Our divorce should be simple because we didn't put one another on accounts, cars, debts, etc ... right?
You came here today with a simple question:
Our divorce should be simple because we didn't put one another on accounts and cars, right?
The short answer is “maybe”. Whether your spouse's name is on your account, asset, or debt may make it simpler to take care of the administrative tasks if you retain the account, asset or debt; however, in Kentucky the question is NOT whether someone's name is on the account, asset or debt but whether the asset or debt is non-marital, marital or a combination.
Non-Marital Property in Kentucky
Non-marital property anything you owned before the marriage, anything gifted specifically to you for your exclusive enjoyment, anything you inherited before or during the marriage, anything excluded by a valid legal argument, and anything acquired by a spouse after a decree of legal separation.
Things you owned before the marriage like a hope chest or a guitar are simpler than money inherited, investments you had before the marriage which you've traded or from the sale of the home you had before you got married and then used as a deposit on the marital residence.
In those situations where you had an asset before the marriage, received a gift, or received an inheritance to which you've added value, converted from one asset to another, etc, it is important to be able to prove with documentary evidence your non-marital interest and trace it to determine the value of a non-marital asset at the time of marriage and at the time of divorce to get the marital percentage and non-marital percentage.
It doesn't matter what you know, it matters what you can prove. Therefore, you must be able to prove that you owned the property before the marriage, you received the property as a gift from someone other than your spouse during the marriage, you inherited the property, you bought the property with money from the sale or transfer of the property described hereinabove (before marriage, individual gift, inheritance), you are entitled to the property because it was excluded by a valid legal argument, or you acquired the property after a decree of legal separation.
You'll notice that the criteria is not whether both spouse's names are on an asset or debt; although, sole control of an asset or debt can be helpful proof that the asset or debt was non-marital and was not co-mingled.
Marital Property in Kentucky
The Court divides marital property without regard to marital misconduct in just proportions considering all relevant factors including contribution of each spouse to acquisition of the marital property (including contribution of a spouse as homemaker), value of the property set apart to each spouse, duration of the marriage; and economic circumstances of each spouse when the division of property is to become effective, including the desirability of awarding the family home or the right to live therein for reasonable periods to the spouse having custody ofany children. As you can see, it's helpful to have a skilled lawyer on your side.
Choosing Your Shepherdsville Divorce Lawyer
We at the Law Offices of John Schmidt & Associates sincerely hope that your divorce is as amicable and painless as possible. However, we would like you to know that we’re here for you regardless. Whether you need a strong advocate to fight for you in court or a level-headed guide to help you and your ex negotiate the terms of your separation, we are readily available to assist.
We represent clients throughout Bullitt County, Hardin County, and Jefferson County, Kentucky, so please don’t hesitate to schedule an appointment with us whether you live in Shepherdsville, Louisville, Elizabethtown, Jeffersontown, Mount Washington, Radcliff, or a neighboring area. We look forward to working with you.