Are you wondering how assets and property are going to be divided in a Louisville divorce? Which assets will go to which spouse? How do you prepare for discussions, negotiations, or even contentious battles over the division of your home, business, investments, retirement accounts, and other assets and debts?
What should you know about the division of property in a Jefferson county or Louisville divorce. In most cases:
- If a debt or asset was acquired by either or both of the spouses after the date of marriage and before the official date of separation, that asset or debt is usually characterized as “marital property” here in Kentucky. While there are a few exceptions (i.e. personal injury awards, correctly structured gifts and inheritances), Kentucky family law requires marital property to be divided equitably between the former spouses. This doesn’t mean “evenly” or “equally,” but in a manner the Court deems to be equitable to both parties..
- If you or your spouse held an asset or owed a debt prior to the date of the marriage, or added it after the date of separation, it will likely be determined to be “separate property.”
Determinations about how assets and property are going to be divided in your divorce can become quite complex when marital funds or the labor of spouse is “commingled” with an otherwise separate asset.
For example, if one spouse owned a piece of rental property before the date of the marriage it might be considered to be separate property. However, if at any time during the course of the marriage marital funds were used to install a new roof or make repairs a substantial legal challenge arises. Part of the “separate” asset has been commingled with marital assets.
These types of commingled transactions are also common when the asset is a closely-held business or professional practice or retirement vehicles including a pension or 401(k).
Student loans are another common issue in many Louisville divorces. In most cases, a student loan remains the separate property and liability of the party who benefited from the student loan.
How are assets and property are going to be divided in your Louisville divorce? A single mistake in property division (such as missing the division of a retirement asset can literally cost you tens if not hundreds of thousands of dollars.
You need the experienced, proven advice and counsel of the divorce and family law lawyers at Dodd & Dodd. Your Dodd attorney will guide you through each step of the divorce process. We help you to understand all aspects of the divorce including property division, and whether an asset or debt is marital, separate or commingled. We work to help you to review every aspect of property division including the impact of taxation, so that you are in the best possible position to accomplish your goals and objectives.
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.
