership interest in the business must buy out the marital property interest of the non-ownership spouse. When both spouses are working together sharing joint interest of the business there are three likely outcomes: 1. The business is …
How will your 401(k) be handled in a Louisville divorce? Retirement assets such as a 401(k) are considered in the same manner as “marital property” and marital contributions are usually fairly or equally divided between the parties. If you entered the marriage with a balance in your 401(k) the “marital property” value of the 401(k) itself can actually be quite …
What happens when spouses co-own a business in a Louisville divorce? There are many spouses who purchase a business together, and work side-by-side to make the business successful. What happens to this business in the event of a divorce? The key to these answers lies with the parties themselves. Is the business viable without one or both of the parties? …
What is the process of business valuation in a Louisville Divorce? Why is the valuation of a business or professional practice often such a contentious issue? We’ll begin with the second question first. All “marital” assets of the couple must be divided during a divorce. If the business or professional practice is in whole or in part marital property, the …
Divorce rates may have stabilized for many age groups, but those above the age of 50 are experiencing a rapid increase as the number of “Gray Divorce” cases here in Louisville and across Kentucky continues to increase. There are many important issues to consider in a Gray divorce in Louisville and this is why it is important to seek the …
How are your home assets and debts divided in a Louisville divorce? The legal term for these issues is “marital property.” Marital debts, assets and property are to be divided equally between the parties. While this may sound easy and straight forward, the reality is completely different in many Louisville divorce cases. Community property encompasses any asset or obligation which …
Careful planning is an important step in a divorce in Louisville. This planning should occur before a spouse informs their partner they intend to end the marriage, and takes consistent action after that date to bring the marriage to conclusion. Why is careful planning so important when considering or preparing for a divorce in Louisville? Several important issues arise during …
All assets of a business or professional practice must be considered during a divorce valuation in Louisville. This is especially true when establishing the value of a small business. According to a recent analysis by the US Treasury Department, the vast majority of American businesses are small companies, often without any employees or owners other than the spouses themselves. There …
How is a family owned business divided in a divorce in Louisville or anywhere in Kentucky? Let’s assume the business was purchased during the course of the marriage, and the spouses are equal partners and both work in the business. The first step is to establish the valuation of the business itself. The marital property interest of each spouse in …