What is considered to be marital property in a Louisville divorce and how is it divided between the parties?
Marital property is basically all property, assets or income earned by either or both of the parties during the term of the marriage. Here in Kentucky, marital property is to be divided equally between the parties.
Separate property is usually an asset or money that was owned by one of the spouses prior to the marriage. However, the determination of what is considered to be marital property in a Louisville divorce is often not that simple. For example, if one of the parties receives an inheritance during the course of the marriage – money that is left to them alone – it is usually considered to be separate property.
It is also possible for part or all of a separate property asset to become marital property during a divorce as a result of the actions of the parties. For example, if the wife owns a home prior to the marriage and the couple rents it out is the income separate property of the wife or marital property? How much work did each of the parties put into the actual rental process and the preparation of the house for rental? Were marital funds used to renovate, maintain or clean the property? These questions will determine if separate property has been “commingled” with marital assets.
Marital property can actually be legally quite complex, and this is why it is important to work with the experienced Louisville divorce attorneys at Dodd & Dodd. Our family law lawyers protect our client’s interests and separate property, and help to answer questions regarding the characterization of property and how it will be divided.
We invite you to contact us or call 502-584-1108 to schedule an appointment with one of our experienced lawyers. Our expertise in Louisville divorce and family law combined with decades of experience provides a better client experience.
