How are debts divided in a Louisville divorce? Will I be responsible for the debts of my former spouse? Both spouses are technically responsible for any debt which was acquired from the date of the marriage until the date of separation. This applies to all debts and accounts regardless of whether either or both of...
Does the Process of a Divorce Treat Assets and Debt Equally?
We are often asked “does the process of a divorce treat assets and debt equally? Will our property and debts be divided 50/50? Virtually every divorce in Louisville involves the distribution of assets and debts. Assets will include everything from the family home to personal property, a business or professional practice, retirement accounts or pensions,...
You Are Legally Required to Fully Disclose Every Asset and Debt in a Louisville Divorce
Kentucky law clearly requires every individual to fully disclose every asset and debt in a Louisville divorce. This applies to many things often missed such as retirement accounts, personal injury settlements as well as separate and pre-marital or gifted assets! We are often asked "what information must be disclosed?" The short answer is simply any...
How are Assets and Debts to be Divided in a Louisville Divorce?
How are assets and debts to be divided in a Louisville divorce? Property division can be one of the significant challenges in many divorce cases. The division of property includes any asset, debt, property or liability owned or owed by either of the parties or both. The divorce begins with financial disclosures by both parties. ...