What is usually marital property in a Louisville divorce? Kentucky is known as a “Equitable Distribution” state in terms of how marital property is characterized and ultimately divided during a Jefferson County or Louisville divorce. In Kentucky, the spouses are entitled to the equitable division of all property you or your spouse obtained as well as any debts either or both of you acquired from the date of your marriage to the end of your marriage. This can include things such as the family home as well as retirement accounts and pensions or a professional practice or business that was started during the marriage and/or supported with marital funds.
There are a few exceptions to the marital property rule including many properly structured and executed outside gifts and inheritances. These separate financial events must be kept distinctly apart from marital assets or they may become partially or fully marital property.
“Separate property” refers to assets, real estate, business ownership, bank and investment accounts, trusts and other assets you had prior to entering into the marriage. The question of whether or not a “separate” asset can become partially or entirely “marital property” is a complex legal determination based upon the actions of the parties and the use of marital funds. For example, one of the spouses may own a rental home before the marriage. However, if marital funds are used for maintenance on the property or to pay the mortgage in times of vacancy the commingled funds would affect the “separate” value of what has become at least partially a “marital” asset.
Divorcing spouses are entitled to an “equitable distribution” of the marital property in a Louisville divorce as well as an equitable portion of any marital property interest in your spouse’s separate property.
These issues require an experienced Louisville divorce and family law attorney, especially when a business or professional practice is involved. Our proven family law lawyers have decades of experience in Louisville divorce cases. We advise our clients on all matters and aspects of the divorce including asset and property division issues, business and asset valuation and the calculation of a potentially commingled marital interest in what might otherwise be considered to be separate property.
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.
