How do you prove an asset is separate property in a Louisville divorce? Generally speaking, any asset (or debt) acquired prior to the date of the marriage or after the date of separation is the separate property of the owner as long as marital funds, assets or labor weren’t commingled in some way during the course of the marriage. This can be a stressful and complicated process, but it is possible to prove an asset is separate property in a Louisville divorce.
The legal process is referred to as “tracing” when it comes to how and when the asset/debt was acquired as well as the source of the funds for the purchase (if applicable). A separate asset can be proven through direct tracing when the party can prove the source of the funds for the acquisition or show the movement of the acquisition capital from one separately held account to another. This often also applies to funds which are inherited and properly separated from and not commingled with marital funds. If money was used from the separate account for the benefit of the marital the expense may be entitled to reimbursement.
The second method used to prove an asset is separate property in a Louisville divorce is known as the family expense presumption. This method is often applied when some separate funds are commingled with marital funds but at the time of the acquisition all genuinely marital sourced funds were spent (exhausted) for marital expenses.
The process of proving a separate asset claim is quite legally and financially complicated and usually requires extensive evidence and the testimony of expert witnesses. If you had substantial money or assets (such as business) prior to the marriage or inherited funds during the marriage and used any of these assets to support marital interests the divorce and family law attorneys at Dodd & Dodd can help to protect your assets and prove an asset is separate property in a Louisville divorce.
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.
