When it comes to a Louisville divorce many people are surprised to learn that all property in a divorce is not marital property. Marital property is basically established as any asset or debt attained by either or both parties from the date of the marriage until the date of separation with a few exceptions. While the date of separation itself can be a somewhat complex or contentious issue, it is basically the date that one of the spouses expressed their desire to end the marriage and the parties began living “separately” instead of as spouses. This does not require one of the parties to physically leave the residence, it simply means acting in congruence with the conclusion that the marriage is over.
Marital property is to be equitably divided between the parties in a Kentucky divorce.
So if all property in a divorce is not marital property what are some of the examples of or reasons for excluding a debt or asset from the “marital property.” If an asset or debt was attained or incurred by the one of the parties prior to the date of the marriage or after the date of separation it will usually be considered to be the “separate property” of that former spouse. Property received during the course of the marriage may remain the separate property of one of the spouses if it was received as an inheritance or as part of a will or trust. Gifts may also be considered by the Court to be separate property. Also any income received from a separate asset or additional assets purchased from the income or sale of a separate asset will usually remain the separate property of that spouse.
Legally structured and executed prenuptial or postnuptial agreements may also impact the nature of status of an asset or debt.
It is important to note that in many cases what might originally have been a separate asset can become commingled with marital funds or assets and this often creates contentious issues during property division in a Louisville divorce.
While all property in a divorce is not marital property it is important to fully and accurately disclose all assets and debts at the outset of the proceedings. If the parties are not able to reach a property settlement during negotiations or mediation the Court will ultimately decide property division issues 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.
