Why worry about the date of separation in a Louisville divorce? What is the “date of separation” and how does this affect many aspects of your Louisville or Jefferson County divorce?
The date of separation is a legal distinction that affects the financial aspects of income, assets and debts in a divorce. Generally speaking, any asset or debt obtained by either of the spouses prior to the date of the marriage is considered to be the “separate” property of that individual. This presumes that this debt or asset remained separate during the course of the marriage and was not commingled with marital funds.
Any asset or debt acquired by either or both of the parties during the course of the marriage will usually be considered to be “marital property.” Marital property is to be equitably divided between the parties under the family laws of Kentucky.
The date of separation is a type of marker – it establishes a legal type of separation between the parties, allowing them to once again have their own “separate” accounts, assets and debts.
The “Date of Separation” once required one of the parties to move out of the family residence, or a physical division within the house itself. Kentucky law has developed over recent years to recognize the potentially unwarranted resulting economic challenges of supporting two households as well as the impact this can have upon the children. The decision to move out of the family residence can also have an impact on child custody and visitation. The parent who moves out can be accused of “abandoning” the child(ren). These decisions require careful consideration as well as the guidance and counsel of the experienced divorce and family law attorneys at Dodd & Dodd.
Kentucky law still requires the parties to live “separate and apart” and that one of the parties intends to end the marital union due to irreconcilable differences. However, living “separate and apart” doesn’t refer necessarily to a “physical” reality, but a separate, apart life as individuals, instead of as spouses. The Date of separation marks the formal end of the marital relationship, and should clearly represent the reality of two parties living distinctly separate lives, even if they remain under the same roof.
Another reason to worry about the date of separation is the impact this will have upon many assets such as investment accounts, pensions and retirement assets, and business interests. The date of separation must be clearly established so that each former spouse can open their own separate banking accounts and start to separate their personal funds and income from that of the marital estate.
The Date of Separation in your Louisville divorce can also make a significant difference when it comes to maintenance or spousal support. While Kentucky family law does not provide a specific formula for calculating the amount and duration of maintenance, one of the key factors is the length of the underlying marriage. Ten years is often considered to be an important milestone in these matters, and the duration of a marriage will have a significant impact on the spouse in a military divorce.
The experienced divorce and family law attorneys at Dodd and Dodd understand that you have questions about your divorce, worry about the date of separation and how to protect your rights and interests now and in the future. We invite you to review the strong recommendations of our former clients and the legal industry and contact Dodd & Dodd or call 502-584-1108 to schedule an appointment with one of our attorneys. Learn about how to protect your own interests and goals, and the steps you need to take to achieve your objectives.
